Hermes Investment Management Ltd. reduced its position in Sterling Bancorp (NYSE:STL) by 6.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,069,406 shares of the financial services provider’s stock after selling 69,706 shares during the period. Hermes Investment Management Ltd. owned approximately 0.79% of Sterling Bancorp worth $26,361,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. First Bank & Trust lifted its holdings in shares of 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 in the last quarter. Riverhead Capital Management LLC lifted its holdings in shares of 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Sterling Bancorp by 8.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,504 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 415 shares in the last quarter. M&T Bank Corp bought a new position in shares of Sterling Bancorp in the 2nd quarter worth $205,000. Finally, World Asset Management Inc lifted its holdings in shares of Sterling Bancorp by 3.0% in the 2nd quarter. World Asset Management Inc now owns 8,842 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 261 shares in the last quarter. Institutional investors own 90.57% of the company’s stock.
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In other Sterling Bancorp news, Director Burt Steinberg purchased 10,000 shares of the stock in a transaction dated Friday, August 11th. The shares were purchased at an average cost of $21.88 per share, with a total value of $218,800.00. Following the completion of the acquisition, the director now directly owns 135,146 shares in the company, valued at approximately $2,956,994.48. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Richard L. O’toole purchased 4,000 shares of the stock in a transaction dated Thursday, July 27th. The shares were acquired at an average cost of $22.60 per share, for a total transaction of $90,400.00. Following the completion of the acquisition, the director now owns 21,291 shares of the company’s stock, valued at $481,176.60. The disclosure for this purchase can be found here. Corporate insiders own 3.74% of the company’s stock.
A number of equities analysts recently issued reports on the company. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $29.00 target price on shares of Sterling Bancorp in a report on Thursday, October 12th. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Saturday, September 16th. BidaskClub cut Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Royal Bank Of Canada dropped their price objective on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 3rd. Finally, Maxim Group restated a “buy” rating and set a $30.00 price objective on shares of Sterling Bancorp in a research note on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $27.69.
Shares of Sterling Bancorp (NYSE STL) traded up 1.64% during trading on Friday, reaching $24.80. The company’s stock had a trading volume of 1,870,767 shares. Sterling Bancorp has a one year low of $16.95 and a one year high of $25.85. The stock’s 50 day moving average is $23.64 and its 200 day moving average is $23.03. The firm has a market cap of $3.36 billion, a P/E ratio of 20.68 and a beta of 1.07.
Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. The firm had revenue of $126.88 million for the quarter, compared to analysts’ expectations of $133.85 million. On average, equities analysts forecast that Sterling Bancorp will post $0.69 EPS for the current fiscal year.
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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