Published On: Tue, Sep 6th, 2016

Park Sterling Corp. (PSTB) Raised to “Hold” at Zacks Investment Research

Park Sterling Corp. (NASDAQ:PSTB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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. “
Park Sterling Corp. (NASDAQ:PSTB) opened at 8.54 on Tuesday. Park Sterling Corp. has a 12-month low of $5.90 and a 12-month high of $8.59. The company has a 50 day moving average of $7.96 and a 200-day moving average of $7.22. The stock has a market capitalization of $447.19 million and a price-to-earnings ratio of 24.61.

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Park Sterling Corp. (NASDAQ:PSTB) last issued its earnings results on Thursday, July 28th. The company reported $0.12 EPS for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.01. During the same period in the previous year, the business posted $0.10 earnings per share. On average, equities research analysts forecast that Park Sterling Corp. will post $0.51 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 23rd. Shareholders of record on Tuesday, August 9th were issued a $0.04 dividend. This is an increase from Park Sterling Corp.’s previous quarterly dividend of $0.03. This represents a $0.16 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date was Friday, August 5th.
Several hedge funds and institutional investors have made changes to their positions in PSTB. Mendon Capital Advisors Corp increased its position in shares of Park Sterling Corp. by 126.3% in the first quarter. Mendon Capital Advisors Corp now owns 1,824,827 shares of the company’s stock valued at $12,172,000 after buying an additional 1,018,518 shares during the last quarter. Dalton Greiner Hartman Maher & Co. increased its position in shares of Park Sterling Corp. by 1.1% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 350,227 shares of the company’s stock valued at $2,522,000 after buying an additional 3,723 shares during the last quarter. First Manhattan Co. increased its position in shares of Park Sterling Corp. by 5.4% in the first quarter. First Manhattan Co. now owns 159,100 shares of the company’s stock valued at $1,061,000 after buying an additional 8,138 shares during the last quarter. State Street Corp increased its position in shares of Park Sterling Corp. by 6.4% in the first quarter. State Street Corp now owns 695,719 shares of the company’s stock valued at $4,640,000 after buying an additional 42,074 shares during the last quarter. Finally, Spark Investment Management LLC increased its position in shares of Park Sterling Corp. by 148.1% in the first quarter. Spark Investment Management LLC now owns 144,900 shares of the company’s stock valued at $966,000 after buying an additional 86,500 shares during the last quarter.
Separately, Stephens raised Park Sterling Corp. from an “equal weight” rating to an “overweight” rating in a report on Tuesday, July 5th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $8.00.
Park Sterling Corporation is a holding company for Park Sterling Bank (the Bank). The Bank is a North Carolina-chartered commercial nonmember bank. The Company provides banking services to small and mid-sized businesses, real estate owners, residential builders, institutions, professionals and consumers doing business or residing within its target markets.

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