Arizona State Retirement System cut its stake in Sterling Bancorp (NYSE:STL) by 5.2% in the first quarter, Holdings Channel reports. The fund owned 152,735 shares of the financial services provider’s stock after selling 8,346 shares during the quarter. Arizona State Retirement System’s holdings in Sterling Bancorp were worth $2,845,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Legal & General Group Plc lifted its holdings in Sterling Bancorp by 2.2% in the 3rd quarter. Legal & General Group Plc now owns 244,461 shares of the financial services provider’s stock worth $5,378,000 after buying an additional 5,308 shares during the period. Marshall Wace LLP purchased a new stake in Sterling Bancorp in the 3rd quarter worth approximately $832,000. Federated Investors Inc. PA lifted its holdings in Sterling Bancorp by 1,771.5% in the 3rd quarter. Federated Investors Inc. PA now owns 1,398,178 shares of the financial services provider’s stock worth $30,760,000 after buying an additional 1,323,471 shares during the period. Vanguard Group Inc lifted its holdings in 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 buying an additional 849,267 shares during the period. Finally, Hennessy Advisors Inc. lifted its stake in shares of Sterling Bancorp by 28.2% in the 4th quarter. Hennessy Advisors Inc. now owns 250,000 shares of the financial services provider’s stock valued at $4,128,000 after purchasing an additional 55,000 shares during the period. 93.86% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Thomas X. Geisel sold 12,335 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $21.05, for a total transaction of $259,651.75. Following the completion of the transaction, the insider now owns 27,047 shares of the company’s stock, valued at approximately $569,339.35. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Brian T. Edwards sold 9,855 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 98,050 shares of the company’s stock, valued at approximately $1,979,629.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 151,718 shares of company stock valued at $3,211,167. 1.67% of the stock is owned by corporate insiders.
Sterling Bancorp (NYSE:STL) last released its earnings results on Wednesday, April 24th. The financial services provider reported $0.50 EPS for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.01. The company had revenue of $263.90 million during the quarter, compared to analysts’ expectations of $262.59 million. Sterling Bancorp had a return on equity of 10.57% and a net margin of 33.40%. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. As a group, research analysts expect that Sterling Bancorp will post 2.13 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 20th. Investors of record on Monday, May 6th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend is Friday, May 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is presently 14.00%.
A number of research firms have recently commented on STL. FIG Partners restated an “outperform” rating on shares of Sterling Bancorp in a research note on Monday, April 29th. Zacks Investment Research cut 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 target price on shares of Sterling Bancorp in a research note on Thursday, January 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $25.60.
Sterling Bancorp Company Profile
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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