Piedmont Investment Advisors LLC acquired a new stake in Sterling Bancorp (NYSE:STL) during the second quarter, according to its most recent filing with the SEC. The firm acquired 29,317 shares of the financial services provider’s stock, valued at approximately $682,000.
A number of other large investors have also recently bought and sold shares of the stock. First Bank & Trust boosted its position in shares of Sterling Bancorp by 402.6% during the 2nd quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 3,970 shares in the last quarter. Riverhead Capital Management LLC boosted its position in shares of Sterling Bancorp by 70.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock worth $119,000 after buying an additional 2,119 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Sterling Bancorp by 8.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,504 shares of the financial services provider’s stock worth $128,000 after buying an additional 415 shares in the last quarter. M&T Bank Corp purchased a new stake in shares of Sterling Bancorp in the 2nd quarter worth about $205,000. Finally, World Asset Management Inc boosted its position in shares of Sterling Bancorp by 3.0% in the 2nd quarter. World Asset Management Inc now owns 8,842 shares of the financial services provider’s stock worth $206,000 after buying an additional 261 shares in the last quarter. Hedge funds and other institutional investors own 90.57% of the company’s stock.
In other Sterling Bancorp news, Director Burt Steinberg bought 10,000 shares of the firm’s stock in a transaction on Friday, August 11th. The stock was purchased at an average cost of $21.88 per share, with a total value of $218,800.00. Following the completion of the purchase, the director now owns 135,146 shares in the company, valued at $2,956,994.48. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.74% of the stock is currently owned by insiders.
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Shares of Sterling Bancorp (NYSE STL) traded up 1.089% during mid-day trading on Friday, hitting $25.525. The stock had a trading volume of 356,718 shares. The company has a 50-day moving average of $23.82 and a 200 day moving average of $23.07. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of 21.289 and a beta of 1.07. Sterling Bancorp has a one year low of $17.40 and a one year high of $25.85.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. The company had revenue of $134.06 million during the quarter, compared to the consensus estimate of $135.09 million. During the same quarter in the prior year, the company posted $0.29 EPS. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, equities research analysts forecast that Sterling Bancorp will post $0.69 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 20th. Shareholders of record on Monday, November 6th will be paid a $0.07 dividend. The ex-dividend date is Friday, November 3rd. This represents a $0.28 dividend on an annualized basis and a yield of 1.11%. Sterling Bancorp’s payout ratio is 22.58%.
Several equities research analysts recently commented on the stock. Maxim Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $29.00 target price on shares of Sterling Bancorp in a research note on Thursday, October 12th. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 target price for the company in a research note on Wednesday, October 11th. Royal Bank Of Canada cut their target price on shares of Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a research note on Tuesday, October 3rd. Finally, ValuEngine downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Sterling Bancorp has an average rating of “Buy” and an average target price of $27.69.
Sterling Bancorp Company Profile
Sterling Bancorp is a financial holding company. The Company is a bank holding company that owns the Sterling National Bank (the Bank). The Bank specializes in the delivery of services and solutions to business owners, their families and consumers within the communities it serves. The Bank offers a line of commercial, business, and consumer banking products and services.
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