Sterling Bancorp (STL) Position Trimmed by ProShare Advisors LLC
ProShare Advisors LLC reduced its position in Sterling Bancorp (NYSE:STL) by 7.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,906 shares of the financial services provider’s stock after selling 1,683 shares during the quarter. ProShare Advisors LLC’s holdings in Sterling Bancorp were worth $463,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of STL. First Bank & Trust raised its position in Sterling Bancorp by 402.6% in the 2nd quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 3,970 shares during the period. Riverhead Capital Management LLC raised its position in Sterling Bancorp by 70.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 2,119 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Sterling Bancorp by 51.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock worth $121,000 after purchasing an additional 1,735 shares during the period. World Asset Management Inc purchased a new stake in Sterling Bancorp in the 1st quarter worth about $203,000. Finally, Ronna Sue Cohen raised its position in Sterling Bancorp by 0.3% in the 2nd quarter. Ronna Sue Cohen now owns 10,245 shares of the financial services provider’s stock worth $238,000 after purchasing an additional 33 shares during the period. 90.91% of the stock is currently owned by institutional investors.
A number of research firms recently weighed in on STL. Royal Bank Of Canada reduced their price objective on shares of Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research report on Tuesday. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research report on Saturday, September 16th. BidaskClub raised shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Maxim Group reissued a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating on shares of Sterling Bancorp in a research report on Thursday, September 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. Sterling Bancorp has a consensus rating of “Buy” and a consensus price target of $27.31.
Sterling Bancorp (NYSE:STL) opened at 24.55 on Friday. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of 20.48 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’s 50 day moving average is $22.96 and its 200-day moving average is $22.95.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. The business had revenue of $126.88 million for the quarter, compared to the consensus estimate of $133.85 million. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. On average, equities research analysts expect that Sterling Bancorp will post $0.69 earnings per share for the current year.
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In related news, Director Richard L. O’toole purchased 4,000 shares of Sterling Bancorp stock in a transaction dated Thursday, July 27th. The shares were acquired at an average cost of $22.60 per share, with a total value of $90,400.00. Following the purchase, the director now owns 21,291 shares of the company’s stock, valued at $481,176.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Burt Steinberg purchased 10,000 shares of Sterling Bancorp stock in a transaction dated Friday, August 11th. The stock was bought at an average cost of $21.88 per share, for a total transaction of $218,800.00. Following the completion of the purchase, the director now directly owns 135,146 shares in the company, valued at approximately $2,956,994.48. The disclosure for this purchase can be found here. 3.74% of the stock is currently owned by insiders.
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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