Zacks Investment Research upgraded shares of Stonegate Bank (NASDAQ:SGBK) from a hold rating to a buy rating in a report released on Tuesday morning. Zacks Investment Research currently has $38.00 target price on the stock.
According to Zacks, “Stonegate Bank, headquartered in Fort Lauderdale, Florida, provides various commercial and private banking services. It offers a range of products, including checking accounts, money market accounts, savings accounts, lines of credit, term loans, commercial mortgage loans, construction lending, commercial services, express banking, and check cards. The bank also provides credit cards, certificates of deposit, individual retirement accounts, and residential mortgages. In addition, the bank offers financial planning and asset management services for high net worth individuals and businesses, including portfolio management, estate planning, retirement plans, tax reduction strategies, asset allocation, risk management, and insurance analysis. “
Several other research analysts have also recently issued reports on the company. Keefe, Bruyette & Woods increased their price objective on Stonegate Bank from $35.00 to $36.00 and gave the stock a market perform rating in a research note on Friday, July 29th. Hovde Group increased their price objective on Stonegate Bank from $36.00 to $37.00 and gave the stock an outperform rating in a research note on Wednesday, September 21st.
Shares of Stonegate Bank (NASDAQ:SGBK) remained flat at $34.04 during midday trading on Tuesday. The company had a trading volume of 1,447 shares. The firm has a market capitalization of $438.37 million, a P/E ratio of 16.22 and a beta of 0.30. Stonegate Bank has a 12-month low of $28.21 and a 12-month high of $34.37. The firm’s 50-day moving average price is $33.05 and its 200 day moving average price is $31.70.
Stonegate Bank (NASDAQ:SGBK) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. Analysts predict that Stonegate Bank will post $2.16 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $0.32 annualized dividend and a yield of 0.94%. Stonegate Bank’s dividend payout ratio (DPR) is presently 15.17%.
Hedge funds have recently made changes to their positions in the stock. FDx Advisors Inc. bought a new stake in shares of Stonegate Bank during the second quarter valued at about $241,000. Highbridge Capital Management LLC bought a new stake in shares of Stonegate Bank during the second quarter valued at about $344,000. Bridgeway Capital Management Inc. bought a new stake in shares of Stonegate Bank during the second quarter valued at about $2,359,000. Parametric Portfolio Associates LLC boosted its stake in shares of Stonegate Bank by 2.5% in the second quarter. Parametric Portfolio Associates LLC now owns 8,005 shares of the company’s stock valued at $258,000 after buying an additional 197 shares during the period. Finally, Banc Funds Co. LLC boosted its stake in shares of Stonegate Bank by 1.6% in the second quarter. Banc Funds Co. LLC now owns 483,496 shares of the company’s stock valued at $15,602,000 after buying an additional 7,479 shares during the period. 53.23% of the stock is currently owned by institutional investors and hedge funds.
Stonegate Bank Company Profile
Stonegate Bank provides a range of business and consumer financial services. The Bank also provides a range of banking services to individual and corporate customers. The Bank provides personal banking, business banking and wealth management services. Its personal banking products include checking, money market, savings, certificates of deposit, individual retirement accounts (IRAs), consumer loans and residential mortgage loans.
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