Northwestern Mutual Investment Management Company LLC Boosts Holdings in Sterling Bancorp (STL)

Northwestern Mutual Investment Management Company LLC boosted its holdings in shares of Sterling Bancorp (NYSE:STL) by 56.2% during the first quarter, Holdings Channel reports. The fund owned 45,979 shares of the financial services provider’s stock after purchasing an additional 16,550 shares during the quarter. Northwestern Mutual Investment Management Company LLC’s holdings in Sterling Bancorp were worth $1,037,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of STL. Highlander Capital Management LLC grew its holdings in Sterling Bancorp by 700.0% during the 4th quarter. Highlander Capital Management LLC now owns 8,000 shares of the financial services provider’s stock worth $197,000 after acquiring an additional 7,000 shares during the last quarter. GWM Advisors LLC bought a new stake in Sterling Bancorp during the 1st quarter worth approximately $202,000. Gotham Asset Management LLC bought a new stake in Sterling Bancorp during the 4th quarter worth approximately $208,000. Canandaigua National Bank & Trust Co. bought a new stake in Sterling Bancorp during the 1st quarter worth approximately $211,000. Finally, GSA Capital Partners LLP bought a new stake in Sterling Bancorp during the 1st quarter worth approximately $225,000. 91.16% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:STL opened at $24.50 on Thursday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.99 and a current ratio of 0.99. Sterling Bancorp has a 52 week low of $23.98 and a 52 week high of $25.65. The firm has a market capitalization of $5.52 billion, a PE ratio of 16.12 and a beta of 1.12.

Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, April 24th. The financial services provider reported $0.45 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.45. Sterling Bancorp had a net margin of 16.84% and a return on equity of 9.24%. The company had revenue of $262.57 million for the quarter, compared to analyst estimates of $259.67 million. During the same period in the prior year, the firm posted $0.31 EPS. The company’s quarterly revenue was up 108.8% on a year-over-year basis. equities research analysts forecast that Sterling Bancorp will post 1.97 earnings per share for the current year.

In other news, insider Thomas X. Geisel sold 4,446 shares of the company’s stock in a transaction on Thursday, June 7th. The shares were sold at an average price of $25.45, for a total value of $113,150.70. Following the sale, the insider now directly owns 12,819 shares of the company’s stock, valued at approximately $326,243.55. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director James F. Deutsch sold 123,980 shares of the company’s stock in a transaction on Wednesday, June 6th. The shares were sold at an average price of $25.02, for a total transaction of $3,101,979.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 243,165 shares of company stock worth $6,086,560. Insiders own 2.09% of the company’s stock.

STL has been the topic of a number of research reports. Zacks Investment Research lowered shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, April 28th. Citigroup initiated coverage on shares of Sterling Bancorp in a report on Monday. They set a “neutral” rating and a $27.00 target price on the stock. Maxim Group boosted their target price on shares of Sterling Bancorp from $32.00 to $36.00 and gave the stock a “positive” rating in a report on Tuesday, May 1st. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $34.00 target price on shares of Sterling Bancorp in a report on Thursday, April 5th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $29.69.

Sterling Bancorp Company Profile

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, money market, savings, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.

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

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