First Manhattan Co. Lowers Position in Park Sterling Corporation (PSTB)
First Manhattan Co. cut its holdings in Park Sterling Corporation (NASDAQ:PSTB) by 11.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 79,100 shares of the bank’s stock after selling 10,000 shares during the quarter. First Manhattan Co. owned approximately 0.15% of Park Sterling Corporation worth $982,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in PSTB. OMERS ADMINISTRATION Corp purchased a new stake in Park Sterling Corporation in the second quarter worth about $5,474,000. CNH Partners LLC purchased a new stake in shares of Park Sterling Corporation during the second quarter valued at about $4,563,000. SG Americas Securities LLC purchased a new stake in shares of Park Sterling Corporation during the second quarter valued at about $3,715,000. Dimensional Fund Advisors LP lifted its position in shares of Park Sterling Corporation by 6.9% during the first quarter. Dimensional Fund Advisors LP now owns 3,032,148 shares of the bank’s stock valued at $37,326,000 after buying an additional 194,494 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Park Sterling Corporation by 494.2% during the second quarter. Goldman Sachs Group Inc. now owns 194,363 shares of the bank’s stock valued at $2,309,000 after buying an additional 161,655 shares during the last quarter. 82.12% of the stock is owned by institutional investors.
Park Sterling Corporation (NASDAQ:PSTB) last announced its quarterly earnings data on Thursday, October 26th. The bank reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.01. The business had revenue of $33.21 million during the quarter, compared to analysts’ expectations of $33.20 million. Park Sterling Corporation had a return on equity of 9.17% and a net margin of 20.24%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.14 EPS.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Wednesday, November 8th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend is Tuesday, November 7th. Park Sterling Corporation’s payout ratio is 28.57%.
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Several research firms have commented on PSTB. Brean Capital reissued a “hold” rating on shares of Park Sterling Corporation in a research report on Friday, October 27th. Stephens lowered shares of Park Sterling Corporation from an “overweight” rating to an “equal weight” rating in a research report on Friday, October 27th. Zacks Investment Research lowered shares of Park Sterling Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, October 4th. ValuEngine lowered shares of Park Sterling Corporation from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Finally, BidaskClub raised shares of Park Sterling Corporation from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. One investment analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Park Sterling Corporation has a consensus rating of “Hold” and a consensus target price of $11.00.
About Park Sterling Corporation
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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