Hillcrest Asset Management LLC decreased its holdings in Sterling Bancorp (NYSE:STL) by 2.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 579,788 shares of the financial services provider’s stock after selling 14,366 shares during the quarter. Sterling Bancorp accounts for about 2.6% of Hillcrest Asset Management LLC’s investment portfolio, making the stock its 2nd largest position. Hillcrest Asset Management LLC owned approximately 0.43% of Sterling Bancorp worth $14,292,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Bank of America Corp DE boosted its holdings 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 last quarter. Quantitative Systematic Strategies LLC lifted its holdings in Sterling Bancorp by 180.4% during the third quarter. Quantitative Systematic Strategies LLC now owns 88,234 shares of the financial services provider’s stock valued at $2,175,000 after purchasing an additional 56,763 shares in the last quarter. Legal & General Group Plc lifted its holdings in Sterling Bancorp by 11.8% during the second quarter. Legal & General Group Plc now owns 262,495 shares of the financial services provider’s stock valued at $6,105,000 after purchasing an additional 27,635 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in Sterling Bancorp by 7.8% during the first quarter. Schwab Charles Investment Management Inc. now owns 534,113 shares of the financial services provider’s stock valued at $12,659,000 after purchasing an additional 38,650 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in Sterling Bancorp by 16.3% during the second 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. 91.70% of the stock is currently owned by institutional investors.
Sterling Bancorp (STL) traded up $0.05 during trading on Monday, hitting $23.55. 2,440,400 shares of the stock traded hands, compared to its average volume of 1,607,463. The company has a market capitalization of $5,291.85, a PE ratio of 18.26 and a beta of 1.05. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.99 and a current ratio of 0.99. Sterling Bancorp has a 52-week low of $19.86 and a 52-week high of $25.85.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share (EPS) 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 the consensus estimate of $135.09 million. Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. The company’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.29 EPS. sell-side analysts expect that Sterling Bancorp will post 1.38 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Monday, November 6th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.19%. The ex-dividend date is Friday, November 3rd. Sterling Bancorp’s dividend payout ratio is presently 22.58%.
Several equities analysts have weighed in on STL shares. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a report on Saturday, September 16th. Keefe, Bruyette & Woods reaffirmed a “buy” rating on shares of Sterling Bancorp in a report on Thursday, September 7th. ValuEngine downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. Finally, Maxim Group reaffirmed a “buy” rating and set a $30.00 price target on shares of Sterling Bancorp in a report on Wednesday, October 25th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Sterling Bancorp has an average rating of “Buy” and an average target price of $27.69.
In related news, CEO Jack L. Kopnisky sold 54,100 shares of the business’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $24.71, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James F. Deutsch sold 100,000 shares of the business’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $24.98, for a total transaction of $2,498,000.00. Following the completion of the sale, the director now owns 500 shares in the company, valued at approximately $12,490. The disclosure for this sale can be found here. Insiders sold 489,135 shares of company stock worth $12,259,133 in the last 90 days. 3.74% of the stock is currently owned by company insiders.
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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