Renaissance Technologies LLC trimmed its stake in Sterling Bancorp (NYSE:STL) by 26.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 552,536 shares of the financial services provider’s stock after selling 197,873 shares during the period. Renaissance Technologies LLC owned 0.41% of Sterling Bancorp worth $12,846,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of STL. Ronna Sue Cohen lifted its position in Sterling Bancorp by 0.3% during the 1st quarter. Ronna Sue Cohen now owns 10,212 shares of the financial services provider’s stock valued at $242,000 after acquiring an additional 29 shares during the period. Alps Advisors Inc. increased its stake in Sterling Bancorp by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 19,465 shares of the financial services provider’s stock valued at $453,000 after purchasing an additional 50 shares in the last quarter. Suntrust Banks Inc. increased its stake in Sterling Bancorp by 0.3% during the 2nd quarter. Suntrust Banks Inc. now owns 27,294 shares of the financial services provider’s stock valued at $634,000 after purchasing an additional 86 shares in the last quarter. Teacher Retirement System of Texas increased its stake in Sterling Bancorp by 2.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 10,330 shares of the financial services provider’s stock valued at $240,000 after purchasing an additional 200 shares in the last quarter. Finally, World Asset Management Inc increased its stake in Sterling Bancorp by 3.0% during the 2nd quarter. World Asset Management Inc now owns 8,842 shares of the financial services provider’s stock valued at $206,000 after purchasing an additional 261 shares in the last quarter. 90.57% of the stock is owned by hedge funds and other institutional investors.
Sterling Bancorp (NYSE:STL) traded down 0.297% during midday trading on Friday, reaching $25.175. 51,806 shares of the company were exchanged. The firm’s 50 day moving average price is $23.82 and its 200-day moving average price is $23.07. The stock has a market capitalization of $3.42 billion, a P/E ratio of 20.997 and a beta of 1.07. Sterling Bancorp has a 52 week low of $17.40 and a 52 week high of $25.85.
Sterling Bancorp (NYSE:STL) last issued its earnings results on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). The firm had revenue of $134.06 million during the quarter, compared to analyst estimates of $135.09 million. Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. Sterling Bancorp’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.29 EPS. Equities analysts forecast that Sterling Bancorp will post $0.69 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Monday, November 6th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.11%. The ex-dividend date is Friday, November 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is 22.58%.
In related news, Director Burt Steinberg purchased 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The shares were acquired at an average price of $21.88 per share, with a total value of $218,800.00. Following the acquisition, the director now owns 135,146 shares in the company, valued at approximately $2,956,994.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 3.74% of the company’s stock.
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A number of analysts have weighed in on STL shares. BidaskClub upgraded shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. Maxim Group reiterated a “buy” rating and issued a $30.00 price target on shares of Sterling Bancorp in a research note on Wednesday, July 26th. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Saturday, July 29th. Keefe, Bruyette & Woods restated a “buy” rating on shares of Sterling Bancorp in a research report on Thursday, September 7th. Finally, ValuEngine lowered shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $27.69.
Sterling Bancorp 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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