Towne Bank (NASDAQ:TOWN) Stake Maintained by Bessemer Group Inc.
Bessemer Group Inc. maintained its position in shares of Towne Bank (NASDAQ:TOWN) during the second quarter, Holdings Channel reports. The firm owned 51,900 shares of the bank’s stock at the end of the second quarter. Bessemer Group Inc.’s holdings in Towne Bank were worth $1,599,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the stock. Aldebaran Financial Inc. increased its position in shares of Towne Bank by 0.4% in the first quarter. Aldebaran Financial Inc. now owns 9,035 shares of the bank’s stock valued at $293,000 after buying an additional 35 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its stake in shares of Towne Bank by 1.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 8,795 shares of the bank’s stock valued at $285,000 after buying an additional 99 shares during the period. 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 valued at $221,000 after buying an additional 120 shares during the period. Jupiter Asset Management Ltd. boosted its stake in shares of Towne Bank by 0.5% in the first quarter. Jupiter Asset Management Ltd. now owns 96,300 shares of the bank’s stock valued at $3,120,000 after buying an additional 437 shares during the period. Finally, Parametric Portfolio Associates LLC boosted its stake in shares of Towne Bank by 2.0% in the first quarter. Parametric Portfolio Associates LLC now owns 53,726 shares of the bank’s stock valued at $1,741,000 after buying an additional 1,058 shares during the period. Institutional investors and hedge funds own 42.75% of the company’s stock.
Shares of Towne Bank (TOWN) opened at 30.20 on Friday. Towne Bank has a one year low of $22.51 and a one year high of $34.55. The company has a market capitalization of $1.87 billion, a PE ratio of 20.68 and a beta of 0.97. The stock has a 50 day moving average price of $30.82 and a 200 day moving average price of $31.46.
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Several equities research analysts have recently issued reports on the company. Zacks Investment Research cut Towne Bank from a “buy” rating to a “hold” rating in a report on Friday, May 5th. BidaskClub cut Towne Bank from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th.
Towne Bank Company Profile
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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