Maltese Capital Management LLC increased its position in shares of Park Sterling Corporation (NASDAQ:PSTB) by 162.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 249,500 shares of the bank’s stock after buying an additional 154,500 shares during the period. Maltese Capital Management LLC owned 0.47% of Park Sterling worth $3,099,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in PSTB. Teachers Advisors LLC raised its stake in Park Sterling by 4.0% during the first quarter. Teachers Advisors LLC now owns 107,295 shares of the bank’s stock worth $1,321,000 after buying an additional 4,090 shares during the last quarter. Vanguard Group Inc. raised its stake in Park Sterling 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 buying an additional 114,256 shares during the last quarter. Geode Capital Management LLC increased its stake in Park Sterling by 17.0% in the first quarter. Geode Capital Management LLC now owns 440,989 shares of the bank’s stock valued at $5,428,000 after purchasing an additional 64,192 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in Park Sterling by 14.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 174,078 shares of the bank’s stock valued at $2,143,000 after purchasing an additional 22,463 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Park Sterling by 19.5% in the first quarter. Bank of America Corp DE now owns 30,267 shares of the bank’s stock valued at $373,000 after purchasing an additional 4,938 shares in the last quarter. 82.55% of the stock is owned by institutional investors and hedge funds.
PSTB has been the subject of several research analyst reports. BidaskClub raised shares of Park Sterling from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Zacks Investment Research raised shares of Park Sterling from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research note on Friday, August 18th. Stephens downgraded shares of Park Sterling from an “overweight” rating to an “equal weight” rating in a research note on Friday, October 27th. Brean Capital reaffirmed a “hold” rating on shares of Park Sterling in a research note on Friday, October 27th. Finally, ValuEngine downgraded shares of Park Sterling from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $13.00.
Shares of Park Sterling Corporation (PSTB) opened at $12.87 on Friday. Park Sterling Corporation has a 52 week low of $9.60 and a 52 week high of $13.20. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.17. The firm has a market cap of $686.80, a price-to-earnings ratio of 20.76 and a beta of 0.85.
Park Sterling (NASDAQ:PSTB) last posted its quarterly earnings results on Thursday, October 26th. The bank reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.01. Park Sterling had a net margin of 20.24% and a return on equity of 9.08%. The firm had revenue of $33.21 million during the quarter, compared to the consensus estimate of $33.20 million. During the same period in the previous year, the firm posted $0.14 earnings per share. The business’s revenue was up 6.2% compared to the same quarter last year. equities research analysts predict that Park Sterling Corporation will post 0.6 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 24th. Stockholders of record on Wednesday, November 8th were issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend was Tuesday, November 7th. Park Sterling’s dividend payout ratio is currently 28.57%.
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Park Sterling Profile
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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