Stonegate Bank (SGBK) Lifted to Hold at Zacks Investment Research

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Stonegate Bank (NASDAQ:SGBK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday.
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 analysts also recently issued reports on the company. Keefe, Bruyette & Woods upped their price objective on Stonegate Bank from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday. Sandler O’Neill restated a “buy” rating on shares of Stonegate Bank in a research note on Thursday, May 26th.

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Stonegate Bank (NASDAQ:SGBK) opened at 33.09 on Friday. The company has a 50-day moving average price of $32.10 and a 200-day moving average price of $31.29. The firm has a market cap of $426.13 million, a P/E ratio of 15.76 and a beta of 0.28. Stonegate Bank has a 1-year low of $28.21 and a 1-year high of $34.00.
Stonegate Bank (NASDAQ:SGBK) last released its quarterly earnings results on Tuesday, July 26th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. On average, equities research analysts forecast that Stonegate Bank will post $2.12 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.97%. Stonegate Bank’s dividend payout ratio (DPR) is presently 15.17%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. FDx Advisors Inc. acquired a new position in shares of Stonegate Bank during the second quarter worth about $241,000. Highbridge Capital Management LLC acquired a new position in shares of Stonegate Bank during the second quarter worth about $344,000. Bridgeway Capital Management Inc. acquired a new position in shares of Stonegate Bank during the second quarter worth about $2,359,000. Parametric Portfolio Associates LLC increased its position in Stonegate Bank by 2.5% in the second quarter. Parametric Portfolio Associates LLC now owns 8,005 shares of the company’s stock valued at $258,000 after buying an additional 197 shares during the last quarter. Finally, Banc Funds Co. LLC increased its position in Stonegate Bank by 1.6% in the second quarter. Banc Funds Co. LLC now owns 483,496 shares of the company’s stock valued at $15,602,000 after buying an additional 7,479 shares during the last quarter. Hedge funds and other institutional investors own 58.65% of the company’s stock.
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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