Stonegate Bank (SGBK) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Stonegate Bank (NASDAQ:SGBK) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The firm 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 brokerages have also recently issued reports on SGBK. Hovde Group raised their target price on shares of Stonegate Bank from $36.00 to $37.00 and gave the stock an outperform rating in a report on Wednesday, September 21st. Keefe, Bruyette & Woods lifted their price target on shares of Stonegate Bank from $36.00 to $37.00 and gave the company a market perform rating in a report on Thursday, September 15th.
Stonegate Bank (NASDAQ:SGBK) traded up 0.35% during mid-day trading on Tuesday, hitting $34.36. 6,775 shares of the stock traded hands. The firm has a market cap of $442.49 million, a P/E ratio of 16.37 and a beta of 0.30. Stonegate Bank has a 52-week low of $28.21 and a 52-week high of $34.36. The firm’s 50-day moving average is $32.91 and its 200 day moving average is $31.66.
Stonegate Bank (NASDAQ:SGBK) last issued its earnings results 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. Equities analysts predict that Stonegate Bank will post $2.16 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 16th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.93%. The ex-dividend date was Wednesday, September 14th. Stonegate Bank’s dividend payout ratio is presently 15.17%.
Several institutional investors have recently bought and sold shares of SGBK. BlackRock Inc. raised its position in Stonegate Bank by 408.4% in the second quarter. BlackRock Inc. now owns 3,452 shares of the company’s stock valued at $111,000 after buying an additional 2,773 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Stonegate Bank by 3.8% in the second quarter. PNC Financial Services Group Inc. now owns 4,498 shares of the company’s stock valued at $146,000 after buying an additional 165 shares in the last quarter. BlackRock Advisors LLC raised its position in Stonegate Bank by 47.4% in the second quarter. BlackRock Advisors LLC now owns 5,127 shares of the company’s stock valued at $165,000 after buying an additional 1,649 shares in the last quarter. American International Group Inc. raised its position in Stonegate Bank by 1.2% in the second quarter. American International Group Inc. now owns 6,595 shares of the company’s stock valued at $213,000 after buying an additional 78 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its stake in Stonegate Bank by 5.8% in the first quarter. Metropolitan Life Insurance Co. NY now owns 7,867 shares of the company’s stock valued at $236,000 after buying an additional 429 shares during the last quarter. 53.23% of the stock is owned by hedge funds and other 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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