Envestnet Asset Management Inc. Decreases Position in TowneBank (NASDAQ:TOWN)

Envestnet Asset Management Inc. cut its stake in TowneBank (NASDAQ:TOWNGet Rating) by 3.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,270 shares of the bank’s stock after selling 1,297 shares during the quarter. Envestnet Asset Management Inc.’s holdings in TowneBank were worth $985,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Steward Partners Investment Advisory LLC lifted its stake in TowneBank by 4.9% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 8,995 shares of the bank’s stock valued at $269,000 after buying an additional 423 shares in the last quarter. Commonwealth Equity Services LLC acquired a new stake in TowneBank in the 1st quarter valued at about $234,000. DAVENPORT & Co LLC raised its holdings in TowneBank by 1.1% in the 2nd quarter. DAVENPORT & Co LLC now owns 482,964 shares of the bank’s stock valued at $13,112,000 after acquiring an additional 5,472 shares during the last quarter. American Century Companies Inc. raised its holdings in TowneBank by 25.8% in the 1st quarter. American Century Companies Inc. now owns 1,245,639 shares of the bank’s stock valued at $37,294,000 after acquiring an additional 255,426 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its holdings in TowneBank by 31.9% in the 1st quarter. State of New Jersey Common Pension Fund D now owns 81,130 shares of the bank’s stock valued at $2,429,000 after acquiring an additional 19,637 shares during the last quarter.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on shares of TowneBank in a report on Wednesday, October 12th. They issued a “hold” rating for the company.

TowneBank Stock Down 1.8 %

TOWN stock opened at $32.34 on Friday. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 12.88 and a beta of 1.01. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.03. TowneBank has a 12 month low of $26.18 and a 12 month high of $34.79. The firm has a 50-day moving average of $30.16 and a two-hundred day moving average of $29.14.

About TowneBank

(Get Rating)

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.

See Also

Want to see what other hedge funds are holding TOWN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TowneBank (NASDAQ:TOWNGet Rating).

Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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