Stonegate Bank (NASDAQ: SGBK) Price Target moved up at Hovde Group

Stonegate Bank (NASDAQ: SGBK) had its price target boosted by equities researchers at Hovde Group from $36.00 to $37.00. With a rating of Outperform on the shares, Stonegate Bank has a 52-week high of $34.00. The one-year price target of $37.19 is above the opening price of $33.50, that has caused a fair amount of other analysts to issue statements on the company recently.

The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end

On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.

The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.

S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.

Yesterday Stonegate Bank (NASDAQ: SGBK) shares last traded at $33.07, which represents a drop of $0.43 over the previous closing price. Opening at $33.50, they varied from $32.86 and $33.50 throughout the day.

Stonegate Bank (NASDAQ: SGBK) currently has a market cap of 425.88M.

The stock’s average daily volume is 41,109 shares out of a total float 9,999,000 and some 18,209 shares crossed the trading desk yesterday, lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use increases in trading volume to identify heavy volume accumulation or distribution by institutional investors.

While higher trading for short periods will not mean much, however, a trend of heavy trading volume on the buy side over a series of days or weeks delivers a positive cue to market traders that institutions may be moving in, so institutional sponsorship is very important.

Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.

Professional investors such as these have teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.

Traders are able to make make well planned trades when they track the trading habits of professional investors.

Trades for Stonegate Bank (NASDAQ: SGBK) have ranged from $28.21 – 34.00, and the stock now has a 50-day MA of $32.30 and 200-day MA of $31.42. Today’s last price is 0.03% under the 52 week high of $34.00.

Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors seek companies that have raised their earnings at least 25% or more for 3 consecutive years.

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