Fifth Third Bancorp Has $54,000 Holdings in Sterling Bancorp (NYSE:STL)
Fifth Third Bancorp raised its holdings in shares of Sterling Bancorp (NYSE:STL) by 51.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,210 shares of the financial services provider’s stock after purchasing an additional 1,775 shares during the period. Fifth Third Bancorp’s holdings in Sterling Bancorp were worth $54,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in STL. Alaska Permanent Fund Corp acquired a new stake in shares of Sterling Bancorp in the 1st quarter valued at approximately $521,000. State Board of Administration of Florida Retirement System raised its position in shares of Sterling Bancorp by 12.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 301,381 shares of the financial services provider’s stock valued at $3,149,000 after acquiring an additional 32,529 shares during the period. Aperio Group LLC raised its position in shares of Sterling Bancorp by 19.0% in the 1st quarter. Aperio Group LLC now owns 114,260 shares of the financial services provider’s stock valued at $1,194,000 after acquiring an additional 18,266 shares during the period. Victory Capital Management Inc. raised its position in shares of Sterling Bancorp by 22.2% in the 1st quarter. Victory Capital Management Inc. now owns 2,223,243 shares of the financial services provider’s stock valued at $23,233,000 after acquiring an additional 403,489 shares during the period. Finally, Dupont Capital Management Corp raised its position in shares of Sterling Bancorp by 367.7% in the 1st quarter. Dupont Capital Management Corp now owns 97,002 shares of the financial services provider’s stock valued at $1,014,000 after acquiring an additional 76,262 shares during the period. Institutional investors own 85.29% of the company’s stock.
In other news, CAO Rodney Whitwell sold 15,250 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $14.00, for a total transaction of $213,500.00. Following the completion of the transaction, the chief accounting officer now directly owns 61,895 shares of the company’s stock, valued at approximately $866,530. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard L. O’toole purchased 3,000 shares of the firm’s stock in a transaction dated Thursday, March 12th. The shares were acquired at an average cost of $11.89 per share, with a total value of $35,670.00. Following the completion of the purchase, the director now directly owns 43,999 shares in the company, valued at $523,148.11. The disclosure for this purchase can be found here. Insiders have bought a total of 28,351 shares of company stock valued at $317,328 over the last ninety days. Company insiders own 0.96% of the company’s stock.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings results on Monday, April 27th. The financial services provider reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.19). The business had revenue of $250.65 million for the quarter, compared to the consensus estimate of $248.89 million. Sterling Bancorp had a return on equity of 7.47% and a net margin of 25.50%. Sterling Bancorp’s revenue was down 5.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.50 earnings per share. On average, sell-side analysts anticipate that Sterling Bancorp will post 1.13 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 8th were paid a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, May 7th. This represents a $0.28 annualized dividend and a dividend yield of 2.46%. Sterling Bancorp’s dividend payout ratio is currently 13.53%.
STL has been the topic of a number of analyst reports. Royal Bank of Canada reiterated a “buy” rating and issued a $16.00 price target on shares of Sterling Bancorp in a research report on Monday, April 13th. ValuEngine cut Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, March 3rd. Stephens increased their target price on Sterling Bancorp from $25.00 to $25.50 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Citigroup lowered their target price on Sterling Bancorp from $23.00 to $9.00 and set a “neutral” rating for the company in a research note on Tuesday, March 24th. Finally, Zacks Investment Research cut Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, April 1st. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $19.50.
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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