Monarch Partners Asset Management LLC Has $20.14 Million Position in Sterling Bancorp (NYSE:STL)
Monarch Partners Asset Management LLC reduced its stake in shares of Sterling Bancorp (NYSE:STL) by 0.6% during the second quarter, Holdings Channel reports. The firm owned 866,342 shares of the financial services provider’s stock after selling 5,631 shares during the period. Sterling Bancorp makes up approximately 2.0% of Monarch Partners Asset Management LLC’s portfolio, making the stock its largest position. Monarch Partners Asset Management LLC’s holdings in Sterling Bancorp were worth $20,142,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the stock. First Bank & Trust increased its position in shares of Sterling Bancorp by 402.6% in the second quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock valued at $115,000 after buying an additional 3,970 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Sterling Bancorp by 51.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock valued at $121,000 after buying an additional 1,735 shares during the period. LS Investment Advisors LLC increased its position in shares of Sterling Bancorp by 33.5% in the first quarter. LS Investment Advisors LLC now owns 6,653 shares of the financial services provider’s stock valued at $158,000 after buying an additional 1,670 shares during the period. World Asset Management Inc acquired a new position in shares of Sterling Bancorp during the first quarter valued at approximately $203,000. Finally, Salem Investment Counselors Inc. increased its position in shares of Sterling Bancorp by 7,158.1% in the first quarter. Salem Investment Counselors Inc. now owns 9,000 shares of the financial services provider’s stock valued at $746,000 after buying an additional 8,876 shares during the period. 87.50% of the stock is currently owned by institutional investors.
Shares of Sterling Bancorp (NYSE STL) opened at 22.20 on Friday. The company’s 50-day moving average price is $22.98 and its 200-day moving average price is $23.38. Sterling Bancorp has a 12 month low of $16.75 and a 12 month high of $25.85. The company has a market cap of $3.01 billion, a P/E ratio of 18.52 and a beta of 1.07.
Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.33 EPS for the quarter, hitting 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 firm had revenue of $126.88 million during the quarter, compared to analysts’ expectations of $133.85 million. Equities analysts forecast that Sterling Bancorp will post $0.69 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Investors of record on Monday, August 7th will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, August 3rd. This represents a $0.28 annualized dividend and a yield of 1.26%. Sterling Bancorp’s payout ratio is 23.33%.
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Several brokerages have commented on STL. BidaskClub downgraded Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Maxim Group reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, July 26th. Zacks Investment Research downgraded Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, June 17th. FBR & Co reaffirmed a “hold” rating on shares of Sterling Bancorp in a research report on Wednesday, April 26th. Finally, ValuEngine raised Sterling Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, May 20th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the stock. Sterling Bancorp currently has an average rating of “Buy” and an average price target of $27.07.
In related news, General Counsel James P. Blose sold 3,000 shares of the business’s stock in a transaction on Monday, June 12th. The stock was sold at an average price of $24.00, for a total transaction of $72,000.00. Following the completion of the transaction, the general counsel now directly owns 18,433 shares of the company’s stock, valued at approximately $442,392. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Craig S. Thompson sold 2,000 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $21.62, for a total value of $43,240.00. The disclosure for this sale can be found here. Insiders have sold a total of 10,500 shares of company stock valued at $241,925 over the last three months. 3.74% of the stock is currently owned by insiders.
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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