Sheaff Brock Investment Advisors LLC trimmed its position in TowneBank (NASDAQ:TOWN) by 4.8% during the second quarter, Holdings Channel.com reports. The firm owned 20,000 shares of the bank’s stock after selling 1,000 shares during the period. Sheaff Brock Investment Advisors LLC’s holdings in TowneBank were worth $546,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Quantamental Technologies LLC grew its position in shares of TowneBank by 118.9% in the 1st quarter. Quantamental Technologies LLC now owns 1,237 shares of the bank’s stock valued at $31,000 after buying an additional 672 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of TowneBank in the 1st quarter valued at $33,000. Steward Partners Investment Advisory LLC purchased a new position in shares of TowneBank in the 2nd quarter valued at $34,000. Meridian Wealth Management LLC purchased a new position in shares of TowneBank in the 1st quarter valued at $147,000. Finally, Amundi Pioneer Asset Management Inc. purchased a new position in shares of TowneBank in the 1st quarter valued at $149,000. Institutional investors and hedge funds own 46.16% of the company’s stock.
TowneBank stock traded down $0.36 during midday trading on Wednesday, hitting $26.39. 36,047 shares of the company’s stock were exchanged, compared to its average volume of 114,962. TowneBank has a 12-month low of $22.88 and a 12-month high of $33.20. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 1.02. The stock has a market cap of $1.96 billion, a PE ratio of 13.33 and a beta of 1.07. The business has a 50 day moving average price of $27.32.
TOWN has been the topic of a number of recent analyst reports. BidaskClub raised shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Zacks Investment Research raised shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. ValuEngine raised shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Piper Jaffray Companies initiated coverage on shares of TowneBank in a research report on Tuesday, July 16th. They issued a “neutral” rating and a $27.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and an average price target of $29.00.
TowneBank Company Profile
TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.
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