Stonegate Bank (SGBK) Position Decreased by Banc Funds Co. LLC
Banc Funds Co. LLC reduced its holdings in shares of Stonegate Bank (NASDAQ:SGBK) by 2.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 408,604 shares of the bank’s stock after selling 10,000 shares during the quarter. Banc Funds Co. LLC owned 2.68% of Stonegate Bank worth $18,869,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in SGBK. Context BH Capital Management LP lifted its position in shares of Stonegate Bank by 501.3% during the 2nd quarter. Context BH Capital Management LP now owns 694,684 shares of the bank’s stock worth $32,081,000 after buying an additional 579,155 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Stonegate Bank by 47.8% during the 2nd quarter. Renaissance Technologies LLC now owns 468,522 shares of the bank’s stock worth $21,636,000 after buying an additional 151,522 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Stonegate Bank by 14.3% during the 1st quarter. Wellington Management Group LLP now owns 1,104,277 shares of the bank’s stock worth $52,001,000 after buying an additional 138,109 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Stonegate Bank by 44.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 427,109 shares of the bank’s stock worth $19,724,000 after buying an additional 131,758 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Stonegate Bank by 21.9% during the 1st quarter. Vanguard Group Inc. now owns 532,011 shares of the bank’s stock worth $25,053,000 after buying an additional 95,434 shares during the last quarter. Institutional investors and hedge funds own 65.17% of the company’s stock.
Several brokerages recently weighed in on SGBK. BidaskClub downgraded Stonegate Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. ValuEngine upgraded Stonegate Bank from a “hold” rating to a “buy” rating in a research report on Thursday, June 8th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $49.33.
Stonegate Bank (NASDAQ:SGBK) last posted its earnings results on Friday, July 28th. The bank reported $0.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.02). The company had revenue of $29.68 million during the quarter, compared to analyst estimates of $32.35 million.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.64%. The ex-dividend date is Thursday, September 14th. Stonegate Bank’s payout ratio is 14.75%.
About Stonegate Bank
Stonegate Bank (the Bank) is a state chartered commercial bank in the State of Florida. The Bank provides a full range of banking services to individual and corporate customers from its branch locations in Southeast and West Florida. The Bank provides personal banking, business banking and wealth management services.
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