Sterling Bancorp (NYSE:STL) Stake Lowered by Legal & General Group Plc

Legal & General Group Plc lowered its position in shares of Sterling Bancorp (NYSE:STL) by 38.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 161,622 shares of the financial services provider’s stock after selling 100,873 shares during the period. Legal & General Group Plc owned about 0.12% of Sterling Bancorp worth $3,987,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in STL. Aperio Group LLC grew its stake in Sterling Bancorp by 1.6% in the second quarter. Aperio Group LLC now owns 22,564 shares of the financial services provider’s stock valued at $525,000 after purchasing an additional 347 shares during the last quarter. Sei Investments Co. grew its stake in Sterling Bancorp by 46.5% in the second quarter. Sei Investments Co. now owns 26,691 shares of the financial services provider’s stock valued at $621,000 after purchasing an additional 8,467 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in Sterling Bancorp by 5.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 561,783 shares of the financial services provider’s stock valued at $13,062,000 after purchasing an additional 27,670 shares during the last quarter. First Trust Advisors LP grew its stake in Sterling Bancorp by 65.6% in the second quarter. First Trust Advisors LP now owns 115,470 shares of the financial services provider’s stock valued at $2,685,000 after purchasing an additional 45,730 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its stake in Sterling Bancorp by 2.0% in the second 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 during the last quarter. Hedge funds and other institutional investors own 91.70% of the company’s stock.

Several equities analysts have issued reports on STL shares. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a research note on Saturday, September 16th. Royal Bank of Canada cut their target price on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 3rd. Keefe, Bruyette & Woods restated a “buy” rating and set a $29.00 price target on shares of Sterling Bancorp in a research note on Thursday, October 12th. Maxim Group restated a “buy” rating and set a $30.00 price target on shares of Sterling Bancorp in a research note on Wednesday, October 25th. Finally, JMP Securities began coverage on Sterling Bancorp in a research note on Monday, November 20th. They set a “market perform” rating and a $25.85 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Sterling Bancorp has an average rating of “Buy” and a consensus price target of $27.86.

In other Sterling Bancorp news, Director James F. Deutsch sold 300,000 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $25.31, for a total value of $7,593,000.00. Following the completion of the transaction, the director now directly owns 500 shares of the company’s stock, valued at $12,655. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James F. Deutsch sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $25.31, for a total value of $2,531,000.00. Following the completion of the transaction, the director now directly owns 500 shares of the company’s stock, valued at $12,655. The disclosure for this sale can be found here. Insiders sold 753,635 shares of company stock valued at $18,727,028 over the last three months. 3.74% of the stock is currently owned by corporate insiders.

Sterling Bancorp (STL) traded down $0.05 during trading on Friday, hitting $25.95. The company had a trading volume of 1,249,323 shares, compared to its average volume of 2,160,000. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.99 and a quick ratio of 0.99. Sterling Bancorp has a 12-month low of $21.00 and a 12-month high of $26.50. The firm has a market capitalization of $5,830.00, a P/E ratio of 20.93 and a beta of 1.04.

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 the Zacks’ 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 firm had revenue of $134.06 million for the quarter, compared to analyst estimates of $135.09 million. During the same period last year, the firm earned $0.29 EPS. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. analysts expect that Sterling Bancorp will post 1.35 EPS for the current fiscal year.

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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.

Institutional Ownership by Quarter for Sterling Bancorp (NYSE:STL)

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