Zacks Investment Research upgraded shares of Park Sterling Corporation (NASDAQ:PSTB) from a hold rating to a buy rating in a research report released on Friday morning. The firm currently has $13.00 price objective on the bank’s stock.

According to Zacks, “Park Sterling Corp, formerly known as Park Sterling Bank, is engaged in providing banking products and services. The Bank offers personal and commercial banking products including regular checking, sterling checking, sterling money market, sterling savings, certificates of deposit and IRA’s, loans, Visa debit cards, online banking and bill pay, IOLTA checking, sweep accounts, merchant capture, merchant point of sale and various other products and services. Park Sterling Corp is headquartered in Charlotte, North Carolina. “

A number of other equities analysts have also recently issued reports on PSTB. Brean Capital restated a hold rating on shares of Park Sterling Corporation in a research report on Thursday, August 3rd. ValuEngine upgraded shares of Park Sterling Corporation from a hold rating to a buy rating in a research report on Friday, June 2nd. Finally, BidaskClub cut shares of Park Sterling Corporation from a hold rating to a sell rating in a research report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $10.63.

Park Sterling Corporation (PSTB) opened at 11.12 on Friday. Park Sterling Corporation has a 12 month low of $7.50 and a 12 month high of $12.72. The firm has a market cap of $588.29 million, a P/E ratio of 21.38 and a beta of 0.83. The firm has a 50 day moving average of $11.63 and a 200-day moving average of $11.83.

Park Sterling Corporation (NASDAQ:PSTB) last announced its earnings results on Thursday, July 27th. The bank reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.03. The company had revenue of $34.03 million during the quarter, compared to analysts’ expectations of $33.30 million. Park Sterling Corporation had a net margin of 19.00% and a return on equity of 8.67%. During the same quarter in the previous year, the business posted $0.12 earnings per share. On average, equities research analysts forecast that Park Sterling Corporation will post $0.63 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Wednesday, August 9th will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date is Monday, August 7th. Park Sterling Corporation’s dividend payout ratio is presently 30.77%.

Several institutional investors have recently bought and sold shares of PSTB. Dimensional Fund Advisors LP raised its position in Park Sterling Corporation by 1.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,086,710 shares of the bank’s stock worth $36,670,000 after buying an additional 54,562 shares in the last quarter. Mendon Capital Advisors Corp raised its position in Park Sterling Corporation by 41.2% in the first quarter. Mendon Capital Advisors Corp now owns 2,920,738 shares of the bank’s stock worth $35,955,000 after buying an additional 851,837 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Park Sterling Corporation by 2.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,386,320 shares of the bank’s stock worth $28,350,000 after buying an additional 53,186 shares in the last quarter. Vanguard Group Inc. raised its position in Park Sterling Corporation by 7.7% in the second quarter. Vanguard Group Inc. now owns 2,143,632 shares of the bank’s stock worth $25,466,000 after buying an additional 153,266 shares in the last quarter. Finally, RMB Capital Management LLC raised its position in Park Sterling Corporation by 45.1% in the first quarter. RMB Capital Management LLC now owns 1,803,494 shares of the bank’s stock worth $22,201,000 after buying an additional 560,916 shares in the last quarter. 81.92% of the stock is owned by institutional investors and hedge funds.

About Park Sterling Corporation

Park Sterling Corporation is a holding company for Park Sterling Bank (the Bank). The Bank is a North Carolina-chartered commercial non-member bank. The Company provides banking services to small and medium-sized businesses, real estate owners, residential builders, institutions, professionals and consumers doing business or residing within its target markets.

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Analyst Recommendations for Park Sterling Corporation (NASDAQ:PSTB)

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