Park Sterling Corporation (PSTB) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research lowered shares of Park Sterling Corporation (NASDAQ:PSTB) from a buy rating to a hold rating in a report issued on Wednesday morning.
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. “
A number of other analysts have also issued reports on the stock. BidaskClub lowered shares of Park Sterling Corporation from a hold rating to a sell rating in a research report on Wednesday, July 19th. ValuEngine upgraded shares of Park Sterling Corporation from a hold rating to a buy rating in a research report on Thursday, July 27th. Finally, Brean Capital restated a hold rating on shares of Park Sterling Corporation in a research report on Friday, July 28th. One research analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $10.63.
Park Sterling Corporation (NASDAQ:PSTB) traded up 0.9223% during mid-day trading on Wednesday, hitting $12.8575. 93,743 shares of the stock traded hands. Park Sterling Corporation has a 12 month low of $7.95 and a 12 month high of $12.94. The stock’s 50 day moving average is $11.64 and its 200-day moving average is $11.78. The company has a market cap of $680.21 million, a price-to-earnings ratio of 24.7260 and a beta of 0.84.
Park Sterling Corporation (NASDAQ:PSTB) last announced its earnings results on Thursday, July 27th. The bank reported $0.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.03. Park Sterling Corporation had a net margin of 19.00% and a return on equity of 8.67%. The firm had revenue of $34.03 million for the quarter, compared to analyst estimates of $33.30 million. During the same quarter last year, the business earned $0.12 earnings per share. On average, equities research analysts anticipate that Park Sterling Corporation will post $0.63 EPS for the current year.
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Large investors have recently bought and sold shares of the business. Marshall Wace North America L.P. purchased a new position in Park Sterling Corporation during the second quarter worth approximately $819,000. TD Asset Management Inc. raised its stake in Park Sterling Corporation by 8.2% during the second quarter. TD Asset Management Inc. now owns 61,828 shares of the bank’s stock worth $735,000 after purchasing an additional 4,700 shares during the period. Virtu Financial LLC purchased a new position in Park Sterling Corporation during the second quarter worth approximately $274,000. Dimensional Fund Advisors LP raised its stake in 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 worth $37,326,000 after purchasing an additional 194,494 shares during the period. Finally, Vanguard Group Inc. raised its stake in Park Sterling Corporation by 6.1% during the first quarter. Vanguard Group Inc. now owns 1,990,366 shares of the bank’s stock worth $24,501,000 after purchasing an additional 114,256 shares during the period. 82.11% of the stock is currently owned by institutional investors.
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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