Highbridge Capital Management LLC cut its position in shares of Sterling Bancorp (NYSE:STL) by 74.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,194 shares of the financial services provider’s stock after selling 57,295 shares during the period. Highbridge Capital Management LLC’s holdings in Sterling Bancorp were worth $455,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of STL. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in 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 worth $121,000 after buying an additional 1,735 shares during the period. LS Investment Advisors LLC increased its stake in 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 worth $158,000 after buying an additional 1,670 shares during the period. World Asset Management Inc acquired a new stake in Sterling Bancorp during the first quarter worth about $203,000. Tocqueville Asset Management L.P. acquired a new stake in Sterling Bancorp during the first quarter worth about $214,000. Finally, Everence Capital Management Inc. acquired a new stake in Sterling Bancorp during the first quarter worth about $222,000. Institutional investors own 86.23% of the company’s stock.
Sterling Bancorp (STL) opened at 22.45 on Monday. The company has a market capitalization of $3.04 billion, a PE ratio of 19.07 and a beta of 1.08. The firm’s 50-day moving average is $23.08 and its 200-day moving average is $23.45. Sterling Bancorp has a 52-week low of $16.46 and a 52-week high of $25.85.
Sterling Bancorp (NYSE:STL) last announced its earnings results on Tuesday, April 25th. The financial services provider reported $0.31 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.31. Sterling Bancorp had a return on equity of 8.36% and a net margin of 28.23%. The firm had revenue of $121.63 million during the quarter, compared to analyst estimates of $127.81 million. On average, equities research analysts forecast that Sterling Bancorp will post $0.69 EPS for the current year.
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STL has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, June 17th. BidaskClub upgraded shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. FBR & Co set a $25.00 target price on shares of Sterling Bancorp and gave the stock a “hold” rating in a report on Thursday, May 4th. ValuEngine upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, May 20th. Finally, Jefferies Group LLC restated a “buy” rating and set a $28.00 target price on shares of Sterling Bancorp in a report on Friday, May 19th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $27.21.
In other news, Director Craig S. Thompson sold 3,500 shares of the stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $22.75, for a total transaction of $79,625.00. Following the completion of the transaction, the director now owns 225,395 shares in the company, valued at approximately $5,127,736.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James F. Deutsch sold 200,000 shares of the stock in a transaction on 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 transaction, the director now owns 500 shares of the company’s stock, valued at approximately $11,525. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 211,500 shares of company stock valued at $4,875,795. 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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