World Asset Management Inc bought a new stake in shares of Sterling Bancorp (NYSE:STL) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 8,581 shares of the financial services provider’s stock, valued at approximately $203,000.
Several other hedge funds have also recently modified their holdings of the stock. Tyers Asset Management LLC purchased a new stake in shares of Sterling Bancorp during the fourth quarter valued at about $121,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Sterling Bancorp by 51.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock valued at $121,000 after buying an additional 1,735 shares during the last quarter. LS Investment Advisors LLC raised its stake in shares of Sterling Bancorp by 33.5% in the first quarter. LS Investment Advisors LLC now owns 6,653 shares of the financial services provider’s stock valued at $158,000 after buying an additional 1,670 shares during the last quarter. Elkfork Partners LLC purchased a new stake in shares of Sterling Bancorp during the fourth quarter valued at about $167,000. Finally, First Commonwealth Financial Corp PA purchased a new stake in shares of Sterling Bancorp during the fourth quarter valued at about $210,000. Hedge funds and other institutional investors own 86.44% of the company’s stock.
Shares of Sterling Bancorp (NYSE STL) traded down 1.05% during trading on Friday, reaching $23.45. The company’s stock had a trading volume of 5,673,419 shares. The company has a market cap of $3.18 billion, a PE ratio of 19.92 and a beta of 1.04. The company has a 50 day moving average of $22.72 and a 200 day moving average of $23.53. Sterling Bancorp has a 12-month low of $14.55 and a 12-month high of $25.85.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.31 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.31. The business had revenue of $121.63 million for the quarter, compared to analysts’ expectations of $127.81 million. Sterling Bancorp had a return on equity of 8.36% and a net margin of 28.23%. On average, analysts anticipate that Sterling Bancorp will post $0.69 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, May 22nd. Shareholders of record on Monday, May 8th were issued a dividend of $0.07 per share. The ex-dividend date was Thursday, May 4th. This represents a $0.28 dividend on an annualized basis and a yield of 1.19%. Sterling Bancorp’s dividend payout ratio is presently 23.73%.
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Several analysts have issued reports on STL shares. Keefe, Bruyette & Woods restated a “buy” rating and issued a $29.00 target price on shares of Sterling Bancorp in a research note on Monday, March 13th. Sandler O’Neill upgraded Sterling Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, March 9th. ValuEngine upgraded Sterling Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, May 20th. Jefferies Group LLC reiterated a “buy” rating and set a $28.00 price objective on shares of Sterling Bancorp in a research note on Friday, May 19th. Finally, Maxim Group boosted their price objective on Sterling Bancorp from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, March 8th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $27.36.
In other news, Director James F. Deutsch sold 200,000 shares of Sterling Bancorp stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $23.05, for a total value of $4,610,000.00. Following the sale, the director now directly owns 500 shares of the company’s stock, valued at $11,525. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel James P. Blose sold 3,000 shares of Sterling Bancorp stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $24.00, for a total value of $72,000.00. Following the completion of the sale, the general counsel now directly owns 18,433 shares in the company, valued at $442,392. The disclosure for this sale can be found here. Over the last three months, insiders have sold 209,500 shares of company stock worth $4,828,735. Insiders own 3.74% of the company’s stock.
Sterling Bancorp Company 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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