Sterling Bancorp (STL) Director Sells $11,555.00 in Stock
Sterling Bancorp (NYSE:STL) Director Thomas G. Kahn sold 500 shares of the company’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $23.11, for a total value of $11,555.00. Following the transaction, the director now directly owns 44,648 shares in the company, valued at approximately $1,031,815.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Sterling Bancorp (NYSE STL) traded up 0.64% during midday trading on Thursday, reaching $23.50. The company had a trading volume of 286,792 shares. The company has a market capitalization of $3.19 billion, a PE ratio of 19.60 and a beta of 1.07. Sterling Bancorp has a 12-month low of $16.75 and a 12-month high of $25.85. The stock has a 50-day moving average price of $22.34 and a 200 day moving average price of $22.95.
Sterling Bancorp (NYSE:STL) last announced 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. The firm 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 year.
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Several brokerages have recently issued reports on STL. BidaskClub raised Sterling Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Tuesday, June 20th. Finally, Maxim Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $27.07.
A number of institutional investors and hedge funds have recently made changes to their positions in STL. BlackRock Inc. lifted its holdings in Sterling Bancorp by 50,894.8% during the 1st quarter. BlackRock Inc. now owns 15,992,998 shares of the financial services provider’s stock worth $379,033,000 after buying an additional 15,961,636 shares during the period. State Street Corp lifted its holdings in Sterling Bancorp by 38.2% during the 2nd quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock worth $190,624,000 after buying an additional 2,267,814 shares during the period. OppenheimerFunds Inc. lifted its holdings in Sterling Bancorp by 229.3% during the 1st quarter. OppenheimerFunds Inc. now owns 1,697,911 shares of the financial services provider’s stock worth $40,240,000 after buying an additional 1,182,263 shares during the period. Mesirow Financial Investment Management Equity Management acquired a new position in Sterling Bancorp during the 2nd quarter worth about $17,510,000. Finally, Wellington Management Group LLP lifted its holdings in Sterling Bancorp by 7.3% during the 1st quarter. Wellington Management Group LLP now owns 11,034,467 shares of the financial services provider’s stock worth $261,517,000 after buying an additional 751,740 shares during the period. 90.91% of the stock is currently owned by hedge funds and other institutional investors.
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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