State of Tennessee Treasury Department cut its holdings in shares of Sterling Bancorp (NYSE:STL) by 5.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 119,716 shares of the financial services provider’s stock after selling 7,567 shares during the period. State of Tennessee Treasury Department owned 0.09% of Sterling Bancorp worth $2,951,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. AQR Capital Management LLC grew its position in Sterling Bancorp by 24.6% in the 1st quarter. AQR Capital Management LLC now owns 70,264 shares of the financial services provider’s stock valued at $1,666,000 after buying an additional 13,878 shares during the last quarter. State of Alaska Department of Revenue grew its position in Sterling Bancorp by 78.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 26,763 shares of the financial services provider’s stock valued at $622,000 after buying an additional 11,733 shares during the last quarter. Aperio Group LLC grew its position in Sterling Bancorp by 1.6% in the 2nd quarter. Aperio Group LLC now owns 22,564 shares of the financial services provider’s stock valued at $525,000 after buying an additional 347 shares during the last quarter. Peregrine Capital Management LLC grew its position in Sterling Bancorp by 2.0% in the 2nd quarter. Peregrine Capital Management LLC now owns 420,967 shares of the financial services provider’s stock valued at $9,787,000 after buying an additional 8,427 shares during the last quarter. Finally, Hermes Investment Management Ltd. grew its position in Sterling Bancorp by 11.1% in the 2nd quarter. Hermes Investment Management Ltd. now owns 1,139,112 shares of the financial services provider’s stock valued at $26,484,000 after buying an additional 113,445 shares during the last quarter. Institutional investors and hedge funds own 91.70% of the company’s stock.
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In other news, CEO Jack L. Kopnisky sold 54,100 shares of Sterling Bancorp stock in a transaction on Monday, October 30th. The stock was sold at an average price of $24.71, for a total transaction of $1,336,811.00. Following the completion of the transaction, the chief executive officer now owns 231,765 shares of the company’s stock, valued at approximately $5,726,913.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas G. Kahn sold 30,000 shares of Sterling Bancorp stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $23.69, for a total value of $710,700.00. Following the transaction, the director now directly owns 44,774 shares of the company’s stock, valued at approximately $1,060,696.06. The disclosure for this sale can be found here. Insiders have sold a total of 489,135 shares of company stock valued at $12,259,133 in the last ninety days. Corporate insiders own 3.74% of the company’s stock.
A number of research firms recently weighed in on STL. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research report on Saturday, July 29th. BidaskClub lowered shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Maxim Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, July 26th. Royal Bank Of Canada reduced their target price on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a report on Tuesday, October 3rd. Finally, Keefe, Bruyette & Woods reissued a “buy” rating on shares of Sterling Bancorp in a report on Thursday, September 7th. One 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 assigned a strong buy rating to the stock. Sterling Bancorp currently has a consensus rating of “Buy” and an average target price of $27.69.
Shares of Sterling Bancorp (NYSE:STL) opened at $23.90 on Friday. Sterling Bancorp has a fifty-two week low of $21.00 and a fifty-two week high of $25.85. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market capitalization of $5,360.00, a price-to-earnings ratio of 18.60 and a beta of 1.05.
Sterling Bancorp (NYSE:STL) last released its earnings results 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 business had revenue of $134.06 million during the quarter, compared to analyst estimates of $135.09 million. During the same period last year, the business posted $0.29 EPS. Sterling Bancorp’s 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 year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Stockholders of record on Monday, November 6th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend is Friday, November 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is presently 22.58%.
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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