Sterling Bancorp (NYSE:STL) CEO Jack L. Kopnisky sold 54,100 shares of the business’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $24.71, for a total transaction of $1,336,811.00. Following the sale, the chief executive officer now directly owns 231,765 shares in the company, valued at $5,726,913.15. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Sterling Bancorp (NYSE:STL) last issued its earnings results on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing the 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 firm had revenue of $134.06 million during the quarter, compared to analysts’ expectations of $135.09 million. During the same period in the previous year, the firm earned $0.29 earnings per share. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year.
The company also recently announced 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. This represents a $0.28 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend is Friday, November 3rd. Sterling Bancorp’s payout ratio is 22.58%.
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Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp increased its stake in shares of Sterling Bancorp by 26.9% in the first quarter. State Street Corp now owns 5,931,005 shares of the financial services provider’s stock worth $140,564,000 after buying an additional 1,257,312 shares during the period. Bank of America Corp DE increased its stake in shares of Sterling Bancorp by 109.5% in the first quarter. Bank of America Corp DE now owns 600,127 shares of the financial services provider’s stock worth $14,223,000 after buying an additional 313,689 shares during the period. Vanguard Group Inc. increased its stake in shares of Sterling Bancorp by 5.1% in the first quarter. Vanguard Group Inc. now owns 11,689,095 shares of the financial services provider’s stock worth $277,031,000 after buying an additional 566,776 shares during the period. Renaissance Technologies LLC increased its stake in shares of Sterling Bancorp by 204.4% in the first quarter. Renaissance Technologies LLC now owns 750,409 shares of the financial services provider’s stock worth $17,785,000 after buying an additional 503,859 shares during the period. Finally, Legal & General Group Plc increased its stake in shares of Sterling Bancorp by 11.8% in the second quarter. Legal & General Group Plc now owns 262,495 shares of the financial services provider’s stock worth $6,105,000 after buying an additional 27,635 shares during the period. 91.18% of the stock is currently owned by institutional investors.
A number of research firms have weighed in on STL. Maxim Group reissued a “buy” rating and set a $30.00 target price on shares of Sterling Bancorp in a report on Wednesday, October 25th. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Saturday, September 16th. BidaskClub lowered shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $29.00 price objective on shares of Sterling Bancorp in a research note on Thursday, October 12th. 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 issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $27.69.
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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