Monarch Partners Asset Management LLC grew its holdings in Sterling Bancorp (NYSE:STL) by 0.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 868,405 shares of the financial services provider’s stock after purchasing an additional 2,063 shares during the period. Sterling Bancorp comprises about 2.1% of Monarch Partners Asset Management LLC’s investment portfolio, making the stock its 2nd biggest holding. Monarch Partners Asset Management LLC owned 0.64% of Sterling Bancorp worth $21,406,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. BlackRock Inc. boosted its stake in shares of Sterling Bancorp by 0.7% in the 2nd quarter. BlackRock Inc. now owns 16,098,764 shares of the financial services provider’s stock worth $374,296,000 after buying an additional 105,766 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Sterling Bancorp by 5.1% in the 1st 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 last quarter. State Street Corp boosted its stake in shares of Sterling Bancorp by 38.2% in the 2nd quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock worth $190,624,000 after buying an additional 2,267,814 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Sterling Bancorp by 16.3% in the 2nd quarter. Alliancebernstein L.P. now owns 3,312,473 shares of the financial services provider’s stock worth $77,015,000 after buying an additional 463,922 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Sterling Bancorp by 2.2% in the 3rd quarter. Victory Capital Management Inc. now owns 3,264,660 shares of the financial services provider’s stock worth $80,474,000 after buying an additional 69,900 shares during the last quarter. 91.22% of the stock is owned by institutional investors and hedge funds.
A number of research firms have recently issued reports on STL. Zacks Investment Research upgraded 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 downgraded Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Maxim Group restated a “buy” rating and issued a $30.00 price target on shares of Sterling Bancorp in a research note on Wednesday, July 26th. Royal Bank Of Canada dropped their price target on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 3rd. Finally, Keefe, Bruyette & Woods restated a “buy” rating on shares of Sterling Bancorp in a research note on Thursday, September 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $27.69.
In other news, Director James F. Deutsch sold 300,000 shares of the business’s stock in a transaction on Friday, October 27th. The shares were 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 approximately $12,655. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Burt Steinberg bought 10,000 shares of Sterling Bancorp stock in a transaction dated Friday, August 11th. The stock was purchased at an average price of $21.88 per share, for a total transaction of $218,800.00. Following the purchase, the director now directly owns 135,146 shares in the company, valued at approximately $2,956,994.48. The disclosure for this purchase can be found here. Insiders sold a total of 454,600 shares of company stock worth $11,439,366 in the last 90 days. 3.74% of the stock is owned by corporate insiders.
Sterling Bancorp (NYSE STL) traded down $0.20 during midday trading on Monday, reaching $24.45. The company had a trading volume of 278,725 shares, compared to its average volume of 1,734,129. Sterling Bancorp has a 12 month low of $17.65 and a 12 month high of $25.85. The company has a quick ratio of 1.00, a current ratio of 0.99 and a debt-to-equity ratio of 1.76. The stock has a market capitalization of $3,343.97, a P/E ratio of 19.11 and a beta of 1.05.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share 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 business had revenue of $134.06 million for the quarter, compared to analyst estimates of $135.09 million. During the same quarter in the prior year, the firm earned $0.29 EPS. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. sell-side analysts anticipate that Sterling Bancorp will post 1.38 earnings per share 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 paid a $0.07 dividend. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $0.28 annualized dividend and a dividend yield of 1.15%. Sterling Bancorp’s dividend payout ratio is presently 22.58%.
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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.
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