First Manhattan Co. cut its position in Park Sterling Corporation (NASDAQ:PSTB) by 18.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 89,100 shares of the bank’s stock after selling 20,000 shares during the period. First Manhattan Co. owned approximately 0.17% of Park Sterling Corporation worth $1,058,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in Park Sterling Corporation by 6.9% in the first quarter. Dimensional Fund Advisors LP now owns 3,032,148 shares of the bank’s stock worth $37,326,000 after buying an additional 194,494 shares during the last quarter. Mendon Capital Advisors Corp increased its position in Park Sterling Corporation by 41.2% in the first quarter. Mendon Capital Advisors Corp now owns 2,920,738 shares of the bank’s stock worth $35,955,000 after buying an additional 851,837 shares during the last quarter. Vanguard Group Inc. increased its position in Park Sterling Corporation by 6.1% in 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. RMB Capital Management LLC increased its position in Park Sterling Corporation by 45.1% in the first quarter. RMB Capital Management LLC now owns 1,803,494 shares of the bank’s stock worth $22,201,000 after buying an additional 560,916 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Park Sterling Corporation by 1.9% in the first quarter. Wellington Management Group LLP now owns 1,202,065 shares of the bank’s stock worth $14,797,000 after buying an additional 21,972 shares during the last quarter. 82.19% of the stock is owned by institutional investors.

Park Sterling Corporation (PSTB) opened at 11.67 on Monday. Park Sterling Corporation has a 52 week low of $7.50 and a 52 week high of $12.72. The firm’s 50 day moving average is $11.78 and its 200-day moving average is $11.81. The company has a market cap of $617.39 million, a P/E ratio of 22.44 and a beta of 0.83.

Park Sterling Corporation (NASDAQ:PSTB) last announced its quarterly earnings results on Thursday, July 27th. The bank reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.03. Park Sterling Corporation had a net margin of 19.00% and a return on equity of 8.73%. The firm had revenue of $34.03 million during the quarter, compared to analysts’ expectations of $33.30 million. During the same quarter in the prior year, the company earned $0.12 EPS. On average, analysts predict that Park Sterling Corporation will post $0.61 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Wednesday, August 9th will be given a $0.04 dividend. The ex-dividend date is Monday, August 7th. This represents a $0.16 annualized dividend and a dividend yield of 1.37%. Park Sterling Corporation’s payout ratio is presently 30.77%.

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PSTB has been the subject of a number of research reports. Brean Capital reissued a “hold” rating on shares of Park Sterling Corporation in a research note on Thursday. ValuEngine raised shares of Park Sterling Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. BidaskClub downgraded shares of Park Sterling Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Finally, Zacks Investment Research downgraded shares of Park Sterling Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, May 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price 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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Institutional Ownership by Quarter for Park Sterling Corporation (NASDAQ:PSTB)

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