American International Group Inc. Raises Stake in Park Sterling Corporation (PSTB)
American International Group Inc. raised its position in shares of Park Sterling Corporation (NASDAQ:PSTB) by 7.1% during the first quarter, Holdings Channel reports. The institutional investor owned 31,745 shares of the bank’s stock after buying an additional 2,097 shares during the period. American International Group Inc.’s holdings in Park Sterling Corporation were worth $391,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Suntrust Banks Inc. acquired a new position in Park Sterling Corporation during the first quarter worth about $131,000. Karp Capital Management Corp acquired a new position in Park Sterling Corporation during the first quarter worth about $145,000. Teza Capital Management LLC acquired a new position in Park Sterling Corporation during the first quarter worth about $162,000. Virginia Retirement Systems ET AL acquired a new position in Park Sterling Corporation during the first quarter worth about $257,000. Finally, GSA Capital Partners LLP boosted its position in Park Sterling Corporation by 114.0% in the fourth quarter. GSA Capital Partners LLP now owns 45,259 shares of the bank’s stock worth $488,000 after buying an additional 24,106 shares in the last quarter. 82.84% of the stock is owned by institutional investors and hedge funds.
Shares of Park Sterling Corporation (NASDAQ:PSTB) opened at 11.69 on Tuesday. Park Sterling Corporation has a 12 month low of $7.31 and a 12 month high of $12.72. The company has a 50-day moving average price of $11.77 and a 200-day moving average price of $11.63. The firm has a market capitalization of $616.32 million, a price-to-earnings ratio of 24.87 and a beta of 0.83.
Park Sterling Corporation (NASDAQ:PSTB) last posted its earnings results on Thursday, April 27th. The bank reported $0.14 EPS for the quarter, beating the consensus estimate of $0.13 by $0.01. The firm had revenue of $32.53 million during the quarter, compared to the consensus estimate of $31.95 million. Park Sterling Corporation had a return on equity of 7.95% and a net margin of 17.35%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the company earned $0.12 earnings per share. Equities analysts forecast that Park Sterling Corporation will post $0.59 EPS for the current fiscal year.
A number of research firms recently issued reports on PSTB. Zacks Investment Research cut Park Sterling Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, May 17th. ValuEngine raised Park Sterling Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Eight research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Park Sterling Corporation presently has a consensus rating of “Hold” and a consensus price target of $10.38.
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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