Bank of New York Mellon Corp increased its stake in Stonegate Bank (NASDAQ:SGBK) by 2.0% during the second quarter, Holdings Channel reports. The institutional investor owned 47,177 shares of the company’s stock after buying an additional 935 shares during the period. Bank of New York Mellon Corp owned approximately 0.37% of Stonegate Bank worth $1,522,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the company. Metropolitan Life Insurance Co. NY raised its position in shares of Stonegate Bank by 5.8% in the first quarter. Metropolitan Life Insurance Co. NY now owns 7,867 shares of the company’s stock worth $236,000 after buying an additional 429 shares during the period. National Investment Services Inc. WI acquired a new position in shares of Stonegate Bank during the second quarter worth approximately $266,000. Monarch Partners Asset Management LLC raised its position in shares of Stonegate Bank by 23.0% in the second quarter. Monarch Partners Asset Management LLC now owns 15,433 shares of the company’s stock worth $498,000 after buying an additional 2,890 shares during the period. Kennedy Capital Management Inc. raised its position in shares of Stonegate Bank by 16.1% in the first quarter. Kennedy Capital Management Inc. now owns 219,832 shares of the company’s stock worth $6,586,000 after buying an additional 30,438 shares during the period. Finally, Fenimore Asset Management Inc. raised its position in shares of Stonegate Bank by 12.5% in the second quarter. Fenimore Asset Management Inc. now owns 211,900 shares of the company’s stock worth $6,838,000 after buying an additional 23,500 shares during the period. 53.23% of the stock is currently owned by hedge funds and other institutional investors.
Stonegate Bank (NASDAQ:SGBK) traded up 1.59% on Monday, reaching $34.50. The company had a trading volume of 13,244 shares. The company’s 50 day moving average price is $33.10 and its 200-day moving average price is $31.72. Stonegate Bank has a 12 month low of $28.21 and a 12 month high of $34.50. The company has a market capitalization of $444.29 million, a price-to-earnings ratio of 16.44 and a beta of 0.30.
Stonegate Bank (NASDAQ:SGBK) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.02. On average, equities analysts predict that Stonegate Bank will post $2.16 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Friday, September 16th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.94%. The ex-dividend date was Wednesday, September 14th. Stonegate Bank’s dividend payout ratio is 15.17%.
SGBK has been the topic of a number of research analyst reports. Zacks Investment Research lowered Stonegate Bank from a “hold” rating to a “sell” rating in a report on Friday, July 29th. Keefe, Bruyette & Woods raised their price target on Stonegate Bank from $35.00 to $36.00 and gave the company a “market perform” rating in a report on Friday, July 29th. Finally, Hovde Group raised their price target on Stonegate Bank from $36.00 to $37.00 and gave the company an “outperform” rating in a report on Wednesday, September 21st.
About Stonegate Bank
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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