Crossmark Global Holdings Inc. purchased a new position in Sterling Bancorp (NYSE:STL) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 25,039 shares of the financial services provider’s stock, valued at approximately $617,000.
A number of other institutional investors also recently made changes to their positions in STL. AQR Capital Management LLC increased its stake in Sterling Bancorp by 24.6% in the 1st quarter. AQR Capital Management LLC now owns 70,264 shares of the financial services provider’s stock worth $1,666,000 after purchasing an additional 13,878 shares during the period. State of Alaska Department of Revenue increased its stake in Sterling Bancorp by 78.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 26,763 shares of the financial services provider’s stock worth $622,000 after purchasing an additional 11,733 shares during the period. Aperio Group LLC increased its stake in Sterling Bancorp by 1.6% in the 2nd quarter. Aperio Group LLC now owns 22,564 shares of the financial services provider’s stock worth $525,000 after purchasing an additional 347 shares during the period. Peregrine Capital Management LLC increased its stake in Sterling Bancorp by 2.0% in the 2nd quarter. Peregrine Capital Management LLC now owns 420,967 shares of the financial services provider’s stock worth $9,787,000 after purchasing an additional 8,427 shares during the period. Finally, Hermes Investment Management Ltd. increased its stake in Sterling Bancorp by 11.1% in the 2nd quarter. Hermes Investment Management Ltd. now owns 1,139,112 shares of the financial services provider’s stock worth $26,484,000 after purchasing an additional 113,445 shares during the period. 91.70% of the stock is currently owned by institutional investors and hedge funds.
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Sterling Bancorp (NYSE:STL) opened at $23.85 on Friday. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.99 and a current ratio of 0.99. Sterling Bancorp has a 12 month low of $21.00 and a 12 month high of $25.85. The stock has a market capitalization of $5,359.26, a P/E ratio of 18.49 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 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.01). The firm had revenue of $134.06 million during the quarter, compared to analysts’ expectations of $135.09 million. Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. Sterling Bancorp’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.29 earnings per share. sell-side analysts anticipate that Sterling Bancorp will post 1.38 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Monday, November 6th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $0.28 annualized dividend and a yield of 1.17%. Sterling Bancorp’s payout ratio is 22.58%.
STL has been the topic of a number of analyst reports. Zacks Investment Research cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 14th. ValuEngine cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Keefe, Bruyette & Woods reissued a “buy” rating on shares of Sterling Bancorp in a research note on Thursday, September 7th. Royal Bank Of Canada reduced their target price on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 3rd. Finally, Maxim Group reissued a “buy” rating and set a $30.00 target price on shares of Sterling Bancorp in a research note on Wednesday, October 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $27.69.
In related news, Director James F. Deutsch sold 100,000 shares of the company’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $24.98, for a total value of $2,498,000.00. Following the sale, the director now directly owns 500 shares of the company’s stock, valued at $12,490. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jack L. Kopnisky sold 54,100 shares of the company’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $24.71, for a total value of $1,336,811.00. Following the completion of the sale, the chief executive officer now directly owns 231,765 shares in the company, valued at $5,726,913.15. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 489,135 shares of company stock worth $12,259,133. 3.74% of the stock is owned by insiders.
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.
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