State Street Corp raised its position in Towne Bank (NASDAQ:TOWN) by 1.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,055,418 shares of the bank’s stock after buying an additional 10,715 shares during the period. State Street Corp owned about 1.71% of Towne Bank worth $34,194,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in TOWN. Jupiter Asset Management Ltd. boosted its stake in Towne Bank by 0.5% in the first quarter. Jupiter Asset Management Ltd. now owns 96,300 shares of the bank’s stock worth $3,120,000 after buying an additional 437 shares during the last quarter. American International Group Inc. boosted its stake in shares of Towne Bank by 5.6% in the first quarter. American International Group Inc. now owns 33,934 shares of the bank’s stock worth $1,099,000 after buying an additional 1,789 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of Towne Bank by 1.8% in the first quarter. Prudential Financial Inc. now owns 6,835 shares of the bank’s stock worth $221,000 after buying an additional 120 shares in the last quarter. Ameritas Investment Partners Inc. bought a new stake in shares of Towne Bank during the first quarter worth $156,000. Finally, Raymond James Financial Services Advisors Inc. boosted its stake in shares of Towne Bank by 153.3% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 161,358 shares of the bank’s stock worth $5,228,000 after buying an additional 97,644 shares in the last quarter. 42.76% of the stock is owned by hedge funds and other institutional investors.
Shares of Towne Bank (NASDAQ:TOWN) traded down 0.49% during midday trading on Friday, reaching $30.35. 214,964 shares of the company’s stock traded hands. The firm has a market capitalization of $1.88 billion, a P/E ratio of 20.79 and a beta of 0.97. Towne Bank has a 52-week low of $22.51 and a 52-week high of $34.55. The stock’s 50 day moving average price is $30.92 and its 200 day moving average price is $31.39.
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TOWN has been the topic of a number of recent analyst reports. Zacks Investment Research cut shares of Towne Bank from a “buy” rating to a “hold” rating in a research note on Friday, May 5th. BidaskClub cut shares of Towne Bank from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd.
About Towne Bank
TowneBank is a community bank. The Bank offers personal banking services and business banking services. The Bank operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. The Realty segment provides residential real estate services, originations of a range of mortgage loans, resort property management, and residential and commercial title insurance.
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