Oregon Public Employees Retirement Fund Boosts Stake in Sterling Bancorp (STL)

Oregon Public Employees Retirement Fund lifted its stake in shares of Sterling Bancorp (NYSE:STL) by 3.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 87,918 shares of the financial services provider’s stock after buying an additional 2,532 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Sterling Bancorp were worth $2,066,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of STL. BlackRock Inc. lifted its position in Sterling Bancorp by 1.7% during the first quarter. BlackRock Inc. now owns 23,906,510 shares of the financial services provider’s stock valued at $539,091,000 after purchasing an additional 390,440 shares during the period. Wells Fargo & Company MN increased its stake in shares of Sterling Bancorp by 8.0% during the second quarter. Wells Fargo & Company MN now owns 3,090,337 shares of the financial services provider’s stock worth $72,622,000 after purchasing an additional 230,192 shares in the last quarter. EJF Capital LLC increased its stake in shares of Sterling Bancorp by 16.2% during the second quarter. EJF Capital LLC now owns 2,359,000 shares of the financial services provider’s stock worth $55,437,000 after purchasing an additional 329,000 shares in the last quarter. Diamond Hill Capital Management Inc. increased its stake in shares of Sterling Bancorp by 189.0% during the second quarter. Diamond Hill Capital Management Inc. now owns 2,136,987 shares of the financial services provider’s stock worth $50,219,000 after purchasing an additional 1,397,573 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its stake in shares of Sterling Bancorp by 9.4% during the first quarter. Nuveen Asset Management LLC now owns 2,101,237 shares of the financial services provider’s stock worth $47,383,000 after purchasing an additional 180,185 shares in the last quarter. Institutional investors and hedge funds own 92.12% of the company’s stock.

Shares of NYSE STL opened at $22.10 on Friday. Sterling Bancorp has a 12-month low of $21.75 and a 12-month high of $25.65. The stock has a market cap of $5.06 billion, a P/E ratio of 13.28 and a beta of 0.96. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.01 and a quick ratio of 1.01.

Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.02. Sterling Bancorp had a net margin of 20.19% and a return on equity of 9.67%. The company had revenue of $276.81 million during the quarter, compared to analysts’ expectations of $272.26 million. During the same quarter in the prior year, the company earned $0.33 EPS. Sterling Bancorp’s revenue was up 110.8% compared to the same quarter last year. equities analysts forecast that Sterling Bancorp will post 1.98 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, August 20th. Shareholders of record on Monday, August 6th were issued a $0.07 dividend. The ex-dividend date of this dividend was Friday, August 3rd. This represents a $0.28 annualized dividend and a yield of 1.27%. Sterling Bancorp’s payout ratio is 20.00%.

A number of analysts have recently commented on STL shares. Citigroup began coverage on shares of Sterling Bancorp in a research note on Monday, June 18th. They set a “neutral” rating and a $27.00 target price for the company. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a research note on Wednesday, June 27th. Finally, ValuEngine cut shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $29.84.

In other Sterling Bancorp news, General Counsel James P. Blose sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $22.25, for a total value of $44,500.00. Following the transaction, the general counsel now directly owns 20,322 shares in the company, valued at approximately $452,164.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard L. O’toole bought 4,000 shares of the firm’s stock in a transaction on Thursday, July 26th. The stock was purchased at an average price of $22.93 per share, for a total transaction of $91,720.00. Following the completion of the acquisition, the director now directly owns 26,713 shares in the company, valued at $612,529.09. The disclosure for this purchase can be found here. Insiders own 2.09% of the company’s stock.

Sterling Bancorp Company Profile

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, money market, savings, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.

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

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