Stonegate Bank (SGBK) Rating Increased to Hold at Zacks Investment Research
Stonegate Bank (NASDAQ:SGBK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
SGBK has been the topic of a number of other research reports. Keefe, Bruyette & Woods upped their price target on shares of Stonegate Bank from $35.00 to $36.00 and gave the company a “market perform” rating in a research report on Friday, July 29th. Hovde Group increased their price objective on shares of Stonegate Bank from $36.00 to $37.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 21st.
Shares of Stonegate Bank (NASDAQ:SGBK) opened at 33.54 on Wednesday. Stonegate Bank has a 12-month low of $28.21 and a 12-month high of $34.00. The company’s 50-day moving average price is $32.59 and its 200-day moving average price is $31.53. The firm has a market capitalization of $431.93 million, a PE ratio of 15.98 and a beta of 0.28.
Stonegate Bank (NASDAQ:SGBK) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.02. Analysts anticipate that Stonegate Bank will post $2.12 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 16th will be given a dividend of $0.08 per share. The ex-dividend date is Wednesday, September 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.95%. Stonegate Bank’s dividend payout ratio (DPR) is presently 15.17%.
Several institutional investors have recently added to or reduced their stakes in SGBK. Investment Counselors of Maryland LLC bought a new position in Stonegate Bank during the second quarter worth about $11,137,000. Emerald Acquisition Ltd. bought a new position in Stonegate Bank during the second quarter worth about $3,268,000. Bridgeway Capital Management Inc. bought a new position in Stonegate Bank during the second quarter worth about $2,359,000. Dimensional Fund Advisors LP boosted its position in Stonegate Bank by 101.2% in the second quarter. Dimensional Fund Advisors LP now owns 108,758 shares of the company’s stock worth $3,509,000 after buying an additional 54,702 shares during the period. Finally, RMB Capital Management LLC boosted its position in Stonegate Bank by 49.4% in the first quarter. RMB Capital Management LLC now owns 148,932 shares of the company’s stock worth $4,462,000 after buying an additional 49,260 shares during the period. 58.65% of the stock is currently owned by institutional investors.
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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