Sterling Bancorp (STL) Holdings Raised by Nordea Investment Management AB
Nordea Investment Management AB raised its stake in shares of Sterling Bancorp (NYSE:STL) by 9.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 92,976 shares of the financial services provider’s stock after acquiring an additional 7,667 shares during the period. Nordea Investment Management AB owned approximately 0.07% of Sterling Bancorp worth $2,292,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. boosted its stake in shares of Sterling Bancorp by 0.7% in the second quarter. BlackRock Inc. now owns 16,098,764 shares of the financial services provider’s stock valued at $374,296,000 after purchasing an additional 105,766 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 purchasing an additional 2,267,814 shares during the period. Alliancebernstein L.P. boosted its stake in shares of Sterling Bancorp by 16.3% in the second quarter. Alliancebernstein L.P. now owns 3,312,473 shares of the financial services provider’s stock valued at $77,015,000 after purchasing an additional 463,922 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Sterling Bancorp by 2.2% in the third quarter. Victory Capital Management Inc. now owns 3,264,660 shares of the financial services provider’s stock valued at $80,474,000 after purchasing an additional 69,900 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Sterling Bancorp by 4.0% in the second quarter. Northern Trust Corp now owns 2,756,462 shares of the financial services provider’s stock valued at $64,087,000 after purchasing an additional 106,638 shares during the period. Institutional investors and hedge funds own 91.70% of the company’s stock.
Shares of Sterling Bancorp (NYSE STL) traded up $0.05 during trading on Wednesday, reaching $26.05. 2,611,500 shares of the company were exchanged, compared to its average volume of 1,629,280. Sterling Bancorp has a one year low of $21.00 and a one year high of $26.50. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.76. The stock has a market capitalization of $5,842.38, a P/E ratio of 20.16 and a beta of 1.04.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $135.09 million. During the same quarter in the prior year, the firm earned $0.29 EPS. The firm’s revenue was up 9.7% compared to the same quarter last year. analysts predict that Sterling Bancorp will post 1.39 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 20th. Shareholders of record on Monday, November 6th were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, November 3rd. This represents a $0.28 dividend on an annualized basis and a yield of 1.07%. Sterling Bancorp’s payout ratio is currently 22.58%.
In other Sterling Bancorp news, EVP Michael E. Finn sold 4,535 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $24.05, for a total transaction of $109,066.75. Following the sale, the executive vice president now owns 35,288 shares of the company’s stock, valued at $848,676.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James F. Deutsch sold 300,000 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $25.31, for a total transaction of $7,593,000.00. Following the sale, the director now directly owns 500 shares in the company, valued at approximately $12,655. The disclosure for this sale can be found here. In the last three months, insiders have sold 754,135 shares of company stock worth $18,738,583. 3.74% of the stock is owned by corporate insiders.
STL has been the subject of a number of recent research reports. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $29.00 price target on shares of Sterling Bancorp in a research note on Thursday, October 12th. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research note on Tuesday, August 29th. Maxim Group reiterated a “buy” rating and issued a $30.00 price target on shares of Sterling Bancorp in a research note on Wednesday, October 25th. Finally, ValuEngine downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Sterling Bancorp has a consensus rating of “Buy” and an average price target of $27.48.
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Sterling Bancorp 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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