Park Sterling Corporation (PSTB) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Park Sterling Corporation (NASDAQ:PSTB) from a buy rating to a hold rating in a research report report published 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 research firms also recently weighed in on PSTB. Brean Capital restated a hold rating on shares of Park Sterling Corporation in a research note on Thursday, August 3rd. ValuEngine upgraded Park Sterling Corporation from a hold rating to a buy rating in a research note on Thursday, July 27th. Finally, BidaskClub upgraded Park Sterling Corporation from a strong sell rating to a sell rating in a research note on Friday, August 25th. One research analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. The company currently has a consensus rating of Hold and an average price target of $10.63.

Shares of Park Sterling Corporation (PSTB) opened at 12.81 on Wednesday. Park Sterling Corporation has a 12-month low of $8.00 and a 12-month high of $12.94. The firm has a market capitalization of $677.70 million, a price-to-earnings ratio of 24.63 and a beta of 0.84. The company has a 50-day moving average price of $11.72 and a 200 day moving average price of $11.79.

Park Sterling Corporation (NASDAQ:PSTB) last posted its quarterly earnings results on Thursday, July 27th. The bank reported $0.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.03. The firm had revenue of $34.03 million during the quarter, compared to the consensus estimate of $33.30 million. Park Sterling Corporation had a return on equity of 8.67% and a net margin of 19.00%. During the same period last year, the company earned $0.12 earnings per share. Equities research analysts expect that Park Sterling Corporation will post $0.63 earnings per share for the current fiscal year.

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Hedge funds have recently bought and sold shares of the business. Suntrust Banks Inc. bought a new position in Park Sterling Corporation in the first quarter valued at approximately $131,000. Karp Capital Management Corp bought a new position in Park Sterling Corporation in the first quarter valued at approximately $145,000. BlueCrest Capital Management Ltd bought a new position in Park Sterling Corporation in the second quarter valued at approximately $142,000. Legal & General Group Plc grew its stake in Park Sterling Corporation by 3.9% in the second quarter. Legal & General Group Plc now owns 12,702 shares of the bank’s stock valued at $151,000 after purchasing an additional 474 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Park Sterling Corporation by 9.3% in the second quarter. Principal Financial Group Inc. now owns 18,756 shares of the bank’s stock valued at $223,000 after purchasing an additional 1,598 shares in the last quarter. Hedge funds and other institutional investors own 82.11% of the company’s stock.

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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