TowneBank (TOWN) Position Cut by Sheaff Brock Investment Advisors LLC
Sheaff Brock Investment Advisors LLC lessened its holdings in shares of TowneBank (NASDAQ:TOWN) by 8.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,000 shares of the bank’s stock after selling 2,000 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in TowneBank were worth $648,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of TOWN. Northern Trust Corp raised its stake in TowneBank by 63.4% during the 2nd quarter. Northern Trust Corp now owns 1,236,785 shares of the bank’s stock valued at $39,700,000 after purchasing an additional 479,948 shares during the period. Bank of New York Mellon Corp raised its stake in TowneBank by 112.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 802,478 shares of the bank’s stock valued at $25,760,000 after purchasing an additional 425,535 shares during the period. BlackRock Inc. raised its stake in TowneBank by 9.0% during the 2nd quarter. BlackRock Inc. now owns 4,423,045 shares of the bank’s stock valued at $141,980,000 after purchasing an additional 363,845 shares during the period. Millennium Management LLC grew its holdings in TowneBank by 328.2% during the 2nd quarter. Millennium Management LLC now owns 372,073 shares of the bank’s stock valued at $11,944,000 after buying an additional 285,178 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in TowneBank by 2.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,339,449 shares of the bank’s stock valued at $75,097,000 after buying an additional 45,308 shares in the last quarter. 44.72% of the stock is currently owned by institutional investors.
NASDAQ TOWN opened at $27.96 on Tuesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.01 and a quick ratio of 0.97. TowneBank has a 1-year low of $25.50 and a 1-year high of $35.00. The company has a market cap of $2.03 billion, a price-to-earnings ratio of 17.92 and a beta of 0.98.
Several equities analysts have weighed in on the company. Brean Capital restated a “hold” rating on shares of TowneBank in a report on Saturday, July 28th. BidaskClub upgraded TowneBank from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 9th. Zacks Investment Research upgraded TowneBank from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a report on Wednesday, August 1st. Piper Jaffray Companies set a $34.00 price target on TowneBank and gave the company a “hold” rating in a report on Monday, July 30th. Finally, ValuEngine cut TowneBank from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $33.80.
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, negotiable order of withdrawal accounts, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.
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