TD Asset Management Inc. Cuts Stake in Park Sterling Corp. (PSTB)
TD Asset Management Inc. lowered its position in Park Sterling Corp. (NASDAQ:PSTB) by 3.1% during the second quarter, Holdings Channel reports. The institutional investor owned 40,400 shares of the company’s stock after selling 1,300 shares during the period. TD Asset Management Inc. owned approximately 0.08% of Park Sterling Corp. worth $286,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the company. Bank of Montreal Can bought a new position in Park Sterling Corp. during the second quarter worth about $125,000. Metropolitan Life Insurance Co. NY raised its position in Park Sterling Corp. by 20.7% in the first quarter. Metropolitan Life Insurance Co. NY now owns 34,024 shares of the company’s stock worth $227,000 after buying an additional 5,826 shares in the last quarter. Monarch Partners Asset Management LLC raised its position in Park Sterling Corp. by 23.1% in the second quarter. Monarch Partners Asset Management LLC now owns 42,650 shares of the company’s stock worth $302,000 after buying an additional 8,000 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in Park Sterling Corp. during the second quarter worth about $614,000. Finally, Forward Management LLC bought a new position in Park Sterling Corp. during the first quarter worth about $745,000. 77.32% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Park Sterling Corp. (NASDAQ:PSTB) traded up 0.97% during midday trading on Friday, reaching $8.30. The company’s stock had a trading volume of 150,735 shares. Park Sterling Corp. has a 1-year low of $5.90 and a 1-year high of $8.59. The stock has a 50 day moving average of $8.10 and a 200-day moving average of $7.32. The company has a market capitalization of $434.62 million, a P/E ratio of 23.92 and a beta of 1.05.
Park Sterling Corp. (NASDAQ:PSTB) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.01. Park Sterling Corp. had a net margin of 13.58% and a return on equity of 7.23%. During the same period in the previous year, the company posted $0.10 earnings per share. On average, equities research analysts anticipate that Park Sterling Corp. will post $0.51 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 23rd. Shareholders of record on Tuesday, August 9th were given a $0.04 dividend. This is a boost 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 1.93%. The ex-dividend date was Friday, August 5th. Park Sterling Corp.’s dividend payout ratio is presently 44.44%.
PSTB has been the topic of a number of research reports. Zacks Investment Research raised Park Sterling Corp. from a “sell” rating to a “hold” rating in a report on Saturday. Stephens raised Park Sterling Corp. from an “equal weight” rating to an “overweight” rating in a report on Tuesday, July 5th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $8.00.
Park Sterling Corp. Company Profile
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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