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

Envestnet Asset Management Inc. reduced its position in shares of TowneBank (NASDAQ:TOWNGet Rating) by 3.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,270 shares of the bank’s stock after selling 1,297 shares during the period. Envestnet Asset Management Inc.’s holdings in TowneBank were worth $985,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TOWN. Steward Partners Investment Advisory LLC raised its stake in TowneBank by 4.9% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 8,995 shares of the bank’s stock worth $269,000 after acquiring an additional 423 shares in the last quarter. State of New Jersey Common Pension Fund D raised its stake in TowneBank by 31.9% during the 1st quarter. State of New Jersey Common Pension Fund D now owns 81,130 shares of the bank’s stock worth $2,429,000 after acquiring an additional 19,637 shares in the last quarter. Commonwealth Equity Services LLC acquired a new stake in TowneBank during the 1st quarter worth $234,000. Victory Capital Management Inc. raised its stake in TowneBank by 277.6% during the 1st quarter. Victory Capital Management Inc. now owns 80,919 shares of the bank’s stock worth $2,231,000 after acquiring an additional 59,490 shares in the last quarter. Finally, Prospera Financial Services Inc acquired a new stake in TowneBank during the 1st quarter worth $167,000.

TowneBank Trading Down 1.8 %

NASDAQ TOWN opened at $32.34 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.88 and a current ratio of 0.89. The firm has a market cap of $2.35 billion, a PE ratio of 12.88 and a beta of 1.01. TowneBank has a one year low of $26.18 and a one year high of $34.79. The firm’s fifty day moving average is $30.16 and its two-hundred day moving average is $29.14.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on shares of TowneBank in a research note on Wednesday, October 12th. They set a “hold” rating on the stock.

TowneBank Profile

(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

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Institutional Ownership by Quarter for TowneBank (NASDAQ:TOWN)

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