Sterling Bancorp (STL) Position Reduced by Comerica Bank
Comerica Bank trimmed its position in shares of Sterling Bancorp (NYSE:STL) by 20.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 186,172 shares of the financial services provider’s stock after selling 46,881 shares during the quarter. Comerica Bank owned about 0.08% of Sterling Bancorp worth $4,124,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in STL. TCI Wealth Advisors Inc. grew its position in Sterling Bancorp by 8,213.6% during the 4th quarter. TCI Wealth Advisors Inc. now owns 6,734 shares of the financial services provider’s stock valued at $166,000 after purchasing an additional 6,653 shares during the last quarter. Highlander Capital Management LLC grew its position in Sterling Bancorp by 700.0% during the 4th quarter. Highlander Capital Management LLC now owns 8,000 shares of the financial services provider’s stock valued at $197,000 after purchasing an additional 7,000 shares during the last quarter. Cigna Investments Inc. New purchased a new stake in Sterling Bancorp during the 4th quarter valued at about $201,000. Connable Office Inc. purchased a new stake in Sterling Bancorp during the 4th quarter valued at about $202,000. Finally, Oakbrook Investments LLC purchased a new stake in Sterling Bancorp during the 4th quarter valued at about $204,000. 88.91% of the stock is currently owned by institutional investors.
In other news, Director James F. Deutsch sold 200,000 shares of the firm’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $25.22, for a total transaction of $5,044,000.00. Following the sale, the director now owns 500 shares of the company’s stock, valued at approximately $12,610. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.09% of the company’s stock.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.45. The firm had revenue of $262.57 million for the quarter, compared to the consensus estimate of $259.67 million. Sterling Bancorp had a net margin of 16.84% and a return on equity of 9.24%. The business’s quarterly revenue was up 108.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.31 EPS. equities research analysts forecast that Sterling Bancorp will post 1.92 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, May 21st. Stockholders of record on Monday, May 7th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend is Friday, May 4th. Sterling Bancorp’s payout ratio is presently 20.00%.
Several analysts recently commented on STL shares. Zacks Investment Research downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, April 28th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $33.50 price objective on shares of Sterling Bancorp in a research report on Tuesday, February 27th. Maxim Group increased their price objective on shares of Sterling Bancorp from $32.00 to $36.00 and gave the company a “positive” rating in a research report on Tuesday, May 1st. Finally, Jefferies Group reaffirmed a “buy” rating and set a $30.00 price target on shares of Sterling Bancorp in a report on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. Sterling Bancorp has an average rating of “Hold” and an average target price of $30.14.
Sterling Bancorp Profile
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, money market, savings, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
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