Maltese Capital Management LLC lifted its position in shares of Sterling Bancorp (NYSE:STL) by 1,757.6% during the 4th quarter, HoldingsChannel reports. The fund owned 650,156 shares of the financial services provider’s stock after purchasing an additional 615,156 shares during the period. Sterling Bancorp comprises approximately 1.2% of Maltese Capital Management LLC’s portfolio, making the stock its 21st largest holding. Maltese Capital Management LLC’s holdings in Sterling Bancorp were worth $15,994,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TCI Wealth Advisors Inc. boosted its holdings in shares of Sterling Bancorp by 8,213.6% during the 4th quarter. TCI Wealth Advisors Inc. now owns 6,734 shares of the financial services provider’s stock valued at $166,000 after acquiring an additional 6,653 shares in the last quarter. First Bank & Trust boosted its holdings in shares of Sterling Bancorp by 54.5% during the 3rd quarter. First Bank & Trust now owns 7,657 shares of the financial services provider’s stock valued at $188,000 after acquiring an additional 2,701 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Sterling Bancorp by 82.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 7,845 shares of the financial services provider’s stock valued at $193,000 after acquiring an additional 3,554 shares in the last quarter. Cigna Investments Inc. New acquired a new stake in shares of Sterling Bancorp during the 4th quarter valued at $201,000. Finally, Oakbrook Investments LLC acquired a new stake in shares of Sterling Bancorp during the 4th quarter valued at $204,000. 91.70% of the stock is currently owned by institutional investors.
In other news, Director Thomas G. Kahn sold 30,000 shares of Sterling Bancorp stock in a transaction dated 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 transaction, the director now directly owns 44,774 shares of the company’s stock, valued at approximately $1,060,696.06. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Monte N. Redman sold 165,000 shares of Sterling Bancorp stock in a transaction dated Friday, November 24th. The stock was sold at an average price of $23.93, for a total value of $3,948,450.00. Following the completion of the transaction, the director now directly owns 428,077 shares of the company’s stock, valued at $10,243,882.61. The disclosure for this sale can be found here. Over the last three months, insiders sold 295,000 shares of company stock valued at $7,190,150. Corporate insiders own 3.74% of the company’s stock.
Sterling Bancorp (NYSE STL) opened at $23.55 on Tuesday. The stock has a market capitalization of $5,619.57, a price-to-earnings ratio of 18.12 and a beta of 1.06. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.25. Sterling Bancorp has a 12-month low of $21.00 and a 12-month high of $26.50.
Sterling Bancorp (NYSE:STL) last announced its earnings results on Tuesday, January 23rd. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.01. Sterling Bancorp had a return on equity of 8.93% and a net margin of 12.46%. The business had revenue of $265.00 million during the quarter, compared to analyst estimates of $267.08 million. Sterling Bancorp’s quarterly revenue was up 115.3% on a year-over-year basis. equities research analysts anticipate that Sterling Bancorp will post 1.91 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 20th. Stockholders of record on Monday, February 5th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend is Friday, February 2nd. Sterling Bancorp’s dividend payout ratio (DPR) is presently 36.36%.
Several research analysts recently issued reports on STL shares. Jefferies Group reaffirmed a “buy” rating and set a $30.00 target price on shares of Sterling Bancorp in a research report on Thursday, January 25th. Maxim Group raised their target price on Sterling Bancorp from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $29.00 target price on shares of Sterling Bancorp in a research report on Thursday, October 12th. Zacks Investment Research lowered Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. Finally, JMP Securities started coverage on Sterling Bancorp in a research report on Monday, November 20th. They set a “market perform” rating and a $25.85 target price for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Sterling Bancorp presently has an average rating of “Buy” and a consensus price target of $28.36.
Sterling Bancorp 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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