Other large investors have also recently bought and sold shares of the company. Great West Life Assurance Co. Can raised its position in Sterling Bancorp by 10.0% in the first quarter. Great West Life Assurance Co. Can now owns 187,503 shares of the financial services provider’s stock worth $4,434,000 after buying an additional 17,037 shares during the period. Principal Financial Group Inc. raised its position in Sterling Bancorp by 6.6% in the first quarter. Principal Financial Group Inc. now owns 1,137,565 shares of the financial services provider’s stock worth $26,961,000 after buying an additional 70,492 shares during the period. Norges Bank acquired a new position in Sterling Bancorp during the fourth quarter worth $21,697,000. Allianz Asset Management AG acquired a new position in Sterling Bancorp during the fourth quarter worth $1,455,000. Finally, Prudential Financial Inc. raised its position in Sterling Bancorp by 3.8% in the first quarter. Prudential Financial Inc. now owns 233,364 shares of the financial services provider’s stock worth $5,531,000 after buying an additional 8,460 shares during the period. Institutional investors own 86.64% of the company’s stock.
PNC Financial Services Group Inc. decreased its stake in Sterling Bancorp (NYSE:STL) by 6.0% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 12,831 shares of the financial services provider’s stock after selling 822 shares during the period. PNC Financial Services Group Inc.’s holdings in Sterling Bancorp were worth $303,000 at the end of the most recent reporting period.
Sterling Bancorp (NYSE:STL) traded down 0.22% during trading on Wednesday, hitting $23.05. 1,169,010 shares of the stock traded hands. Sterling Bancorp has a 52-week low of $16.73 and a 52-week high of $25.85. The firm has a 50-day moving average price of $23.14 and a 200 day moving average price of $23.41. The company has a market cap of $3.13 billion, a P/E ratio of 19.22 and a beta of 1.07.
Sterling Bancorp (NYSE:STL) last issued its earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.33. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. The company had revenue of $126.88 million during the quarter, compared to analysts’ expectations of $133.85 million. On average, equities analysts expect that Sterling Bancorp will post $0.69 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 7th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Thursday, August 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is presently 23.33%.
A number of research analysts recently weighed in on the stock. Stephens assumed coverage on shares of Sterling Bancorp in a research report on Wednesday, April 5th. They set an “overweight” rating on the stock. FBR & Co set a $25.00 price target on shares of Sterling Bancorp and gave the company a “hold” rating in a research report on Thursday, May 4th. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Tuesday, June 20th. Royal Bank Of Canada restated a “buy” rating on shares of Sterling Bancorp in a report on Tuesday, May 30th. Finally, Jefferies Group LLC restated a “buy” rating and set a $28.00 price objective on shares of Sterling Bancorp in a report on Friday, May 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the company. Sterling Bancorp currently has a consensus rating of “Buy” and an average price target of $27.07.
In other news, General Counsel James P. Blose sold 3,000 shares of the stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $24.00, for a total value of $72,000.00. Following the transaction, the general counsel now owns 18,433 shares in the company, valued at approximately $442,392. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Craig S. Thompson sold 3,500 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $22.75, for a total value of $79,625.00. Following the completion of the transaction, the director now owns 225,395 shares in the company, valued at approximately $5,127,736.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,500 shares of company stock worth $241,925. Corporate insiders own 3.74% of the company’s stock.
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.