Bank of New York Mellon Corp boosted its stake in Sterling Bancorp (NYSE:STL) by 25.5% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,208,095 shares of the financial services provider’s stock after acquiring an additional 448,949 shares during the quarter. Bank of New York Mellon Corp owned 1.63% of Sterling Bancorp worth $54,429,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Alps Advisors Inc. boosted its position in shares of Sterling Bancorp by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 19,465 shares of the financial services provider’s stock valued at $453,000 after acquiring an additional 50 shares during the last quarter. Suntrust Banks Inc. raised its holdings in Sterling Bancorp by 0.3% in the 2nd quarter. Suntrust Banks Inc. now owns 27,294 shares of the financial services provider’s stock valued at $634,000 after buying an additional 86 shares during the period. Teacher Retirement System of Texas raised its holdings in Sterling Bancorp by 2.0% in the 2nd quarter. Teacher Retirement System of Texas now owns 10,330 shares of the financial services provider’s stock valued at $240,000 after buying an additional 200 shares during the period. World Asset Management Inc raised its holdings in Sterling Bancorp by 3.0% in the 2nd quarter. World Asset Management Inc now owns 8,842 shares of the financial services provider’s stock valued at $206,000 after buying an additional 261 shares during the period. Finally, Aperio Group LLC increased its stake in Sterling Bancorp by 1.6% during the second 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. 91.70% of the stock is currently owned by institutional investors.
Sterling Bancorp (NYSE STL) traded down $0.30 during mid-day trading on Tuesday, hitting $24.95. The stock had a trading volume of 1,533,900 shares, compared to its average volume of 1,634,209. Sterling Bancorp has a 1-year low of $21.00 and a 1-year high of $26.50. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $5,673.85, a P/E ratio of 19.57 and a beta of 1.04.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing the Thomson Reuters’ 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 company had revenue of $134.06 million for the quarter, compared to analysts’ expectations of $135.09 million. During the same quarter last year, the company earned $0.29 EPS. Sterling Bancorp’s revenue for the quarter was up 9.7% compared to the same quarter last year. equities research analysts expect that Sterling Bancorp will post 1.39 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 20th. Shareholders of record on Monday, November 6th were given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.12%. The ex-dividend date of this dividend was Friday, November 3rd. Sterling Bancorp’s payout ratio is 22.58%.
In related news, Director James F. Deutsch sold 300,000 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $25.31, for a total transaction of $7,593,000.00. Following the sale, the director now owns 500 shares of the company’s stock, valued at $12,655. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael E. Finn sold 4,535 shares of the stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $24.05, for a total value of $109,066.75. Following the sale, the executive vice president now directly owns 35,288 shares in the company, valued at approximately $848,676.40. The disclosure for this sale can be found here. Insiders sold 754,135 shares of company stock valued at $18,738,583 in the last quarter. 3.74% of the stock is currently owned by company insiders.
A number of analysts have issued reports on STL shares. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $29.00 price target on shares of Sterling Bancorp in a research note on Thursday, October 12th. Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Tuesday, August 29th. Maxim Group reissued a “buy” rating and set a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, October 25th. Finally, ValuEngine downgraded Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $27.48.
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Sterling Bancorp Company 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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