Standard Pacific Corp. (NYSE:SPF) Receives Short-Term Rating From Zacks

Analysts from Zacks have issued a short-term rating on the shares of StandardPacific Corp. (NYSE:SPF) with a 3 point rating.

The company received the 3-point rating from Zacks based on a point average share rating from three brokerage firms from Wall Street. The ratings suggest a hold on Standard Pacific’s shares. The new short-term target price estimate has been set to at $ 9.05. Analysts expect the target price to deviate by as much as $0.42 from the estimated price. They also project that the short term target price could hit$10 highs and $ 9 lows.

The company’s market capitalization currently lies at $2,368 million with 276,619,000 shares outstanding. So far the shares have hit a 52 week high of $9.35 and a 52 week low of $6.52. Standard Pacific’s Chief ExecutiveJeffrey Joseph recently sold 50,000 shares at $9 million as disclosed by the company. The value of the insider selling transaction is said to have been worth$450,000.

The company revealed the information to the Securities and Exchange Commission through a Form 4 filing. Following the CEO’s share sale, the company’s insiders now own 0.9% of the company. The Insider ownership has dropped by 48.85% over the past six months while the number of shares owned by institutional investors has dropped by 57.335% bringing their total share ownership to 1.8%.

The company’s share value has increased by 13.14% over the past 52 weeks. The company’s 50-day moving average came in at $8.7 while the 200-day moving average recorded $8.64. Standard Pacific Corp. (NYSE:SPF). has its hands dipped in various housing markets especially the metropolitan markets. The firm operates on two business lines; financial services including title operations and mortgage financing while the other business involves home building. The latter has been divided into various segments including California, South West, and South East. The company offers mortgage financing to all the markets where it operates. The company bought the homebuilding operations of Streetman Homes in June 2014.

 

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David Barry

David Barry

Barry is a senior journalist at Us Markets Daily. He reports, shoots and edits many of his own stories by himself.