State Street Corp Has $190.62 Million Position in Sterling Bancorp (STL)

State Street Corp increased its holdings in Sterling Bancorp (NYSE:STL) by 38.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,198,819 shares of the financial services provider’s stock after purchasing an additional 2,267,814 shares during the quarter. State Street Corp owned approximately 6.04% of Sterling Bancorp worth $190,624,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. First Bank & Trust grew its stake in shares of Sterling Bancorp by 402.6% in the second quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 3,970 shares during the last quarter. Riverhead Capital Management LLC grew its stake in shares of Sterling Bancorp by 70.6% in the second quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 2,119 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Sterling Bancorp by 8.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,504 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 415 shares during the last quarter. M&T Bank Corp bought a new stake in shares of Sterling Bancorp in the second quarter worth $205,000. Finally, World Asset Management Inc grew its stake in shares of Sterling Bancorp by 3.0% in the second quarter. World Asset Management Inc now owns 8,842 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 261 shares during the last quarter. 90.57% of the stock is currently owned by institutional investors.

COPYRIGHT VIOLATION WARNING: “State Street Corp Has $190.62 Million Position in Sterling Bancorp (STL)” was posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this piece on another publication, it was copied illegally and republished in violation of United States and international copyright & trademark legislation. The legal version of this piece can be viewed at https://ledgergazette.com/2017/10/18/state-street-corp-has-190-62-million-position-in-sterling-bancorp-stl.html.

Several brokerages recently weighed in on STL. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 price objective on the stock in a research note on Wednesday, October 11th. Royal Bank Of Canada reduced their price objective on shares of Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 3rd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $29.00 price objective on shares of Sterling Bancorp in a research note on Thursday, October 12th. Maxim Group reissued a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research note on Wednesday, July 26th. Finally, BidaskClub raised shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $27.69.

In other news, Director Burt Steinberg purchased 10,000 shares of the business’s stock in a transaction on Friday, August 11th. The shares were acquired at an average price of $21.88 per share, with a total value of $218,800.00. Following the acquisition, the director now directly owns 135,146 shares in the company, valued at $2,956,994.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Richard L. O’toole purchased 4,000 shares of the business’s stock in a transaction on Thursday, July 27th. The stock was purchased at an average cost of $22.60 per share, for a total transaction of $90,400.00. Following the acquisition, the director now owns 21,291 shares in the company, valued at $481,176.60. The disclosure for this purchase can be found here. 3.74% of the stock is owned by company insiders.

Sterling Bancorp (NYSE STL) opened at 24.25 on Wednesday. Sterling Bancorp has a 12-month low of $16.75 and a 12-month high of $25.85. The company has a 50-day moving average of $23.35 and a 200 day moving average of $22.99. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of 20.23 and a beta of 1.07.

Sterling Bancorp (NYSE:STL) last

Other institutional investors have also modified their holdings of the company. First Bank & Trust grew its stake in shares of Sterling Bancorp by 402.6% in the second quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 3,970 shares during the last quarter. Riverhead Capital Management LLC grew its stake in shares of Sterling Bancorp by 70.6% in the second quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 2,119 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Sterling Bancorp by 8.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,504 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 415 shares during the last quarter. M&T Bank Corp bought a new stake in shares of Sterling Bancorp in the second quarter worth $205,000. Finally, World Asset Management Inc grew its stake in shares of Sterling Bancorp by 3.0% in the second quarter. World Asset Management Inc now owns 8,842 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 261 shares during the last quarter. 90.57% of the stock is currently owned by institutional investors.

COPYRIGHT VIOLATION WARNING: “State Street Corp Has $190.62 Million Position in Sterling Bancorp (STL)” was posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this piece on another publication, it was copied illegally and republished in violation of United States and international copyright & trademark legislation. The legal version of this piece can be viewed at https://ledgergazette.com/2017/10/18/state-street-corp-has-190-62-million-position-in-sterling-bancorp-stl.html.

Several brokerages recently weighed in on STL. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 price objective on the stock in a research note on Wednesday, October 11th. Royal Bank Of Canada reduced their price objective on shares of Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 3rd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $29.00 price objective on shares of Sterling Bancorp in a research note on Thursday, October 12th. Maxim Group reissued a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research note on Wednesday, July 26th. Finally, BidaskClub raised shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $27.69.

In other news, Director Burt Steinberg purchased 10,000 shares of the business’s stock in a transaction on Friday, August 11th. The shares were acquired at an average price of $21.88 per share, with a total value of $218,800.00. Following the acquisition, the director now directly owns 135,146 shares in the company, valued at $2,956,994.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Richard L. O’toole purchased 4,000 shares of the business’s stock in a transaction on Thursday, July 27th. The stock was purchased at an average cost of $22.60 per share, for a total transaction of $90,400.00. Following the acquisition, the director now owns 21,291 shares in the company, valued at $481,176.60. The disclosure for this purchase can be found here. 3.74% of the stock is owned by company insiders.

Sterling Bancorp (NYSE STL) opened at 24.25 on Wednesday. Sterling Bancorp has a 12-month low of $16.75 and a 12-month high of $25.85. The company has a 50-day moving average of $23.35 and a 200 day moving average of $22.99. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of 20.23 and a beta of 1.07.

Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. The business had revenue of $126.88 million for the quarter, compared to analyst estimates of $133.85 million. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. Equities analysts expect that Sterling Bancorp will post $0.69 EPS for the current fiscal year.

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.

Institutional Ownership by Quarter for Sterling Bancorp (NYSE:STL)

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