State Treasurer State of Michigan decreased its holdings in Sterling Bancorp (NYSE:STL) by 5.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,800 shares of the financial services provider’s stock after selling 4,200 shares during the period. State Treasurer State of Michigan’s holdings in Sterling Bancorp were worth $1,412,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of STL. Vanguard Group Inc raised its position in shares of Sterling Bancorp by 4.5% in the 3rd quarter. Vanguard Group Inc now owns 19,590,740 shares of the financial services provider’s stock worth $430,995,000 after acquiring an additional 849,267 shares in the last quarter. PL Capital Advisors LLC purchased a new stake in shares of Sterling Bancorp in the 4th quarter worth approximately $2,029,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Sterling Bancorp by 11.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,987 shares of the financial services provider’s stock worth $231,000 after buying an additional 1,422 shares during the last quarter. First Bank & Trust grew its stake in shares of Sterling Bancorp by 12.4% in the 4th quarter. First Bank & Trust now owns 10,339 shares of the financial services provider’s stock worth $171,000 after buying an additional 1,141 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Sterling Bancorp by 0.6% in the 4th quarter. Arizona State Retirement System now owns 161,081 shares of the financial services provider’s stock worth $2,659,000 after buying an additional 981 shares during the last quarter. 93.86% of the stock is owned by institutional investors.
Shares of Sterling Bancorp stock traded down $0.09 during midday trading on Wednesday, hitting $20.51. The company had a trading volume of 29,352 shares, compared to its average volume of 2,534,171. The company has a quick ratio of 0.95, a current ratio of 0.97 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $4.33 billion, a P/E ratio of 10.31 and a beta of 1.30. Sterling Bancorp has a 52-week low of $15.62 and a 52-week high of $25.65.
Sterling Bancorp (NYSE:STL) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $0.50 EPS for the quarter, beating the consensus estimate of $0.49 by $0.01. Sterling Bancorp had a return on equity of 10.57% and a net margin of 33.40%. The business had revenue of $263.90 million for the quarter, compared to the consensus estimate of $262.59 million. During the same period last year, the business posted $0.45 EPS. The company’s revenue was up .5% compared to the same quarter last year. As a group, equities analysts expect that Sterling Bancorp will post 2.12 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, May 20th. Shareholders of record on Monday, May 6th were paid a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $0.28 annualized dividend and a yield of 1.37%. Sterling Bancorp’s dividend payout ratio is 14.00%.
In other Sterling Bancorp news, CAO Rodney Whitwell sold 54,528 shares of the stock in a transaction on Friday, April 26th. The stock was sold at an average price of $20.99, for a total transaction of $1,144,542.72. Following the sale, the chief accounting officer now directly owns 91,252 shares in the company, valued at approximately $1,915,379.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Brian T. Edwards sold 9,855 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $20.19, for a total value of $198,972.45. Following the sale, the insider now owns 98,050 shares in the company, valued at $1,979,629.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 151,718 shares of company stock worth $3,211,167. Company insiders own 1.67% of the company’s stock.
Several analysts recently weighed in on the company. FIG Partners restated an “outperform” rating on shares of Sterling Bancorp in a research note on Monday, April 29th. Zacks Investment Research downgraded Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, April 5th. ValuEngine upgraded Sterling Bancorp from a “strong sell” rating to a “sell” rating in a research note on Monday, April 1st. Finally, Maxim Group restated a “buy” rating and issued a $36.00 price target on shares of Sterling Bancorp in a research note on Thursday, January 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $25.60.
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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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