Arizona State Retirement System lowered its position in Sterling Bancorp (NYSE:STL) by 58.6% during the first quarter, Holdings Channel reports. The institutional investor owned 47,433 shares of the financial services provider’s stock after selling 67,141 shares during the quarter. Arizona State Retirement System’s holdings in Sterling Bancorp were worth $496,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of STL. FMR LLC grew its position in shares of Sterling Bancorp by 81,198.3% in the 1st quarter. FMR LLC now owns 1,713,769 shares of the financial services provider’s stock worth $31,928,000 after buying an additional 1,711,661 shares during the last quarter. First Trust Advisors LP grew its position in shares of Sterling Bancorp by 32.0% in the 1st quarter. First Trust Advisors LP now owns 337,196 shares of the financial services provider’s stock worth $6,282,000 after buying an additional 81,732 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Sterling Bancorp in the 4th quarter worth approximately $216,000. Strs Ohio grew its position in shares of Sterling Bancorp by 70.6% in the 4th quarter. Strs Ohio now owns 37,055 shares of the financial services provider’s stock worth $781,000 after buying an additional 15,330 shares during the last quarter. Finally, New York State Teachers Retirement System grew its position in shares of Sterling Bancorp by 9.7% in the 4th quarter. New York State Teachers Retirement System now owns 261,716 shares of the financial services provider’s stock worth $5,517,000 after buying an additional 23,200 shares during the last quarter. 85.29% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE STL opened at $11.37 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.63. Sterling Bancorp has a 12 month low of $7.01 and a 12 month high of $22.17. The company has a 50 day simple moving average of $10.71 and a two-hundred day simple moving average of $16.78. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of 6.98 and a beta of 1.69.

Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Monday, April 27th. The financial services provider reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.17 by ($0.19). Sterling Bancorp had a net margin of 25.50% and a return on equity of 7.47%. The business had revenue of $250.65 million for the quarter, compared to analyst estimates of $248.89 million. During the same quarter in the previous year, the firm posted $0.50 earnings per share. The business’s revenue was down 5.0% on a year-over-year basis. Analysts forecast that Sterling Bancorp will post 1.13 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend was Thursday, May 7th. Sterling Bancorp’s payout ratio is 13.53%.

In other news, Director Richard L. O’toole bought 5,001 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased at an average cost of $9.59 per share, for a total transaction of $47,959.59. Following the purchase, the director now directly owns 53,000 shares in the company, valued at approximately $508,270. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Richard L. O’toole bought 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average price of $11.89 per share, with a total value of $35,670.00. Following the completion of the purchase, the director now owns 43,999 shares in the company, valued at $523,148.11. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 28,351 shares of company stock valued at $317,328. Company insiders own 0.96% of the company’s stock.

A number of research analysts have recently issued reports on the stock. Stephens lifted their price objective on shares of Sterling Bancorp from $25.00 to $25.50 and gave the stock an “overweight” rating in a research report on Friday, January 24th. TheStreet downgraded shares of Sterling Bancorp from a “b-” rating to a “c+” rating in a research report on Thursday, February 27th. Citigroup dropped their target price on shares of Sterling Bancorp from $23.00 to $9.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 24th. Zacks Investment Research downgraded shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, April 1st. Finally, ValuEngine downgraded shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $19.50.

Sterling Bancorp 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.

Further Reading: Growth Stocks

Want to see what other hedge funds are holding STL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sterling Bancorp (NYSE:STL).

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

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