Franklin Resources Inc. cut its stake in State Bank Financial Corp (NASDAQ:STBZ) by 15.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,882,960 shares of the financial services provider’s stock after selling 339,200 shares during the period. Franklin Resources Inc.’s holdings in State Bank Financial were worth $56,828,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Water Island Capital LLC raised its stake in shares of State Bank Financial by 47.2% in the 3rd quarter. Water Island Capital LLC now owns 566,612 shares of the financial services provider’s stock valued at $17,100,000 after acquiring an additional 181,618 shares in the last quarter. Boston Private Wealth LLC raised its stake in shares of State Bank Financial by 96.7% in the 3rd quarter. Boston Private Wealth LLC now owns 23,765 shares of the financial services provider’s stock valued at $717,000 after acquiring an additional 11,681 shares in the last quarter. Alpine Associates Management Inc. raised its stake in shares of State Bank Financial by 292.0% in the 3rd quarter. Alpine Associates Management Inc. now owns 631,174 shares of the financial services provider’s stock valued at $19,049,000 after acquiring an additional 470,169 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in shares of State Bank Financial in the 3rd quarter valued at approximately $1,494,000. Finally, Ontario Teachers Pension Plan Board bought a new position in shares of State Bank Financial in the 3rd quarter valued at approximately $1,070,000. 78.70% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ:STBZ opened at $23.41 on Friday. State Bank Financial Corp has a 1-year low of $22.61 and a 1-year high of $35.99. The company has a market cap of $905.21 million, a PE ratio of 15.83, a PEG ratio of 0.79 and a beta of 0.97. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.05.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 11th. Stockholders of record on Monday, December 3rd will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend is Friday, November 30th. State Bank Financial’s payout ratio is presently 54.79%.
A number of analysts have issued reports on STBZ shares. Zacks Investment Research raised State Bank Financial from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Wednesday, September 26th. BidaskClub lowered State Bank Financial from a “sell” rating to a “strong sell” rating in a report on Friday, October 19th. Keefe, Bruyette & Woods raised State Bank Financial from a “market perform” rating to an “outperform” rating and decreased their price objective for the stock from $39.50 to $37.00 in a report on Thursday, November 8th. Finally, ValuEngine lowered State Bank Financial from a “sell” rating to a “strong sell” rating in a report on Friday, November 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $33.83.
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About State Bank Financial
State Bank Financial Corporation operates as the bank holding company for State Bank and Trust Company that provides various community banking services to individuals and businesses. The company's deposit products and services include checking, commercial operating, savings and money market, and individual retirement accounts, as well as short- to longer-term certificates of deposit, commercial and consumer demand deposit, and savings and time deposit products.
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