Russell Investments Group Ltd. acquired a new position in shares of Park Sterling Corp (NASDAQ:PSTB) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 178,584 shares of the bank’s stock, valued at approximately $1,936,000. Russell Investments Group Ltd. owned about 0.34% of Park Sterling Corp at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in PSTB. Banc Funds Co. LLC increased its stake in shares of Park Sterling Corp by 1.4% in the third quarter. Banc Funds Co. LLC now owns 3,079,994 shares of the bank’s stock worth $25,010,000 after buying an additional 43,639 shares during the last quarter. RMB Capital Management LLC increased its stake in shares of Park Sterling Corp by 63.4% in the third quarter. RMB Capital Management LLC now owns 2,267,547 shares of the bank’s stock worth $18,412,000 after buying an additional 880,170 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Park Sterling Corp during the third quarter worth approximately $18,010,000. BlackRock Group LTD bought a new stake in shares of Park Sterling Corp during the third quarter worth approximately $11,043,000. Finally, Wells Fargo & Company MN increased its stake in shares of Park Sterling Corp by 7.5% in the third quarter. Wells Fargo & Company MN now owns 1,307,602 shares of the bank’s stock worth $10,618,000 after buying an additional 91,119 shares during the last quarter. 80.19% of the stock is currently owned by institutional investors and hedge funds.
Shares of Park Sterling Corp (NASDAQ:PSTB) traded up 0.59% during trading on Friday, hitting $11.99. The company’s stock had a trading volume of 140,066 shares. The company has a 50-day moving average price of $11.87 and a 200-day moving average price of $10.60. The stock has a market cap of $631.99 million, a PE ratio of 31.55 and a beta of 0.90. Park Sterling Corp has a one year low of $6.64 and a one year high of $12.37.
Park Sterling Corp (NASDAQ:PSTB) last released its quarterly earnings results on Thursday, January 26th. The bank reported $0.14 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.14. The business had revenue of $32.42 million for the quarter, compared to the consensus estimate of $31.55 million. Park Sterling Corp had a net margin of 14.16% and a return on equity of 7.68%. During the same quarter last year, the firm earned $0.11 EPS. Equities analysts predict that Park Sterling Corp will post $0.59 EPS for the current fiscal year.
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PSTB has been the topic of a number of recent research reports. Zacks Investment Research upgraded Park Sterling Corp from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research note on Wednesday, December 28th. Brean Capital started coverage on Park Sterling Corp in a research report on Friday, February 24th. They set a “hold” rating on the stock. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $10.38.
In other news, President Bryan F. Kennedy III sold 20,000 shares of the firm’s stock in a transaction on Tuesday, January 31st. The shares were sold at an average price of $11.55, for a total transaction of $231,000.00. Following the transaction, the president now owns 143,515 shares in the company, valued at approximately $1,657,598.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.22% of the stock is currently owned by company insiders.
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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