Systematic Financial Management LP reduced its position in Sterling Bancorp (NYSE:STL) by 12.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 983,792 shares of the financial services provider’s stock after selling 140,508 shares during the quarter. Sterling Bancorp makes up about 0.8% of Systematic Financial Management LP’s holdings, making the stock its 22nd largest position. Systematic Financial Management LP owned about 0.47% of Sterling Bancorp worth $20,935,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in STL. Clearbridge Investments LLC boosted its holdings in shares of Sterling Bancorp by 0.9% in the first quarter. Clearbridge Investments LLC now owns 3,685,737 shares of the financial services provider’s stock worth $68,665,000 after acquiring an additional 32,744 shares during the period. Diamond Hill Capital Management Inc. boosted its holdings in shares of Sterling Bancorp by 50.0% in the first quarter. Diamond Hill Capital Management Inc. now owns 3,220,339 shares of the financial services provider’s stock worth $59,995,000 after acquiring an additional 1,073,414 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Sterling Bancorp by 5.1% in the first quarter. Janus Henderson Group PLC now owns 3,098,521 shares of the financial services provider’s stock worth $57,725,000 after acquiring an additional 149,525 shares during the period. OppenheimerFunds Inc. boosted its holdings in shares of Sterling Bancorp by 2.7% in the first quarter. OppenheimerFunds Inc. now owns 2,874,249 shares of the financial services provider’s stock worth $53,548,000 after acquiring an additional 75,086 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Sterling Bancorp by 6.2% in the fourth quarter. Geode Capital Management LLC now owns 2,189,427 shares of the financial services provider’s stock worth $36,147,000 after acquiring an additional 128,612 shares during the period. 94.03% of the stock is owned by institutional investors and hedge funds.
NYSE STL traded down $0.28 during trading hours on Wednesday, reaching $19.37. 87,243 shares of the stock traded hands, compared to its average volume of 1,573,156. The firm has a 50 day moving average price of $21.05. Sterling Bancorp has a 1 year low of $15.62 and a 1 year high of $23.40. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $4.26 billion, a P/E ratio of 9.68 and a beta of 1.34.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.51 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.01). Sterling Bancorp had a return on equity of 10.37% and a net margin of 32.55%. The company had revenue of $263.26 million during the quarter, compared to analysts’ expectations of $262.02 million. During the same quarter in the prior year, the firm posted $0.50 EPS. The firm’s quarterly revenue was down 4.9% on a year-over-year basis. On average, equities research analysts expect that Sterling Bancorp will post 2.11 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 19th. Investors of record on Monday, August 5th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $0.28 dividend on an annualized basis and a yield of 1.45%. Sterling Bancorp’s dividend payout ratio is presently 14.00%.
A number of equities analysts have recently commented on the company. B. Riley assumed coverage on Sterling Bancorp in a report on Tuesday, July 16th. They issued a “buy” rating and a $26.00 price target for the company. FIG Partners reissued an “outperform” rating on shares of Sterling Bancorp in a research note on Monday, April 29th. DA Davidson reissued a “buy” rating on shares of Sterling Bancorp in a research note on Monday, July 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $26.00 price objective (up previously from $24.00) on shares of Sterling Bancorp in a research note on Friday, July 12th. Finally, Maxim Group reissued a “buy” rating and set a $30.00 price objective (down previously from $36.00) on shares of Sterling Bancorp in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $24.75.
In related news, insider Javier L. Evan sold 1,533 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $20.60, for a total transaction of $31,579.80. Following the transaction, the insider now owns 24,168 shares in the company, valued at approximately $497,860.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.67% of the stock is owned by insiders.
Sterling Bancorp Company 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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