Brokerages expect Stonegate Bank (NASDAQ:SGBK) to post $33.49 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Stonegate Bank’s earnings, with the highest sales estimate coming in at $33.57 million and the lowest estimate coming in at $33.40 million. Stonegate Bank posted sales of $24.09 million during the same quarter last year, which suggests a positive year-over-year growth rate of 39%. The company is scheduled to announce its next earnings report on Wednesday, October 25th.
According to Zacks, analysts expect that Stonegate Bank will report full year sales of $33.49 million for the current financial year, with estimates ranging from $128.90 million to $130.28 million. For the next financial year, analysts expect that the business will report sales of $138.05 million per share, with estimates ranging from $132.80 million to $143.30 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Stonegate Bank.
Stonegate Bank (NASDAQ:SGBK) last announced its quarterly earnings results on Friday, July 28th. The bank reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by $0.02. The firm had revenue of $29.68 million for the quarter, compared to the consensus estimate of $32.35 million.
SGBK has been the topic of a number of analyst reports. Hovde Group cut Stonegate Bank from an “outperform” rating to a “market perform” rating and set a $49.00 price target on the stock. in a research report on Monday, April 3rd. Keefe, Bruyette & Woods restated a “hold” rating and set a $49.00 target price on shares of Stonegate Bank in a report on Wednesday, April 5th. Zacks Investment Research cut Stonegate Bank from a “buy” rating to a “hold” rating in a report on Wednesday, May 17th. ValuEngine upgraded Stonegate Bank from a “hold” rating to a “buy” rating in a report on Thursday, June 8th. Finally, BidaskClub cut Stonegate Bank from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $49.33.
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Shares of Stonegate Bank (SGBK) traded up 0.28% during midday trading on Friday, hitting $46.68. 63,147 shares of the company were exchanged. The company’s 50 day moving average price is $46.30 and its 200 day moving average price is $45.95. Stonegate Bank has a one year low of $30.61 and a one year high of $48.53. The firm has a market cap of $714.25 million, a P/E ratio of 21.49 and a beta of 0.45.
Several hedge funds have recently made changes to their positions in the company. State Street Corp boosted its stake in shares of Stonegate Bank by 39.7% in the fourth quarter. State Street Corp now owns 232,847 shares of the bank’s stock valued at $9,718,000 after buying an additional 66,168 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Stonegate Bank by 40.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 223,219 shares of the bank’s stock valued at $9,315,000 after buying an additional 63,881 shares in the last quarter. AQR Capital Management LLC boosted its position in Stonegate Bank by 468.0% in the fourth quarter. AQR Capital Management LLC now owns 34,818 shares of the bank’s stock valued at $1,453,000 after buying an additional 28,688 shares in the last quarter. Teachers Advisors LLC boosted its position in Stonegate Bank by 6.9% in the fourth quarter. Teachers Advisors LLC now owns 19,901 shares of the bank’s stock valued at $830,000 after buying an additional 1,278 shares in the last quarter. Finally, Highbridge Capital Management LLC boosted its position in Stonegate Bank by 163.2% in the fourth quarter. Highbridge Capital Management LLC now owns 17,627 shares of the bank’s stock valued at $736,000 after buying an additional 10,931 shares in the last quarter. Institutional investors own 58.30% of the company’s stock.
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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