Mesirow Financial Investment Management Equity Management boosted its position in shares of Sterling Bancorp (NYSE:STL) by 20.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 904,045 shares of the financial services provider’s stock after purchasing an additional 150,940 shares during the period. Sterling Bancorp makes up 1.5% of Mesirow Financial Investment Management Equity Management’s portfolio, making the stock its 10th biggest position. Mesirow Financial Investment Management Equity Management owned 0.67% of Sterling Bancorp worth $22,284,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its holdings in Sterling Bancorp by 2.2% during the 3rd quarter. Victory Capital Management Inc. now owns 3,264,660 shares of the financial services provider’s stock valued at $80,474,000 after purchasing an additional 69,900 shares in the last quarter. Crossmark Global Holdings Inc. bought a new position in Sterling Bancorp during the 3rd quarter valued at $617,000. Peregrine Capital Management LLC boosted its stake in Sterling Bancorp by 2.1% during the 3rd quarter. Peregrine Capital Management LLC now owns 429,716 shares of the financial services provider’s stock valued at $10,592,000 after acquiring an additional 8,749 shares during the last quarter. First Bank & Trust boosted its stake in Sterling Bancorp by 54.5% during the 3rd quarter. First Bank & Trust now owns 7,657 shares of the financial services provider’s stock valued at $188,000 after acquiring an additional 2,701 shares during the last quarter. Finally, Mizuho Securities USA LLC bought a new position in Sterling Bancorp during the 3rd quarter valued at $1,154,000. 91.18% of the stock is owned by institutional investors and hedge funds.
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In other Sterling Bancorp news, CEO Jack L. Kopnisky sold 54,100 shares of the business’s stock in a transaction on 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 owns 231,765 shares of the company’s stock, valued at approximately $5,726,913.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Burt Steinberg purchased 10,000 shares of the stock in a transaction on Friday, August 11th. The stock was acquired at an average cost of $21.88 per share, for a total transaction of $218,800.00. Following the acquisition, the director now directly owns 135,146 shares in the company, valued at $2,956,994.48. The disclosure for this purchase can be found here. Insiders have sold 354,600 shares of company stock worth $8,941,366 in the last ninety days. 3.74% of the stock is currently owned by insiders.
Sterling Bancorp (STL) traded down 1.697% on Wednesday, reaching $24.625. 705,013 shares of the company’s stock were exchanged. The stock has a market capitalization of $3.34 billion, a PE ratio of 20.538 and a beta of 1.07. Sterling Bancorp has a 12 month low of $17.40 and a 12 month high of $25.85. The firm has a 50 day moving average of $24.22 and a 200 day moving average of $23.13.
Sterling Bancorp (NYSE:STL) last announced its earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ 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 the consensus estimate of $135.09 million. During the same period last year, the firm posted $0.29 EPS. The company’s revenue was up 9.7% compared to the same quarter last year. Equities analysts predict that Sterling Bancorp will post $0.69 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Monday, November 6th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date is Friday, November 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is currently 22.58%.
A number of research analysts have commented on STL shares. Zacks Investment Research downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 14th. ValuEngine downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Sterling Bancorp in a research note on Thursday, September 7th. Finally, Royal Bank Of Canada reduced 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 investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $27.69.
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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