Russell Investments Group Ltd. Trims Stock Holdings in Sterling Bancorp (NYSE:STL)

Russell Investments Group Ltd. decreased its holdings in Sterling Bancorp (NYSE:STL) by 1.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 102,835 shares of the financial services provider’s stock after selling 1,251 shares during the period. Russell Investments Group Ltd. owned 0.05% of Sterling Bancorp worth $2,189,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of STL. FMR LLC increased its stake in shares of Sterling Bancorp by 81,198.3% in the first quarter. FMR LLC now owns 1,713,769 shares of the financial services provider’s stock worth $31,928,000 after purchasing an additional 1,711,661 shares in the last quarter. Lazard Asset Management LLC grew its stake in Sterling Bancorp by 429.6% during the first quarter. Lazard Asset Management LLC now owns 2,075,355 shares of the financial services provider’s stock valued at $38,663,000 after acquiring an additional 1,683,450 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake in Sterling Bancorp by 32.5% during the second quarter. Diamond Hill Capital Management Inc. now owns 4,267,612 shares of the financial services provider’s stock valued at $90,815,000 after acquiring an additional 1,047,273 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. grew its stake in Sterling Bancorp by 590.8% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 579,242 shares of the financial services provider’s stock valued at $12,326,000 after acquiring an additional 495,387 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in Sterling Bancorp by 106.9% during the second quarter. First Trust Advisors LP now owns 697,792 shares of the financial services provider’s stock valued at $14,849,000 after acquiring an additional 360,596 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Several equities analysts recently commented on STL shares. Maxim Group reaffirmed a “buy” rating and set a $30.00 price objective (down previously from $36.00) on shares of Sterling Bancorp in a research note on Friday, July 26th. B. Riley started coverage on shares of Sterling Bancorp in a research note on Tuesday, July 16th. They set a “buy” rating and a $26.00 price objective for the company. DA Davidson reaffirmed a “buy” rating on shares of Sterling Bancorp in a research note on Monday, July 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $26.00 price objective (up previously from $24.00) on shares of Sterling Bancorp in a research note on Friday, July 12th. Finally, Piper Jaffray Companies set a $26.00 price objective on shares of Sterling Bancorp and gave the company a “buy” rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $24.75.

NYSE:STL traded up $0.02 during mid-day trading on Thursday, hitting $20.88. 246,788 shares of the stock traded hands, compared to its average volume of 1,194,549. The business’s 50-day moving average price is $19.64 and its 200 day moving average price is $20.23. The company has a market cap of $4.24 billion, a PE ratio of 10.44 and a beta of 1.37. Sterling Bancorp has a 12-month low of $15.62 and a 12-month high of $23.40. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.97.

Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.51 EPS for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.01). The company had revenue of $263.26 million during the quarter, compared to analysts’ expectations of $262.02 million. Sterling Bancorp had a return on equity of 10.37% and a net margin of 32.55%. Sterling Bancorp’s quarterly revenue was down 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.50 EPS. Analysts anticipate that Sterling Bancorp will post 2.11 earnings per share for the current fiscal year.

About Sterling Bancorp

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, 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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