Palouse Capital Management Inc. boosted its position in shares of Sterling Bancorp (NYSE:STL) by 27.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,836 shares of the financial services provider’s stock after acquiring an additional 2,956 shares during the quarter. Palouse Capital Management Inc.’s holdings in Sterling Bancorp were worth $258,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. grew its holdings in Sterling Bancorp by 3.3% during the fourth quarter. BlackRock Inc. now owns 20,342,074 shares of the financial services provider’s stock valued at $335,847,000 after purchasing an additional 653,738 shares during the period. Vanguard Group Inc grew its holdings in Sterling Bancorp by 4.5% during the third quarter. Vanguard Group Inc now owns 19,590,740 shares of the financial services provider’s stock valued at $430,995,000 after purchasing an additional 849,267 shares during the period. Bank of America Corp DE grew its holdings in Sterling Bancorp by 8.4% during the fourth quarter. Bank of America Corp DE now owns 5,535,928 shares of the financial services provider’s stock valued at $91,399,000 after purchasing an additional 428,261 shares during the period. Victory Capital Management Inc. grew its holdings in Sterling Bancorp by 1.3% during the fourth quarter. Victory Capital Management Inc. now owns 4,529,873 shares of the financial services provider’s stock valued at $74,788,000 after purchasing an additional 56,862 shares during the period. Finally, EJF Capital LLC grew its holdings in Sterling Bancorp by 12.9% during the fourth quarter. EJF Capital LLC now owns 3,379,453 shares of the financial services provider’s stock valued at $55,795,000 after purchasing an additional 387,374 shares during the period. Institutional investors own 94.26% of the company’s stock.
Several analysts have issued reports on the company. FIG Partners reissued an “outperform” rating on shares of Sterling Bancorp in a report on Monday, April 29th. ValuEngine lowered Sterling Bancorp from a “sell” rating to a “strong sell” rating in a report on Thursday, March 7th. Finally, Zacks Investment Research lowered Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Sterling Bancorp has a consensus rating of “Hold” and an average price target of $25.60.
Shares of NYSE STL traded up $0.08 during mid-day trading on Thursday, reaching $20.46. The company’s stock had a trading volume of 15,772 shares, compared to its average volume of 2,175,374. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 10.23 and a beta of 1.33. The company has a quick ratio of 0.95, a current ratio of 0.97 and a debt-to-equity ratio of 0.87. Sterling Bancorp has a 52 week low of $15.62 and a 52 week high of $25.10.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. The firm had revenue of $263.90 million during the quarter, compared to analyst estimates of $262.59 million. Sterling Bancorp had a return on equity of 10.57% and a net margin of 33.40%. The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.45 earnings per share. Research analysts expect that Sterling Bancorp will post 2.12 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 20th. Stockholders of record on Monday, May 6th were paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date was Friday, May 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is 14.00%.
In other news, insider Brian T. Edwards sold 9,855 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $20.19, for a total value of $198,972.45. Following the completion of the transaction, the insider now owns 98,050 shares of the company’s stock, valued at $1,979,629.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Jack L. Kopnisky sold 75,000 shares of the company’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $21.44, for a total value of $1,608,000.00. Following the completion of the transaction, the chief executive officer now directly owns 545,790 shares of the company’s stock, valued at approximately $11,701,737.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 151,718 shares of company stock valued at $3,211,167. Corporate insiders own 1.67% of the company’s stock.
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Sterling Bancorp Profile
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
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