Pinebridge Investments L.P. lowered its holdings in Sterling Bancorp (NYSE:STL) by 26.0% during the fourth quarter, Holdings Channel reports. The fund owned 109,817 shares of the financial services provider’s stock after selling 38,614 shares during the period. Pinebridge Investments L.P.’s holdings in Sterling Bancorp were worth $2,702,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Victory Capital Management Inc. lifted its holdings in Sterling Bancorp by 54.8% in the fourth quarter. Victory Capital Management Inc. now owns 5,053,762 shares of the financial services provider’s stock worth $124,323,000 after acquiring an additional 1,789,102 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Sterling Bancorp by 51.1% in the fourth quarter. Wells Fargo & Company MN now owns 2,683,581 shares of the financial services provider’s stock worth $66,015,000 after acquiring an additional 907,999 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in Sterling Bancorp by 12.2% in the third quarter. Macquarie Group Ltd. now owns 2,413,557 shares of the financial services provider’s stock worth $59,494,000 after acquiring an additional 262,560 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Sterling Bancorp by 25.5% in the third quarter. Bank of New York Mellon Corp now owns 2,208,095 shares of the financial services provider’s stock worth $54,429,000 after acquiring an additional 448,949 shares during the last quarter. Finally, EJF Capital LLC bought a new position in Sterling Bancorp in the third quarter worth about $44,127,000. 75.71% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Monte N. Redman sold 165,000 shares of the firm’s stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of $23.93, for a total transaction of $3,948,450.00. Following the transaction, the director now owns 428,077 shares in the company, valued at $10,243,882.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James F. Deutsch sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $25.31, for a total transaction of $2,531,000.00. Following the transaction, the director now owns 500 shares in the company, valued at approximately $12,655. The disclosure for this sale can be found here. 3.74% of the stock is owned by company insiders.
Shares of Sterling Bancorp (STL) opened at $24.25 on Tuesday. The firm has a market capitalization of $5,450.98, a P/E ratio of 17.57 and a beta of 1.06. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.25. Sterling Bancorp has a twelve month low of $21.00 and a twelve month high of $26.50.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $0.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.01. The company had revenue of $265.00 million for the quarter, compared to analysts’ expectations of $267.08 million. Sterling Bancorp had a return on equity of 8.93% and a net margin of 12.46%. The business’s revenue for the quarter was up 115.3% on a year-over-year basis. sell-side analysts forecast that Sterling Bancorp will post 1.88 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 20th. Stockholders of record on Monday, February 5th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, February 2nd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.15%. Sterling Bancorp’s dividend payout ratio (DPR) is presently 36.36%.
STL has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $29.00 target price on the stock in a report on Tuesday, January 2nd. JMP Securities initiated coverage on shares of Sterling Bancorp in a report on Monday, November 20th. They issued a “market perform” rating and a $25.85 target price on the stock. Maxim Group reissued a “buy” rating and issued a $30.00 target price on shares of Sterling Bancorp in a report on Wednesday, October 25th. Finally, Jefferies Group reissued a “buy” rating and issued a $30.00 target price on shares of Sterling Bancorp in a report on Thursday, January 25th. One 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 given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $28.36.
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Sterling Bancorp 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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