EJF Capital LLC Invests $44.13 Million in Sterling Bancorp (STL) Stock

EJF Capital LLC acquired a new position in shares of Sterling Bancorp (NYSE:STL) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 1,790,160 shares of the financial services provider’s stock, valued at approximately $44,127,000. Sterling Bancorp accounts for about 4.6% of EJF Capital LLC’s portfolio, making the stock its 3rd biggest position. EJF Capital LLC owned about 0.80% of Sterling Bancorp as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. State Street Corp raised its stake in shares of Sterling Bancorp by 38.2% during 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 in the last quarter. Mesirow Financial Investment Management Equity Management purchased a new position in Sterling Bancorp in the 2nd quarter valued at approximately $17,510,000. Alliancebernstein L.P. increased its stake in 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 valued at $77,015,000 after purchasing an additional 463,922 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Sterling Bancorp by 25.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,208,095 shares of the financial services provider’s stock valued at $54,429,000 after purchasing an additional 448,949 shares in the last quarter. Finally, American International Group Inc. increased its stake in Sterling Bancorp by 452.2% in the 3rd quarter. American International Group Inc. now owns 547,901 shares of the financial services provider’s stock valued at $13,506,000 after purchasing an additional 448,678 shares in the last quarter. 91.70% of the stock is owned by institutional investors.

In other news, CEO Jack L. Kopnisky sold 54,100 shares of the firm’s stock in a transaction 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 owns 231,765 shares in the company, valued at $5,726,913.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James F. Deutsch sold 100,000 shares of the firm’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $25.31, for a total value of $2,531,000.00. Following the sale, the director now owns 500 shares in the company, valued at approximately $12,655. The disclosure for this sale can be found here. Insiders have sold 754,135 shares of company stock valued at $18,738,583 in the last three months. 3.74% of the stock is currently owned by company insiders.

Sterling Bancorp (NYSE STL) traded up $0.70 during trading on Tuesday, reaching $26.00. The company’s stock had a trading volume of 3,332,600 shares, compared to its average volume of 1,625,064. 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 stock has a market capitalization of $5,685.09, a P/E ratio of 19.61 and a beta of 1.04. Sterling Bancorp has a one year low of $21.00 and a one year high of $26.48.

Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The company had revenue of $134.06 million for the quarter, compared to analysts’ expectations of $135.09 million. Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. The business’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.29 EPS. research analysts anticipate that Sterling Bancorp will post 1.39 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, November 20th. Shareholders of record on Monday, November 6th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.08%. The ex-dividend date was Friday, November 3rd. Sterling Bancorp’s payout ratio is 22.58%.

Several research firms recently weighed in on STL. 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. Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research note on Friday, September 8th. Royal Bank Of Canada dropped their price objective on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a research note on Tuesday, October 3rd. Maxim Group reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research note on Wednesday, October 25th. Finally, ValuEngine downgraded Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $27.48.

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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.

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

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