Sterling Bancorp (NYSE:STL) Director Buys $218,800.00 in Stock
Sterling Bancorp (NYSE:STL) Director Burt Steinberg purchased 10,000 shares of Sterling Bancorp stock in a transaction on Friday, August 11th. The shares were acquired at an average price of $21.88 per share, with a total value of $218,800.00. Following the transaction, the director now directly owns 135,146 shares in the company, valued at approximately $2,956,994.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of Sterling Bancorp (NYSE:STL) traded down 0.90% during mid-day trading on Friday, hitting $22.00. The stock had a trading volume of 1,956,528 shares. The stock has a market cap of $2.98 billion, a price-to-earnings ratio of 18.35 and a beta of 1.07. The firm’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.
Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. The business had revenue of $126.88 million for the quarter, compared to the consensus estimate of $133.85 million. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. 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 given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend is Thursday, August 3rd. Sterling Bancorp’s dividend payout ratio is currently 23.33%.
Several analysts have recently weighed in on STL shares. BidaskClub lowered Sterling Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Maxim Group restated a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a report on Wednesday, July 26th. Zacks Investment Research lowered Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, June 17th. FBR & Co restated a “hold” rating on shares of Sterling Bancorp in a report on Wednesday, April 26th. Finally, ValuEngine upgraded Sterling Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, May 20th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $27.07.
Several hedge funds have recently added to or reduced their stakes in the stock. Nordea Investment Management AB increased its stake in Sterling Bancorp by 42.4% in the second quarter. Nordea Investment Management AB now owns 85,309 shares of the financial services provider’s stock worth $1,983,000 after buying an additional 25,414 shares in the last quarter. Suntrust Banks Inc. increased its stake in Sterling Bancorp by 0.3% in the second quarter. Suntrust Banks Inc. now owns 27,294 shares of the financial services provider’s stock worth $634,000 after buying an additional 86 shares in the last quarter. M&T Bank Corp bought a new stake in Sterling Bancorp during the second quarter worth about $205,000. California Public Employees Retirement System increased its stake in Sterling Bancorp by 4.1% in the second quarter. California Public Employees Retirement System now owns 170,100 shares of the financial services provider’s stock worth $3,955,000 after buying an additional 6,700 shares in the last quarter. Finally, MML Investors Services LLC bought a new stake in Sterling Bancorp during the second quarter worth about $339,000. 87.50% of the stock is currently owned by institutional investors and hedge funds.
Sterling Bancorp Company Profile
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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