Sapience Investments LLC Boosts Position in Sterling Bancorp (STL)
Sapience Investments LLC boosted its holdings in shares of Sterling Bancorp (NYSE:STL) by 22.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 958,845 shares of the financial services provider’s stock after purchasing an additional 172,780 shares during the period. Sterling Bancorp comprises approximately 3.0% of Sapience Investments LLC’s investment portfolio, making the stock its 4th biggest holding. Sapience Investments LLC owned approximately 0.43% of Sterling Bancorp worth $22,533,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Wells Fargo & Company MN increased its holdings in Sterling Bancorp by 8.0% in the second quarter. Wells Fargo & Company MN now owns 3,090,337 shares of the financial services provider’s stock valued at $72,622,000 after buying an additional 230,192 shares in the last quarter. Penn Capital Management Co. Inc. increased its holdings in Sterling Bancorp by 9.3% in the second quarter. Penn Capital Management Co. Inc. now owns 838,378 shares of the financial services provider’s stock valued at $19,865,000 after buying an additional 71,495 shares in the last quarter. LMR Partners LLP purchased a new position in Sterling Bancorp in the second quarter valued at $7,250,000. Aperio Group LLC increased its holdings in Sterling Bancorp by 25.5% in the second quarter. Aperio Group LLC now owns 49,149 shares of the financial services provider’s stock valued at $1,155,000 after buying an additional 10,002 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Sterling Bancorp by 1.9% in the first quarter. Principal Financial Group Inc. now owns 973,817 shares of the financial services provider’s stock valued at $21,959,000 after buying an additional 18,153 shares in the last quarter. Institutional investors own 92.12% of the company’s stock.
A number of research analysts have weighed in on STL shares. ValuEngine cut shares of Sterling Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, August 3rd. Zacks Investment Research cut shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, July 15th. Finally, Citigroup started coverage on shares of Sterling Bancorp in a report on Monday, June 18th. They issued a “neutral” rating and a $27.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $29.84.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The company had revenue of $276.81 million during the quarter, compared to analysts’ expectations of $272.26 million. Sterling Bancorp had a net margin of 20.19% and a return on equity of 9.67%. The firm’s revenue for the quarter was up 110.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.33 earnings per share. equities research analysts forecast that Sterling Bancorp will post 1.98 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, August 20th. Stockholders of record on Monday, August 6th were paid a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, August 3rd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.26%. Sterling Bancorp’s dividend payout ratio is currently 20.00%.
In other news, General Counsel James P. Blose sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $22.25, for a total transaction of $44,500.00. Following the completion of the sale, the general counsel now owns 20,322 shares of the company’s stock, valued at $452,164.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard L. O’toole bought 4,000 shares of the business’s stock in a transaction dated Monday, August 13th. The shares were bought at an average cost of $21.92 per share, with a total value of $87,680.00. Following the purchase, the director now directly owns 30,713 shares of the company’s stock, valued at $673,228.96. The disclosure for this purchase can be found here. 2.09% of the stock is owned by insiders.
Sterling Bancorp Company Profile
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, money market, savings, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
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