Alliancebernstein L.P. continued to hold its position in Towne Bank (NASDAQ:TOWN) during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 81,855 shares of the bank’s stock at the close of the 2nd quarter. Alliancebernstein L.P. owned about 0.13% of Towne Bank worth $2,521,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. bought a new stake in Towne Bank during the 1st quarter worth approximately $156,000. Vanguard Group Inc. raised its stake in Towne Bank by 37.9% during the 1st quarter. Vanguard Group Inc. now owns 4,410,969 shares of the bank’s stock worth $142,915,000 after acquiring an additional 1,212,011 shares during the period. Dimensional Fund Advisors LP raised its stake in Towne Bank by 8.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,735,228 shares of the bank’s stock worth $56,222,000 after acquiring an additional 131,487 shares during the period. AQR Capital Management LLC raised its stake in Towne Bank by 27.4% during the 1st quarter. AQR Capital Management LLC now owns 168,194 shares of the bank’s stock worth $5,450,000 after acquiring an additional 36,134 shares during the period. Finally, Meridian Wealth Management LLC bought a new stake in Towne Bank during the 1st quarter worth approximately $224,000. Institutional investors own 42.32% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “Alliancebernstein L.P. Maintains Position in Towne Bank (TOWN)” was originally reported by Watch List News and is owned by of Watch List News. If you are accessing this article on another site, it was stolen and republished in violation of US and international trademark & copyright laws. The original version of this article can be read at https://www.watchlistnews.com/alliancebernstein-l-p-maintains-position-in-towne-bank-town/1629659.html.

Shares of Towne Bank (NASDAQ TOWN) opened at 34.40 on Friday. Towne Bank has a one year low of $24.25 and a one year high of $35.05. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of 23.56 and a beta of 0.99. The firm’s 50-day moving average is $32.27 and its 200-day moving average is $31.30.

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 12th. Stockholders of record on Friday, September 29th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Thursday, September 28th. Towne Bank’s payout ratio is 38.10%.

A number of research firms have commented on TOWN. Zacks Investment Research upgraded shares of Towne Bank from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research note on Wednesday, July 5th. BidaskClub upgraded shares of Towne Bank from a “sell” rating to a “hold” rating in a research note on Saturday, July 1st. Finally, Piper Jaffray Companies restated a “neutral” rating and set a $32.00 target price on shares of Towne Bank in a research note on Thursday, October 5th.

About Towne Bank

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.

Institutional Ownership by Quarter for Towne Bank (NASDAQ:TOWN)

Receive News & Ratings for Towne Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Towne Bank and related companies with Analyst Ratings Network's FREE daily email newsletter.