Castine Capital Management LLC cut its position in Sterling Bancorp (NYSE:STL) by 36.2% during the first quarter, Holdings Channel reports. The firm owned 795,203 shares of the financial services provider’s stock after selling 450,797 shares during the quarter. Sterling Bancorp accounts for 4.6% of Castine Capital Management LLC’s holdings, making the stock its 4th biggest position. Castine Capital Management LLC’s holdings in Sterling Bancorp were worth $14,814,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Rockefeller Capital Management L.P. increased its position in shares of Sterling Bancorp by 325.6% in the 1st quarter. Rockefeller Capital Management L.P. now owns 1,809 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,384 shares during the last quarter. Shine Investment Advisory Services Inc. increased its position in shares of Sterling Bancorp by 137.2% in the 1st quarter. Shine Investment Advisory Services Inc. now owns 1,988 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 1,150 shares during the last quarter. JOYN Advisors Inc. increased its position in shares of Sterling Bancorp by 559.8% in the 4th quarter. JOYN Advisors Inc. now owns 2,547 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 2,161 shares during the last quarter. Bremer Bank National Association purchased a new position in shares of Sterling Bancorp in the 1st quarter valued at $46,000. Finally, Bremer Trust National Association purchased a new position in shares of Sterling Bancorp in the 4th quarter valued at $62,000. 94.26% of the stock is currently owned by institutional investors.
In other Sterling Bancorp news, insider Brian T. Edwards sold 9,855 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $20.19, for a total transaction of $198,972.45. Following the transaction, the insider now directly owns 98,050 shares of the company’s stock, valued at approximately $1,979,629.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Rodney Whitwell sold 54,528 shares of the firm’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $20.99, for a total transaction of $1,144,542.72. Following the transaction, the chief accounting officer now directly owns 91,252 shares in the company, valued at $1,915,379.48. The disclosure for this sale can be found here. Insiders have sold a total of 151,718 shares of company stock worth $3,211,167 over the last three months. 1.67% of the stock is currently owned by insiders.
Shares of NYSE STL traded down $0.03 during mid-day trading on Friday, reaching $20.35. The company had a trading volume of 950,965 shares, compared to its average volume of 2,126,441. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.97 and a quick ratio of 0.95. The company has a market capitalization of $4.27 billion, a price-to-earnings ratio of 10.18 and a beta of 1.33. Sterling Bancorp has a 52-week low of $15.62 and a 52-week high of $24.90.
Sterling Bancorp (NYSE:STL) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $0.50 EPS for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.01. The firm had revenue of $263.90 million for the quarter, compared to the consensus estimate of $262.59 million. Sterling Bancorp had a net margin of 33.40% and a return on equity of 10.57%. The company’s revenue was up .5% on a year-over-year basis. During the same period last year, the firm posted $0.45 EPS. As a group, sell-side analysts forecast that Sterling Bancorp will post 2.12 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 20th. Shareholders of record on Monday, May 6th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend was Friday, May 3rd. Sterling Bancorp’s payout ratio is currently 14.00%.
A number of research analysts recently commented on the stock. FIG Partners reaffirmed an “outperform” rating on shares of Sterling Bancorp in a research report on Monday, April 29th. Zacks Investment Research downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, April 5th. Finally, ValuEngine raised shares of Sterling Bancorp from a “strong sell” rating to a “sell” rating in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $25.60.
Sterling Bancorp Profile
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
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