American International Group Inc. increased its position in Sterling Bancorp (NYSE:STL) by 452.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 547,901 shares of the financial services provider’s stock after acquiring an additional 448,678 shares during the period. American International Group Inc. owned about 0.40% of Sterling Bancorp worth $13,506,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in STL. Alps Advisors Inc. grew its position in Sterling Bancorp by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 19,465 shares of the financial services provider’s stock worth $453,000 after purchasing an additional 50 shares during the period. Suntrust Banks Inc. grew its position in Sterling Bancorp by 0.3% in the 2nd quarter. Suntrust Banks Inc. now owns 27,294 shares of the financial services provider’s stock worth $634,000 after purchasing an additional 86 shares during the period. Teacher Retirement System of Texas grew its position in Sterling Bancorp by 2.0% in the 2nd quarter. Teacher Retirement System of Texas now owns 10,330 shares of the financial services provider’s stock worth $240,000 after purchasing an additional 200 shares during the period. World Asset Management Inc grew its position in shares of 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 acquiring an additional 261 shares during the period. Finally, Aperio Group LLC grew its position in shares of Sterling Bancorp by 1.6% during the 2nd quarter. Aperio Group LLC now owns 22,564 shares of the financial services provider’s stock valued at $525,000 after acquiring an additional 347 shares during the period. Institutional investors own 91.70% of the company’s stock.
Shares of Sterling Bancorp (STL) traded up $0.70 during mid-day trading on Tuesday, reaching $26.00. 3,332,600 shares of the company’s stock traded hands, compared to its average volume of 1,625,064. The stock has a market cap of $5,685.09, a PE ratio of 19.61 and a beta of 1.04. Sterling Bancorp has a 1-year low of $21.00 and a 1-year high of $26.48. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.99 and a current ratio of 0.99.
Sterling Bancorp (NYSE:STL) last announced its quarterly 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 company had revenue of $134.06 million during the quarter, compared to analysts’ expectations of $135.09 million. Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.29 EPS. research analysts forecast that Sterling Bancorp will post 1.39 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, November 20th. Stockholders of record on Monday, November 6th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend was Friday, November 3rd. Sterling Bancorp’s dividend payout ratio is 22.58%.
In other Sterling Bancorp news, Director James F. Deutsch sold 300,000 shares of the company’s 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 transaction, the director now directly owns 500 shares in the company, valued at approximately $12,655. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jack L. Kopnisky sold 54,100 shares of the company’s stock in a transaction dated 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 in the company, valued at $5,726,913.15. The disclosure for this sale can be found here. Insiders have sold a total of 754,135 shares of company stock worth $18,738,583 over the last 90 days. Corporate insiders own 3.74% of the company’s stock.
A number of brokerages have recently issued reports on STL. Maxim Group reissued a “buy” rating and set a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, October 25th. Zacks Investment Research downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Royal Bank Of Canada cut their price objective on shares of Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a research report on Tuesday, October 3rd. Keefe, Bruyette & Woods reaffirmed a “buy” rating on shares of Sterling Bancorp in a report on Thursday, September 7th. Finally, ValuEngine downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $27.48.
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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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