Retirement Systems of Alabama increased its holdings in shares of Sterling Bancorp (NYSE:STL) by 2.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 290,560 shares of the financial services provider’s stock after buying an additional 6,762 shares during the quarter. Retirement Systems of Alabama owned 0.13% of Sterling Bancorp worth $7,148,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. TCI Wealth Advisors Inc. grew its stake in Sterling Bancorp by 8,213.6% in the fourth quarter. TCI Wealth Advisors Inc. now owns 6,734 shares of the financial services provider’s stock valued at $166,000 after purchasing an additional 6,653 shares in the last quarter. First Bank & Trust grew its stake in Sterling Bancorp by 54.5% in the third quarter. First Bank & Trust now owns 7,657 shares of the financial services provider’s stock valued at $188,000 after purchasing an additional 2,701 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Sterling Bancorp by 82.8% in the third quarter. Envestnet Asset Management Inc. now owns 7,845 shares of the financial services provider’s stock valued at $193,000 after purchasing an additional 3,554 shares in the last quarter. Cigna Investments Inc. New purchased a new position in Sterling Bancorp in the fourth quarter valued at about $201,000. Finally, Connable Office Inc. purchased a new position in Sterling Bancorp in the fourth quarter valued at about $202,000. Hedge funds and other institutional investors own 75.71% of the company’s stock.
A number of research analysts have commented on STL shares. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $29.00 target price on the stock in a research note on Tuesday, January 2nd. JMP Securities started coverage on Sterling Bancorp in a research note on Monday, November 20th. They issued a “market perform” rating and a $25.85 target price on the stock. Maxim Group restated a “buy” rating and issued a $30.00 target price on shares of Sterling Bancorp in a research note on Wednesday, October 25th. Finally, Jefferies Group restated a “buy” rating and issued a $30.00 target price on shares of Sterling Bancorp in a research note on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Sterling Bancorp currently has an average rating of “Buy” and a consensus target price of $28.36.
In other news, Director James F. Deutsch sold 100,000 shares of the company’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $25.31, for a total transaction of $2,531,000.00. Following the completion of the sale, the director now owns 500 shares in the company, valued at approximately $12,655. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Monte N. Redman sold 165,000 shares of the company’s stock in a transaction dated Friday, November 24th. The stock was sold at an average price of $23.93, for a total value of $3,948,450.00. Following the sale, the director now owns 428,077 shares of the company’s stock, valued at approximately $10,243,882.61. The disclosure for this sale can be found here. Corporate insiders own 3.74% of the company’s stock.
Shares of Sterling Bancorp (STL) opened at $24.25 on Tuesday. The stock has a market capitalization of $5,450.98, a PE ratio of 31.49 and a beta of 1.06. Sterling Bancorp has a 52 week low of $21.00 and a 52 week high of $26.50. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.00 and a current ratio of 1.00.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $265.00 million during the quarter, compared to the consensus estimate of $267.08 million. Sterling Bancorp had a return on equity of 8.93% and a net margin of 12.46%. The company’s revenue for the quarter was up 115.3% on a year-over-year basis. research analysts expect that Sterling Bancorp will post 1.88 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 20th. Stockholders of record on Monday, February 5th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, February 2nd. This represents a $0.28 annualized dividend and a dividend yield of 1.15%. Sterling Bancorp’s dividend payout ratio (DPR) is presently 36.36%.
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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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