Published On: Sat, Sep 10th, 2016

Stonegate Bank (SGBK) Upgraded to “Hold” by 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 Saturday.
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. “
A number of other research firms have also weighed in on SGBK. Keefe, Bruyette & Woods boosted their target price on shares of Stonegate Bank from $35.00 to $36.00 and gave the stock a “market perform” rating in a report on Friday, July 29th. Sandler O’Neill reaffirmed a “buy” rating on shares of Stonegate Bank in a research note on Thursday, May 26th.

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Shares of Stonegate Bank (NASDAQ:SGBK) opened at 32.75 on Friday. The firm has a 50-day moving average of $32.02 and a 200 day moving average of $31.16. The firm has a market capitalization of $421.75 million, a price-to-earnings ratio of 15.60 and a beta of 0.28. Stonegate Bank has a 52 week low of $28.21 and a 52 week high of $34.00.
Stonegate Bank (NASDAQ:SGBK) last posted its earnings results on Tuesday, July 26th. The company reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.02. On average, equities analysts predict that Stonegate Bank will post $2.11 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 16th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend is Wednesday, September 14th. Stonegate Bank’s dividend payout ratio is currently 15.17%.
Several large investors have recently bought and sold shares of SGBK. Metropolitan Life Insurance Co. NY raised 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 worth $236,000 after buying an additional 429 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Stonegate Bank by 23.9% in the first quarter. Goldman Sachs Group Inc. now owns 8,034 shares of the company’s stock valued at $241,000 after buying an additional 1,548 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Stonegate Bank by 1.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 124,127 shares of the company’s stock valued at $3,719,000 after buying an additional 1,630 shares in the last quarter. Monarch Partners Asset Management LLC raised its position in shares of Stonegate Bank by 23.0% in the second quarter. Monarch Partners Asset Management LLC now owns 15,433 shares of the company’s stock valued at $498,000 after buying an additional 2,890 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Stonegate Bank by 3.2% in the first quarter. Geode Capital Management LLC now owns 99,101 shares of the company’s stock valued at $2,969,000 after buying an additional 3,084 shares in the last quarter. 59.21% of the stock is currently owned by institutional investors.
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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