Hermes Investment Management Ltd. Increases Stake in Sterling Bancorp (STL)

Hermes Investment Management Ltd. boosted its position in shares of Sterling Bancorp (NYSE:STL) by 11.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,139,112 shares of the financial services provider’s stock after buying an additional 113,445 shares during the period. Hermes Investment Management Ltd. owned about 0.84% of Sterling Bancorp worth $26,484,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in STL. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Sterling Bancorp by 51.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock worth $121,000 after buying an additional 1,735 shares in the last quarter. LS Investment Advisors LLC boosted its stake in shares of Sterling Bancorp by 33.5% in the first quarter. LS Investment Advisors LLC now owns 6,653 shares of the financial services provider’s stock worth $158,000 after buying an additional 1,670 shares in the last quarter. World Asset Management Inc purchased a new stake in shares of Sterling Bancorp during the first quarter worth about $203,000. Tocqueville Asset Management L.P. purchased a new stake in shares of Sterling Bancorp during the first quarter worth about $214,000. Finally, Everence Capital Management Inc. purchased a new stake in shares of Sterling Bancorp during the first quarter worth about $222,000. Institutional investors and hedge funds own 87.50% of the company’s stock.

Shares of Sterling Bancorp (NYSE STL) opened at 22.00 on Friday. The stock’s 50 day moving average price is $22.96 and its 200 day moving average price is $23.37. Sterling Bancorp has a 12 month low of $16.75 and a 12 month high of $25.85. The company has a market capitalization of $2.98 billion, a PE ratio of 18.35 and a beta of 1.07.

Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. The firm had revenue of $126.88 million for the quarter, compared to the consensus estimate of $133.85 million. On average, analysts forecast that Sterling Bancorp will post $0.69 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 7th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.27%. The ex-dividend date is Thursday, August 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is currently 23.33%.

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A number of brokerages recently issued reports on STL. Zacks Investment Research cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, June 17th. BidaskClub upgraded Sterling Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. FBR & Co set a $25.00 price objective on Sterling Bancorp and gave the company a “hold” rating in a research note on Thursday, May 4th. Maxim Group restated a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research note on Wednesday, July 26th. Finally, ValuEngine upgraded Sterling Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, May 20th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $27.07.

In other news, General Counsel James P. Blose sold 3,000 shares of the firm’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $24.00, for a total value of $72,000.00. Following the transaction, the general counsel now owns 18,433 shares of the company’s stock, valued at $442,392. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Craig S. Thompson sold 3,500 shares of Sterling Bancorp stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $22.75, for a total value of $79,625.00. Following the sale, the director now directly owns 225,395 shares in the company, valued at approximately $5,127,736.25. The disclosure for this sale can be found here. Insiders sold 10,500 shares of company stock worth $241,925 in the last ninety days. Corporate insiders own 3.74% of the company’s stock.

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.

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

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