American International Group Inc. increased its position in Sterling Bancorp (NYSE:STL) by 452.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 547,901 shares of the financial services provider’s stock after purchasing an additional 448,678 shares during the quarter. American International Group Inc. owned approximately 0.40% of Sterling Bancorp worth $13,506,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in STL. ING Groep NV purchased a new position in Sterling Bancorp during the third quarter valued at $678,000. Macquarie Group Ltd. raised its stake in Sterling Bancorp by 12.2% during the third quarter. Macquarie Group Ltd. now owns 2,413,557 shares of the financial services provider’s stock valued at $59,494,000 after buying an additional 262,560 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Sterling Bancorp by 25.5% during the third quarter. Bank of New York Mellon Corp now owns 2,208,095 shares of the financial services provider’s stock valued at $54,429,000 after buying an additional 448,949 shares during the last quarter. Rhumbline Advisers raised its stake in Sterling Bancorp by 49.0% during the third quarter. Rhumbline Advisers now owns 422,513 shares of the financial services provider’s stock valued at $10,415,000 after buying an additional 138,898 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its stake in Sterling Bancorp by 59.0% during the third quarter. Municipal Employees Retirement System of Michigan now owns 50,880 shares of the financial services provider’s stock valued at $1,254,000 after buying an additional 18,870 shares during the last quarter. Institutional investors own 91.70% of the company’s stock.
A number of brokerages have issued reports on STL. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research note on Saturday, July 29th. Maxim Group reiterated a “buy” rating and set a $30.00 price objective on shares of Sterling Bancorp in a research note on Wednesday, October 25th. Royal Bank Of Canada lowered their price objective on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a research note on Tuesday, October 3rd. Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Sterling Bancorp in a research note on Thursday, September 7th. Finally, ValuEngine cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $27.48.
In other Sterling Bancorp news, EVP Michael E. Finn sold 4,535 shares of Sterling Bancorp stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $24.05, for a total value of $109,066.75. Following the completion of the sale, the executive vice president now owns 35,288 shares of the company’s stock, valued at approximately $848,676.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas G. Kahn sold 30,000 shares of Sterling Bancorp stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $23.69, for a total value of $710,700.00. Following the completion of the sale, the director now directly owns 44,774 shares of the company’s stock, valued at approximately $1,060,696.06. The disclosure for this sale can be found here. In the last three months, insiders sold 489,135 shares of company stock valued at $12,259,133. Corporate insiders own 3.74% of the company’s stock.
Sterling Bancorp (NYSE:STL) traded down $0.55 during trading on Friday, hitting $23.85. The company’s stock had a trading volume of 858,103 shares, compared to its average volume of 1,832,098. The company has a market cap of $5,359.26, a price-to-earnings ratio of 18.49 and a beta of 1.05. Sterling Bancorp has a twelve month low of $21.00 and a twelve month high of $25.85. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.76.
Sterling Bancorp (NYSE:STL) last posted its earnings results on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.01). The business had revenue of $134.06 million during the quarter, compared to the consensus estimate of $135.09 million. Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.29 EPS. research analysts expect that Sterling Bancorp will post 1.39 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, November 20th. Shareholders of record on Monday, November 6th were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend was Friday, November 3rd. Sterling Bancorp’s payout ratio is 22.58%.
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About Sterling Bancorp
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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