Zacks: Analysts Anticipate Stonegate Bank (NASDAQ:SGBK) Will Announce Quarterly Sales of $33.49 Million

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.

WARNING: This report was first posted by Rincon Hill News and is owned by of Rincon Hill News. If you are reading this report on another website, it was copied illegally and reposted in violation of US & international copyright and trademark law. The original version of this report can be accessed at https://rinconhillneighbors.org/2017/08/19/zacks-analysts-anticipate-stonegate-bank-nasdaqsgbk-will-announce-quarterly-sales-of-33-49-million-updated-updated.html.

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.

Get a free copy of the Zacks research report on Stonegate Bank (SGBK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Stonegate Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Stonegate Bank and related companies with our FREE daily email newsletter.

 

Latest News



Leave a Reply

 
© 2006-2017 Rincon Hill News.