Alpine Woods Capital Investors LLC Sells 3,000 Shares of Sterling Bancorp (STL)
Alpine Woods Capital Investors LLC lowered its stake in Sterling Bancorp (NYSE:STL) by 20.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,000 shares of the financial services provider’s stock after selling 3,000 shares during the quarter. Alpine Woods Capital Investors LLC’s holdings in Sterling Bancorp were worth $296,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. State Street Corp grew its position in shares of Sterling Bancorp by 38.2% during the second quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock worth $190,624,000 after purchasing an additional 2,267,814 shares in the last quarter. Mesirow Financial Investment Management Equity Management purchased a new stake in shares of Sterling Bancorp during the second quarter worth about $17,510,000. Alliancebernstein L.P. grew its position in shares of Sterling Bancorp by 16.3% during the second quarter. Alliancebernstein L.P. now owns 3,312,473 shares of the financial services provider’s stock worth $77,015,000 after purchasing an additional 463,922 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Sterling Bancorp by 25.5% during the third quarter. Bank of New York Mellon Corp now owns 2,208,095 shares of the financial services provider’s stock worth $54,429,000 after purchasing an additional 448,949 shares in the last quarter. Finally, Picton Mahoney Asset Management grew its position in shares of Sterling Bancorp by 126.1% during the second quarter. Picton Mahoney Asset Management now owns 763,525 shares of the financial services provider’s stock worth $17,751,000 after purchasing an additional 425,825 shares in the last quarter. 91.70% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have weighed in on STL. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 price target for the company in a report on Wednesday, October 11th. Royal Bank Of Canada cut their price target on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a report on Tuesday, October 3rd. Keefe, Bruyette & Woods restated a “buy” rating and set a $29.00 price target on shares of Sterling Bancorp in a report on Thursday, October 12th. Maxim Group restated a “buy” rating and set a $30.00 price target on shares of Sterling Bancorp in a report on Wednesday, October 25th. Finally, JMP Securities began coverage on Sterling Bancorp in a report on Monday. They set a “market perform” rating and a $25.85 price target for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $27.48.
In related news, Director Thomas G. Kahn sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $23.69, for a total transaction of $710,700.00. Following the completion of the sale, the director now directly owns 44,774 shares of the company’s stock, valued at approximately $1,060,696.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jack L. Kopnisky sold 54,100 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $24.71, for a total value of $1,336,811.00. Following the sale, the chief executive officer now directly owns 231,765 shares of the company’s stock, valued at $5,726,913.15. The disclosure for this sale can be found here. Insiders have sold a total of 489,135 shares of company stock valued at $12,259,133 over the last three months. 3.74% of the stock is owned by corporate insiders.
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Shares of Sterling Bancorp (NYSE STL) traded up $0.05 during trading on Thursday, hitting $24.40. The stock had a trading volume of 762,800 shares, compared to its average volume of 1,600,834. The stock has a market cap of $5,471.62, a PE ratio of 18.88 and a beta of 1.05. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.76. Sterling Bancorp has a 12-month low of $21.00 and a 12-month high of $25.85.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.01). Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. The business had revenue of $134.06 million for the quarter, compared to the consensus estimate of $135.09 million. During the same period in the prior year, the business posted $0.29 earnings per share. Sterling Bancorp’s revenue was up 9.7% on a year-over-year basis. equities analysts expect that Sterling Bancorp will post 1.39 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, November 20th. Investors of record on Monday, November 6th were paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend was Friday, November 3rd. Sterling Bancorp’s dividend payout ratio is currently 22.58%.
About Sterling Bancorp
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.
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