River Oaks Capital LLC increased its stake in shares of Sterling Bancorp (NASDAQ:SBT) by 7.9% in the third quarter, HoldingsChannel.com reports. The firm owned 163,257 shares of the company’s stock after buying an additional 11,957 shares during the quarter. Sterling Bancorp accounts for approximately 1.6% of River Oaks Capital LLC’s holdings, making the stock its 28th biggest holding. River Oaks Capital LLC’s holdings in Sterling Bancorp were worth $1,846,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in SBT. BlackRock Inc. lifted its holdings in Sterling Bancorp by 22.4% during the third quarter. BlackRock Inc. now owns 1,078,931 shares of the company’s stock worth $12,202,000 after acquiring an additional 197,507 shares in the last quarter. Maltese Capital Management LLC lifted its holdings in Sterling Bancorp by 15.2% during the second quarter. Maltese Capital Management LLC now owns 872,500 shares of the company’s stock worth $11,657,000 after acquiring an additional 115,255 shares in the last quarter. Millennium Management LLC lifted its holdings in Sterling Bancorp by 9.8% during the second quarter. Millennium Management LLC now owns 495,151 shares of the company’s stock worth $6,615,000 after acquiring an additional 44,289 shares in the last quarter. Northern Trust Corp lifted its holdings in Sterling Bancorp by 13.9% during the second quarter. Northern Trust Corp now owns 209,849 shares of the company’s stock worth $2,803,000 after acquiring an additional 25,575 shares in the last quarter. Finally, First Trust Advisors LP bought a new position in Sterling Bancorp during the second quarter worth about $1,001,000. 31.16% of the stock is owned by institutional investors and hedge funds.
Separately, Sandler O’Neill set a $13.00 target price on Sterling Bancorp and gave the stock a “buy” rating in a report on Tuesday, October 30th.
In other news, Director Seth S. Meltzer purchased 7,000 shares of the business’s stock in a transaction dated Thursday, October 25th. The shares were bought at an average cost of $9.82 per share, for a total transaction of $68,740.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.00% of the company’s stock.
SBT stock opened at $8.89 on Monday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.16 and a current ratio of 1.21. The stock has a market cap of $469.16 million and a price-to-earnings ratio of 8.05. Sterling Bancorp has a 1-year low of $8.62 and a 1-year high of $14.98.
Sterling Bancorp (NASDAQ:SBT) last issued its quarterly earnings results on Monday, October 29th. The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.01. The company had revenue of $35.03 million for the quarter. Sterling Bancorp had a return on equity of 19.34% and a net margin of 31.33%.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Sunday, November 25th will be issued a $0.01 dividend. The ex-dividend date is Wednesday, November 21st. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.45%.
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About Sterling Bancorp
Sterling Bancorp, Inc is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City, and a loan production office in Seattle, Washington. Sterling offers a broad range of loan products to the residential and commercial markets, as well as retail and business banking services.
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