Parallel Advisors LLC purchased a new stake in Sterling Bancorp (NYSE:STL) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,180 shares of the financial services provider’s stock, valued at approximately $114,000.
Several other hedge funds have also added to or reduced their stakes in the company. Janus Henderson Group PLC acquired a new stake in Sterling Bancorp during the second quarter worth approximately $23,115,000. Wells Fargo & Company MN boosted its position in Sterling Bancorp by 8.0% during the second quarter. Wells Fargo & Company MN now owns 3,090,337 shares of the financial services provider’s stock worth $72,622,000 after acquiring an additional 230,192 shares during the last quarter. Bank of Montreal Can boosted its position in Sterling Bancorp by 8.9% during the third quarter. Bank of Montreal Can now owns 1,029,927 shares of the financial services provider’s stock worth $22,659,000 after acquiring an additional 84,009 shares during the last quarter. Aperio Group LLC boosted its position in Sterling Bancorp by 25.5% during the second quarter. Aperio Group LLC now owns 49,149 shares of the financial services provider’s stock worth $1,155,000 after acquiring an additional 10,002 shares during the last quarter. Finally, Qube Research & Technologies Ltd acquired a new stake in Sterling Bancorp during the second quarter worth approximately $222,000. Institutional investors and hedge funds own 91.91% of the company’s stock.
A number of analysts recently issued reports on the stock. Maxim Group restated a “buy” rating and set a $36.00 target price on shares of Sterling Bancorp in a research report on Thursday, October 25th. Zacks Investment Research upgraded shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 27th. Hovde Group decreased their target price on shares of Sterling Bancorp from $30.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, October 25th. Finally, ValuEngine lowered shares of Sterling Bancorp from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Sterling Bancorp has an average rating of “Hold” and an average price target of $28.84.
In related news, Director Richard L. O’toole purchased 4,000 shares of the firm’s stock in a transaction on Monday, August 13th. The shares were bought at an average price of $21.92 per share, for a total transaction of $87,680.00. Following the acquisition, the director now directly owns 30,713 shares in the company, valued at $673,228.96. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard L. O’toole purchased 5,000 shares of the firm’s stock in a transaction on Thursday, October 25th. The stock was bought at an average price of $17.01 per share, for a total transaction of $85,050.00. Following the acquisition, the director now owns 35,713 shares in the company, valued at $607,478.13. The disclosure for this purchase can be found here. 2.09% of the stock is owned by company insiders.
Shares of NYSE STL opened at $18.32 on Wednesday. Sterling Bancorp has a 1 year low of $16.85 and a 1 year high of $25.65. The company has a market cap of $4.11 billion, a P/E ratio of 13.09 and a beta of 1.12. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.14.
Sterling Bancorp (NYSE:STL) last announced its earnings results on Tuesday, October 23rd. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.51. The firm had revenue of $272.20 million for the quarter, compared to analyst estimates of $278.79 million. Sterling Bancorp had a net margin of 23.31% and a return on equity of 9.96%. Sterling Bancorp’s revenue was up 96.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.35 earnings per share. Sell-side analysts anticipate that Sterling Bancorp will post 1.97 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 19th. Shareholders of record on Monday, November 5th will be issued a $0.07 dividend. The ex-dividend date is Friday, November 2nd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.53%. Sterling Bancorp’s dividend payout ratio (DPR) is presently 20.00%.
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About Sterling Bancorp
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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