Zacks Investment Research upgraded shares of Stonegate Bank (NASDAQ:SGBK) from a hold rating to a buy rating in a research note published on Tuesday. They currently have $38.00 price target 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. “
Other research analysts have also issued reports about the company. Keefe, Bruyette & Woods upped their price target on Stonegate Bank from $36.00 to $37.00 and gave the company a market perform rating in a research report on Thursday, September 15th. Hovde Group upped their price target on Stonegate Bank from $36.00 to $37.00 and gave the company an outperform rating in a research report on Wednesday, September 21st.
Shares of Stonegate Bank (NASDAQ:SGBK) opened at 33.96 on Tuesday. 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 $33.10 and its 200 day moving average price is $31.72. The stock has a market capitalization of $437.34 million, a P/E ratio of 16.18 and a beta of 0.30.
Stonegate Bank (NASDAQ:SGBK) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. Analysts predict that Stonegate Bank will post $2.16 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 16th were paid a $0.08 dividend. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.94%. Stonegate Bank’s dividend payout ratio (DPR) is currently 15.17%.
A number of hedge funds and other institutional investors have recently modified their holdings of SGBK. FDx Advisors Inc. purchased a new position in shares of Stonegate Bank during the second quarter worth approximately $241,000. Highbridge Capital Management LLC purchased a new position in shares of Stonegate Bank during the second quarter worth approximately $344,000. Bridgeway Capital Management Inc. purchased a new position in shares of Stonegate Bank during the second quarter worth approximately $2,359,000. Parametric Portfolio Associates LLC increased its position 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 worth $258,000 after buying an additional 197 shares during the period. Finally, Banc Funds Co. LLC increased its position 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 worth $15,602,000 after buying an additional 7,479 shares during the period. Hedge funds and other institutional investors own 53.23% of the company’s stock.
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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