Magnetar Financial LLC Raises Stake in Park Sterling Corporation (PSTB)
Magnetar Financial LLC lifted its position in Park Sterling Corporation (NASDAQ:PSTB) by 69.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 679,743 shares of the bank’s stock after purchasing an additional 278,390 shares during the quarter. Magnetar Financial LLC owned about 1.28% of Park Sterling worth $8,442,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Willingdon Wealth Management bought a new stake in shares of Park Sterling in the third quarter worth about $108,000. BlueCrest Capital Management Ltd bought a new stake in shares of Park Sterling in the second quarter worth about $142,000. Legal & General Group Plc increased its holdings in shares of Park Sterling by 3.9% in the second quarter. Legal & General Group Plc now owns 12,702 shares of the bank’s stock worth $151,000 after purchasing an additional 474 shares during the last quarter. Citadel Advisors LLC bought a new stake in shares of Park Sterling in the third quarter worth about $164,000. Finally, Brown Advisory Inc. bought a new stake in shares of Park Sterling in the third quarter worth about $173,000. 82.55% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have weighed in on PSTB shares. Stephens cut Park Sterling from an “overweight” rating to an “equal weight” rating in a research note on Friday, October 27th. Brean Capital reissued a “hold” rating on shares of Park Sterling in a research note on Friday, October 27th. Zacks Investment Research raised Park Sterling from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a research note on Friday, August 18th. ValuEngine cut Park Sterling from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Finally, BidaskClub raised Park Sterling from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company. Park Sterling has an average rating of “Hold” and a consensus target price of $13.00.
Park Sterling (NASDAQ:PSTB) last issued its quarterly earnings data on Thursday, October 26th. The bank reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.01. Park Sterling had a return on equity of 9.08% and a net margin of 20.24%. The company had revenue of $33.21 million for the quarter, compared to analysts’ expectations of $33.20 million. During the same period in the previous year, the firm posted $0.14 earnings per share. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. equities analysts predict that Park Sterling Corporation will post 0.6 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 24th. Shareholders of record on Wednesday, November 8th were given a dividend of $0.04 per share. The ex-dividend date was Tuesday, November 7th. This represents a $0.16 annualized dividend and a dividend yield of 1.24%. Park Sterling’s dividend payout ratio (DPR) is presently 28.57%.
Park Sterling Company Profile
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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