Sterling Bancorp (STL) CEO Sells $1,336,811.00 in Stock
Sterling Bancorp (NYSE:STL) CEO Jack L. Kopnisky sold 54,100 shares of the stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $24.71, for a total value of $1,336,811.00. Following the sale, the chief executive officer now owns 231,765 shares of the company’s stock, valued at approximately $5,726,913.15. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. The firm had revenue of $134.06 million for the quarter, compared to the consensus estimate of $135.09 million. During the same quarter in the prior year, the firm earned $0.29 EPS. The company’s revenue was up 9.7% on a year-over-year basis.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Monday, November 6th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend is Friday, November 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is currently 22.58%.
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Several analysts recently weighed in on the company. Maxim Group restated a “buy” rating and set a $30.00 target price on shares of Sterling Bancorp in a research note on Wednesday, October 25th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $29.00 price target on shares of Sterling Bancorp in a report on Thursday, October 12th. Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 price target for the company in a report on Wednesday, October 11th. Royal Bank Of Canada cut their price target on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a report on Tuesday, October 3rd. Finally, ValuEngine cut Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $27.69.
Several hedge funds have recently modified their holdings of STL. BlackRock Inc. boosted 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 period. State Street Corp boosted its stake in shares of Sterling Bancorp by 38.2% in the second quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock valued at $190,624,000 after buying an additional 2,267,814 shares during the period. Mesirow Financial Investment Management Equity Management bought a new stake in shares of Sterling Bancorp in the second quarter valued at approximately $17,510,000. Vanguard Group Inc. boosted 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 period. Finally, Renaissance Technologies LLC boosted its stake in shares of Sterling Bancorp by 204.4% in the first quarter. Renaissance Technologies LLC now owns 750,409 shares of the financial services provider’s stock valued at $17,785,000 after buying an additional 503,859 shares during the period. Institutional investors and hedge funds own 91.18% 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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