Sterling Bancorp (NYSE:STL) Shares Bought by Forward Management LLC
Forward Management LLC raised its stake in shares of Sterling Bancorp (NYSE:STL) by 15.2% during the second quarter, Holdings Channel reports. The fund owned 18,411 shares of the financial services provider’s stock after buying an additional 2,431 shares during the period. Forward Management LLC’s holdings in Sterling Bancorp were worth $429,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in STL. BlackRock Inc. raised its stake in shares of Sterling Bancorp by 50,894.8% in the first quarter. BlackRock Inc. now owns 15,992,998 shares of the financial services provider’s stock valued at $379,033,000 after buying an additional 15,961,636 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Sterling Bancorp by 5.1% in the first quarter. Vanguard Group Inc. now owns 11,689,095 shares of the financial services provider’s stock valued at $277,031,000 after buying an additional 566,776 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Sterling Bancorp by 7.3% in the first quarter. Wellington Management Group LLP now owns 11,034,467 shares of the financial services provider’s stock valued at $261,517,000 after buying an additional 751,740 shares during the last quarter. State Street Corp raised its stake in shares of Sterling Bancorp by 26.9% in the first quarter. State Street Corp now owns 5,931,005 shares of the financial services provider’s stock valued at $140,564,000 after buying an additional 1,257,312 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Sterling Bancorp by 10.2% in the first quarter. Alliancebernstein L.P. now owns 2,848,551 shares of the financial services provider’s stock valued at $67,511,000 after buying an additional 262,826 shares during the last quarter. Institutional investors own 87.50% of the company’s stock.
Sterling Bancorp (STL) opened at 22.00 on Friday. Sterling Bancorp has a one year low of $16.75 and a one year high of $25.85. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 18.35 and a beta of 1.07. The firm has a 50-day moving average price of $22.96 and a 200 day moving average price of $23.37.
Sterling Bancorp (NYSE:STL) last posted its earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $133.85 million. Equities analysts expect that Sterling Bancorp will post $0.69 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Shareholders of record on Monday, August 7th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.27%. Sterling Bancorp’s dividend payout ratio (DPR) is 23.33%.
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STL has been the topic of several research analyst reports. Royal Bank Of Canada restated a “buy” rating on shares of Sterling Bancorp in a research report on Tuesday, May 30th. BidaskClub upgraded Sterling Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, July 3rd. Jefferies Group LLC restated a “buy” rating and set a $28.00 target price on shares of Sterling Bancorp in a research report on Friday, May 19th. Zacks Investment Research lowered Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, May 23rd. Finally, ValuEngine upgraded 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 assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $27.07.
In other news, Director Burt Steinberg bought 10,000 shares of Sterling Bancorp stock in a transaction on Friday, August 11th. The shares were purchased at an average price of $21.88 per share, for a total transaction of $218,800.00. Following the acquisition, the director now owns 135,146 shares of the company’s stock, valued at $2,956,994.48. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel James P. Blose sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $24.00, for a total value of $72,000.00. Following the transaction, the general counsel now owns 18,433 shares in the company, valued at approximately $442,392. The disclosure for this sale can be found here. Insiders have sold a total of 10,500 shares of company stock worth $241,925 in the last quarter. Company insiders own 3.74% of the company’s stock.
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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