Stellar Bancorp Inc. (STEL) rating upgrades by Piper Sandler


Stellar Bancorp Inc.’s recently made public that its Director Penland Joe Sr acquired Company’s shares for reported $0.34 million on May 04. In the deal valued at $20.92 per share,16,488 shares were bought. As a result of this transaction, Penland Joe Sr now holds 577,864 shares worth roughly $ 12.58 million.

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Then, Penland Joe Sr bought 4,000 shares, generating $82,400 in total proceeds. Upon buying the shares at $20.60, the Director now owns 4,000 shares.

Before that, Williams John E Jr bought 45,000 shares. Stellar Bancorp Inc. shares valued at $988,290 were divested by the Director at a price of $21.96 per share. As a result of the transaction, Williams John E Jr now holds 1,277,860 shares, worth roughly $27.82 million.

Piper Sandler upgraded its Stellar Bancorp Inc. [STEL] rating to an Overweight from a a Neutral in a research note published on Friday, January 30, 2023; the price target was decreased to $34 from $36. PT values the company’s stock at a premium of 35.97 to its Friday closing price.

Price Performance Review of STEL

On Friday, Stellar Bancorp Inc. [NYSE:STEL] saw its stock jump 2.35% to $21.77. On the same session, the stock had its day’s lowest price of $21.44, but rose to a high of $22.01. Over the last five days, the stock has gained 1.26%. Stellar Bancorp Inc. shares have fallen nearly -26.10% since the year began. Nevertheless, the stocks have fallen -26.95% over the past one year. While a 52-week high of $36.09 was reached on 01/17/23, a 52-week low of $20.24 was recorded on 05/04/23. SMA at 50 days reached $23.42, while 200 days put it at $26.10. A total of 0.12 million shares were traded, compared to the trading of 0.14 million shares in the previous session.

Levels Of Support And Resistance For STEL Stock

The 24-hour chart illustrates a support level at 21.47, which if violated will result in even more drops to 21.17. On the upside, there is a resistance level at 22.04. A further resistance level may holdings at 22.31. The Relative Strength Index (RSI) on the 14-day chart is 37.88, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.44, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 74.29%. Stochastics %K at 12.56% indicates the stock is a buying.

How much short interest is there in Stellar Bancorp Inc.?

A steep rise in short interest was recorded in Stellar Bancorp Inc. stocks on Aug 14, 2023, dropping by 66990.0 shares to a total of 0.64 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 0.71 million shares. There was a decline of -10.39%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 1.58% of the overall stock float, the days-to-cover ratio (short ratio) fell to 5.1.

Stellar Bancorp Inc. [STEL] – Who Are The Largest Shareholders?

In filings from BlackRock Fund Advisors, it is revealed that the company now owns 6,997,081 shares, or roughly 13.13% of the outstanding STEL shares. In other words, the investor’s shares have risen by 118,080 from its previous 13-F filing of 6879001.0. Additionally, The Vanguard Group, Inc. decreased -2.20% of its stake after which the total value it holdings stand at $73,497,372, while Dimensional Fund Advisors LP reduced -3.58% of its stake to hold $52.05 million in the firm. Over the last quarter, SSgA Funds Management, Inc. purchased 53,381 shares of Stellar Bancorp Inc., while Luther King Capital Management Co bought 46,248 shares. At present, Geode Capital Management LLC is holding 930,621 shares valued at $23.14 million. Northern Trust Investments, Inc. owned 786,642 shares of the company at the time of its most recent 13F filing, worth $19.56 million.

According to FactSet, Stellar Bancorp Inc.’s share price will average $28.20 in the next year, based on opinions of analysts polled by the firm. This is up nearly 31.64 percent from its previous closing price of $21.27. Analysts expect Stellar Bancorp Inc. stock to reach the higher price of $31.00, while the lowest price estimate is $26.00. However, 5 analysts have rated STEL stock as an Overweight in their predictions for 2023.


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