Gabelli Funds LLC Has $24.92 Million Stake in Sterling Bancorp (STL)

Gabelli Funds LLC increased its stake in shares of Sterling Bancorp (NYSE:STL) by 37.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,012,887 shares of the financial services provider’s stock after purchasing an additional 276,975 shares during the quarter. Gabelli Funds LLC’s holdings in Sterling Bancorp were worth $24,917,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in STL. TCI Wealth Advisors Inc. boosted its holdings in Sterling Bancorp by 8,213.6% during the 4th quarter. TCI Wealth Advisors Inc. now owns 6,734 shares of the financial services provider’s stock valued at $166,000 after acquiring an additional 6,653 shares during the period. First Bank & Trust boosted its holdings 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 period. Envestnet Asset Management Inc. boosted its holdings in Sterling Bancorp by 82.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 7,845 shares of the financial services provider’s stock valued at $193,000 after acquiring an additional 3,554 shares during the period. Cigna Investments Inc. New purchased a new position in Sterling Bancorp during the 4th quarter valued at $201,000. Finally, Virginia Retirement Systems ET AL purchased a new position in Sterling Bancorp during the 3rd quarter valued at $205,000. 91.70% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Sterling Bancorp (STL) opened at $23.60 on Wednesday. Sterling Bancorp has a 1-year low of $21.00 and a 1-year high of $26.50. The firm has a market capitalization of $5,293.63, a price-to-earnings ratio of 17.07 and a beta of 1.06. The company has a debt-to-equity ratio of 1.25, a current ratio of 1.00 and a quick ratio of 1.00.

Sterling Bancorp (NYSE:STL) last issued its earnings results on Tuesday, January 23rd. The financial services provider reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.01. Sterling Bancorp had a return on equity of 8.93% and a net margin of 12.46%. The business had revenue of $265.00 million during the quarter, compared to analysts’ expectations of $267.08 million. The firm’s quarterly revenue was up 115.3% compared to the same quarter last year. sell-side analysts predict that Sterling Bancorp will post 1.91 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 20th. Shareholders of record on Monday, February 5th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.19%. The ex-dividend date is Friday, February 2nd. Sterling Bancorp’s dividend payout ratio is 36.36%.

A number of equities analysts recently issued reports on STL shares. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 price objective for the company in a report on Wednesday, October 11th. Keefe, Bruyette & Woods restated a “buy” rating and set a $29.00 price objective on shares of Sterling Bancorp in a report on Thursday, October 12th. Maxim Group restated a “buy” rating and set a $30.00 price objective on shares of Sterling Bancorp in a report on Wednesday, October 25th. JMP Securities initiated coverage on Sterling Bancorp in a report on Monday, November 20th. They set a “market perform” rating and a $25.85 price objective for the company. Finally, Jefferies Group reiterated a “buy” rating and issued a $30.00 target price on shares of Sterling Bancorp in a report on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $28.36.

In other Sterling Bancorp news, Director Monte N. Redman sold 165,000 shares of the company’s stock in a transaction on Friday, November 24th. The stock was sold at an average price of $23.93, for a total value of $3,948,450.00. Following the completion of the sale, the director now directly owns 428,077 shares in the company, valued at approximately $10,243,882.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James F. Deutsch sold 100,000 shares of the company’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 completion of the sale, the director now owns 500 shares of the company’s stock, valued at $12,655. The disclosure for this sale can be found here. 3.74% of the stock is currently owned by corporate insiders.

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

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