Emerald Mutual Fund Advisers Trust lessened its holdings in shares of Sterling Bancorp (NYSE:STL) by 47.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 211,713 shares of the financial services provider’s stock after selling 188,310 shares during the period. Emerald Mutual Fund Advisers Trust owned 0.16% of Sterling Bancorp worth $5,219,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. First Bank Trust boosted its stake in Sterling Bancorp by 402.6% in the 2nd 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 in the last quarter. Riverhead Capital Management LLC boosted its stake in Sterling Bancorp by 70.6% in the 2nd 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Sterling Bancorp by 8.2% in the 2nd 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 in the last quarter. MT Bank Corp bought a new position in Sterling Bancorp in the 2nd quarter worth about $205,000. Finally, World Asset Management Inc boosted its stake 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 worth $206,000 after purchasing an additional 261 shares in the last quarter. Hedge funds and other institutional investors own 91.70% of the company’s stock.
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In other Sterling Bancorp 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 value of $7,593,000.00. Following the sale, the director now owns 500 shares in the company, valued at $12,655. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Thomas G. Kahn sold 30,000 shares of the stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $23.69, for a total value of $710,700.00. Following the completion of the sale, the director now owns 44,774 shares in the company, valued at approximately $1,060,696.06. The disclosure for this sale can be found here. Insiders have sold a total of 489,135 shares of company stock valued at $12,259,133 over the last quarter. Corporate insiders own 3.74% of the company’s stock.
A number of equities analysts recently issued reports 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 target on the stock in a research note on Saturday, July 29th. BidaskClub lowered Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Maxim Group reissued a “buy” rating and issued a $30.00 target price on shares of Sterling Bancorp in a research report on Wednesday, July 26th. Royal Bank Of Canada decreased their target price on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a research report on Tuesday, October 3rd. Finally, Keefe, Bruyette Woods reaffirmed a “buy” rating on shares of Sterling Bancorp in a research report on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $27.69.
Sterling Bancorp (NYSE STL) traded up $0.07 during mid-day trading on Friday, reaching $23.90. The company’s stock had a trading volume of 1,510,000 shares, compared to its average volume of 2,139,201. Sterling Bancorp has a 1-year low of $21.00 and a 1-year high of $25.85. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.76. The company has a market cap of $5,370.50, a P/E ratio of 18.53 and a beta of 1.05.
Sterling Bancorp (NYSE:STL) last posted its earnings results on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The firm had revenue of $134.06 million for the quarter, compared to the consensus estimate of $135.09 million. Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. The firm’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.29 earnings per share. equities analysts predict that Sterling Bancorp will post 1.39 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 20th. Stockholders of record on Monday, November 6th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.17%. Sterling Bancorp’s dividend payout ratio is currently 22.58%.
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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