Pacer Advisors Inc. bought a new position in shares of Sterling Bancorp (NYSE:STL) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 84,619 shares of the financial services provider’s stock, valued at approximately $1,801,000.
A number of other hedge funds have also bought and sold shares of the stock. Geode Capital Management LLC increased its stake in 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 valued at $36,147,000 after purchasing an additional 128,612 shares during the last quarter. Dupont Capital Management Corp acquired a new position in shares of Sterling Bancorp in the 1st quarter valued at $173,000. State Board of Administration of Florida Retirement System grew its position in shares of Sterling Bancorp by 0.8% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 257,762 shares of the financial services provider’s stock valued at $4,802,000 after buying an additional 2,050 shares during the last quarter. American International Group Inc. grew its position in shares of Sterling Bancorp by 6.0% in the 1st quarter. American International Group Inc. now owns 484,806 shares of the financial services provider’s stock valued at $9,032,000 after buying an additional 27,384 shares during the last quarter. Finally, 361 Capital LLC purchased a new position in shares of Sterling Bancorp in the 1st quarter valued at $2,783,000. Hedge funds and other institutional investors own 89.64% of the company’s stock.
Shares of Sterling Bancorp stock traded down $0.02 during trading on Wednesday, reaching $20.26. The company’s stock had a trading volume of 20,020 shares, compared to its average volume of 1,319,591. The company has a 50-day moving average price of $19.76 and a two-hundred day moving average price of $20.22. The firm has a market cap of $4.09 billion, a PE ratio of 10.14 and a beta of 1.37. Sterling Bancorp has a fifty-two week low of $15.62 and a fifty-two week high of $23.40. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.97.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). The business had revenue of $263.26 million during the quarter, compared to analysts’ expectations of $262.02 million. Sterling Bancorp had a net margin of 32.55% and a return on equity of 10.37%. The firm’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.50 EPS. On average, analysts predict that Sterling Bancorp will post 2.12 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were paid a $0.07 dividend. The ex-dividend date was Friday, August 2nd. This represents a $0.28 dividend on an annualized basis and a yield of 1.38%. Sterling Bancorp’s dividend payout ratio is presently 14.00%.
STL has been the subject of a number of research reports. B. Riley initiated coverage on shares of Sterling Bancorp in a research report on Tuesday, July 16th. They issued a “buy” rating and a $26.00 price target for the company. DA Davidson reaffirmed a “buy” rating on shares of Sterling Bancorp in a report on Monday, July 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $26.00 price objective (up previously from $24.00) on shares of Sterling Bancorp in a report on Friday, July 12th. Maxim Group reiterated a “buy” rating and set a $30.00 target price (down previously from $36.00) on shares of Sterling Bancorp in a research report on Friday, July 26th. Finally, Piper Jaffray Companies set a $26.00 target price on Sterling Bancorp and gave the company a “buy” rating in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. Sterling Bancorp presently has an average rating of “Buy” and an average target price of $24.75.
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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