Advantus Capital Management Inc acquired a new stake in shares of Sterling Bancorp (NYSE:STL) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 20,000 shares of the financial services provider’s stock, valued at approximately $493,000. Advantus Capital Management Inc owned approximately 14,742.74% of Sterling Bancorp as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of STL. State Street Corp raised its stake in shares of Sterling Bancorp by 38.2% during the second quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock valued at $190,624,000 after purchasing an additional 2,267,814 shares in the last quarter. Mesirow Financial Investment Management Equity Management bought a new stake in shares of Sterling Bancorp during the second quarter valued at about $17,510,000. Alliancebernstein L.P. raised its stake in shares of Sterling Bancorp by 16.3% during the second quarter. Alliancebernstein L.P. now owns 3,312,473 shares of the financial services provider’s stock valued at $77,015,000 after purchasing an additional 463,922 shares in the last quarter. Picton Mahoney Asset Management raised its stake in shares of Sterling Bancorp by 126.1% during the second quarter. Picton Mahoney Asset Management now owns 763,525 shares of the financial services provider’s stock valued at $17,751,000 after purchasing an additional 425,825 shares in the last quarter. Finally, Macquarie Group Ltd. raised its stake in shares of Sterling Bancorp by 23.7% during the second quarter. Macquarie Group Ltd. now owns 2,150,997 shares of the financial services provider’s stock valued at $50,011,000 after purchasing an additional 411,462 shares in the last quarter. Institutional investors and hedge funds own 91.70% of the company’s stock.
Shares of Sterling Bancorp (NYSE STL) opened at $23.55 on Monday. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.99 and a quick ratio of 0.99. Sterling Bancorp has a 1 year low of $19.86 and a 1 year high of $25.85. The company has a market cap of $5,291.85, a PE ratio of 18.26 and a beta of 1.05.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. The business had revenue of $134.06 million during the quarter, compared to the consensus estimate of $135.09 million. During the same quarter last year, the firm posted $0.29 earnings per share. Sterling Bancorp’s revenue was up 9.7% compared to the same quarter last year. equities analysts anticipate that Sterling Bancorp will post 1.38 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Shareholders of record on Monday, November 6th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.19%. The ex-dividend date is Friday, November 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is presently 22.58%.
In other Sterling Bancorp news, CEO Jack L. Kopnisky sold 54,100 shares of the business’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $24.71, for a total value of $1,336,811.00. Following the sale, the chief executive officer now directly owns 231,765 shares in the company, valued at $5,726,913.15. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas G. Kahn sold 30,000 shares of the business’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $23.69, for a total transaction of $710,700.00. Following the completion of the sale, the director now owns 44,774 shares in the company, valued at $1,060,696.06. The disclosure for this sale can be found here. Over the last quarter, insiders sold 489,135 shares of company stock worth $12,259,133. 3.74% of the stock is owned by company insiders.
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A number of equities research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Saturday, September 16th. BidaskClub cut shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Keefe, Bruyette & Woods restated a “buy” rating and set a $29.00 price objective on shares of Sterling Bancorp in a research note on Thursday, October 12th. Maxim Group restated a “buy” rating and set a $30.00 price objective on shares of Sterling Bancorp in a research note on Wednesday, July 26th. Finally, Royal Bank Of Canada cut 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. One research analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Sterling Bancorp currently has a consensus rating of “Buy” and a consensus target price of $27.69.
About Sterling Bancorp
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.
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