Alpha DNA Investment Management LLC Acquires New Shares in Sterling Bancorp (NYSE:STL)

Alpha DNA Investment Management LLC acquired a new stake in Sterling Bancorp (NYSE:STL) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 4,013 shares of the financial services provider’s stock, valued at approximately $72,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Captrust Financial Advisors raised its position in shares of Sterling Bancorp by 45.7% during the fourth quarter. Captrust Financial Advisors now owns 2,315 shares of the financial services provider’s stock valued at $42,000 after buying an additional 726 shares during the last quarter. Ellevest Inc. increased its stake in Sterling Bancorp by 14.9% in the fourth quarter. Ellevest Inc. now owns 5,928 shares of the financial services provider’s stock valued at $107,000 after acquiring an additional 768 shares during the period. Los Angeles Capital Management LLC increased its stake in Sterling Bancorp by 1.5% in the fourth quarter. Los Angeles Capital Management LLC now owns 98,870 shares of the financial services provider’s stock valued at $1,778,000 after acquiring an additional 1,475 shares during the period. HighTower Advisors LLC increased its stake in Sterling Bancorp by 1.4% in the fourth quarter. HighTower Advisors LLC now owns 123,022 shares of the financial services provider’s stock valued at $2,212,000 after acquiring an additional 1,641 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its stake in Sterling Bancorp by 4.5% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 43,952 shares of the financial services provider’s stock valued at $790,000 after acquiring an additional 1,903 shares during the period. 81.24% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE STL opened at $23.15 on Thursday. The company’s 50 day simple moving average is $23.07 and its 200 day simple moving average is $17.92. Sterling Bancorp has a fifty-two week low of $8.99 and a fifty-two week high of $26.36. The firm has a market capitalization of $4.48 billion, a P/E ratio of 18.37 and a beta of 1.68. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.93 and a quick ratio of 0.93.

Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, January 19th. The financial services provider reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.03. Sterling Bancorp had a net margin of 21.32% and a return on equity of 5.83%. The business had revenue of $256.07 million for the quarter, compared to analyst estimates of $247.27 million. During the same period in the prior year, the business posted $0.54 earnings per share. Sterling Bancorp’s revenue was down 3.2% compared to the same quarter last year. Sell-side analysts expect that Sterling Bancorp will post 1.2 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 16th. Shareholders of record on Monday, February 1st were issued a $0.07 dividend. The ex-dividend date of this dividend was Friday, January 29th. This represents a $0.28 annualized dividend and a yield of 1.21%. Sterling Bancorp’s dividend payout ratio (DPR) is presently 13.53%.

STL has been the topic of a number of analyst reports. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a research note on Wednesday, March 31st. Seaport Global Securities initiated coverage on shares of Sterling Bancorp in a research note on Thursday, December 17th. They set a “buy” rating and a $23.00 price target on the stock. B. Riley increased their price target on shares of Sterling Bancorp from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 7th. Royal Bank of Canada increased their price target on shares of Sterling Bancorp from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, January 22nd. Finally, Hovde Group raised shares of Sterling Bancorp from a “market perform” rating to an “outperform” rating and increased their price target for the company from $18.00 to $24.00 in a research note on Friday, January 22nd. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $22.57.

In other news, insider Javier L. Evan sold 3,000 shares of Sterling Bancorp stock in a transaction dated Thursday, March 11th. The shares were sold at an average price of $23.84, for a total value of $71,520.00. Following the completion of the transaction, the insider now owns 27,104 shares of the company’s stock, valued at approximately $646,159.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas X. Geisel sold 8,452 shares of Sterling Bancorp stock in a transaction dated Friday, March 5th. The shares were sold at an average price of $22.72, for a total transaction of $192,029.44. Company insiders own 0.96% of the company’s stock.

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 interest and non-interest checking, savings, money market, time, and demand deposits, as well as certificates of deposit.

Further Reading: What does it mean to hold a stock in street name?

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

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