LS Investment Advisors LLC lifted its holdings in Sterling Bancorp (NYSE:STL) by 139.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,939 shares of the financial services provider’s stock after buying an additional 9,286 shares during the period. LS Investment Advisors LLC’s holdings in Sterling Bancorp were worth $393,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also bought and sold shares of STL. UBS Asset Management Americas Inc. lifted its stake in shares of Sterling Bancorp by 15.5% in the first quarter. UBS Asset Management Americas Inc. now owns 72,775 shares of the financial services provider’s stock worth $1,725,000 after buying an additional 9,758 shares in the last quarter. Teachers Advisors LLC raised its stake in Sterling Bancorp by 1.9% during the first quarter. Teachers Advisors LLC now owns 1,028,347 shares of the financial services provider’s stock worth $24,372,000 after purchasing an additional 19,085 shares during the period. California Public Employees Retirement System raised its stake in Sterling Bancorp by 4.9% during the first quarter. California Public Employees Retirement System now owns 163,400 shares of the financial services provider’s stock worth $3,873,000 after purchasing an additional 7,700 shares during the period. Teacher Retirement System of Texas raised its stake in Sterling Bancorp by 3.4% during the first quarter. Teacher Retirement System of Texas now owns 10,130 shares of the financial services provider’s stock worth $240,000 after purchasing an additional 333 shares during the period. Finally, Thrivent Financial For Lutherans raised its stake in Sterling Bancorp by 9.0% during the first quarter. Thrivent Financial For Lutherans now owns 77,239 shares of the financial services provider’s stock worth $1,831,000 after purchasing an additional 6,400 shares during the period. 91.22% of the stock is currently owned by hedge funds and other institutional investors.
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In related news, Director James F. Deutsch sold 300,000 shares of the stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $25.31, for a total value of $7,593,000.00. Following the sale, the director now directly owns 500 shares of the company’s stock, valued at approximately $12,655. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Jack L. Kopnisky sold 54,100 shares of the stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $24.71, for a total transaction of $1,336,811.00. Following the completion of the sale, the chief executive officer now directly owns 231,765 shares in the company, valued at $5,726,913.15. The disclosure for this sale can be found here. Insiders sold a total of 489,135 shares of company stock worth $12,259,133 over the last three months. 3.74% of the stock is currently owned by corporate insiders.
Shares of Sterling Bancorp (STL) traded up $0.05 during trading hours on Friday, hitting $23.55. 2,440,400 shares of the stock traded hands, compared to its average volume of 1,607,463. The stock has a market cap of $5,280.62, a P/E ratio of 18.22 and a beta of 1.05. The company has a quick ratio of 1.00, a current ratio of 0.99 and a debt-to-equity ratio of 1.76. Sterling Bancorp has a twelve month low of $19.86 and a twelve month high of $25.85.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. The company had revenue of $134.06 million for the quarter, compared to analysts’ expectations of $135.09 million. During the same quarter in the prior year, the firm posted $0.29 EPS. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. equities research analysts expect that Sterling Bancorp will post 1.38 EPS for the current fiscal year.
The company also recently disclosed 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 annualized dividend and a yield of 1.19%. Sterling Bancorp’s dividend payout ratio is currently 22.58%.
STL has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $29.00 price target on shares of Sterling Bancorp in a research report on Thursday, October 12th. Zacks Investment Research cut shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, August 25th. ValuEngine cut shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. Finally, Royal Bank of Canada dropped their price objective on shares of Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a report on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $27.69.
About Sterling Bancorp
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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