California Public Employees Retirement System grew its stake in Sterling Bancorp (NYSE:STL) by 97.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 297,758 shares of the financial services provider’s stock after acquiring an additional 146,857 shares during the quarter. California Public Employees Retirement System owned about 0.13% of Sterling Bancorp worth $7,325,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Victory Capital Management Inc. grew its stake in Sterling Bancorp by 54.8% during the 4th quarter. Victory Capital Management Inc. now owns 5,053,762 shares of the financial services provider’s stock valued at $124,323,000 after purchasing an additional 1,789,102 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in shares of Sterling Bancorp by 12.2% in the 3rd quarter. Macquarie Group Ltd. now owns 2,413,557 shares of the financial services provider’s stock valued at $59,494,000 after buying an additional 262,560 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Sterling Bancorp by 25.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,208,095 shares of the financial services provider’s stock valued at $54,429,000 after buying an additional 448,949 shares during the period. EJF Capital LLC acquired a new position in shares of Sterling Bancorp in the 3rd quarter valued at about $44,127,000. Finally, Wells Fargo & Company MN raised its holdings in Sterling Bancorp by 22.7% in the 3rd quarter. Wells Fargo & Company MN now owns 1,775,582 shares of the financial services provider’s stock worth $43,769,000 after purchasing an additional 328,944 shares during the period. Institutional investors and hedge funds own 88.74% of the company’s stock.
In related 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 value of $5,044,000.00. Following the completion of the sale, the director now owns 500 shares in the company, valued at $12,610. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 3.74% of the company’s stock.
Sterling Bancorp (NYSE:STL) traded down $0.48 during trading on Wednesday, reaching $24.82. The company’s stock had a trading volume of 685,866 shares, compared to its average volume of 1,849,613. The firm has a market capitalization of $5,765.68, a PE ratio of 18.59 and a beta of 1.09. Sterling Bancorp has a one year low of $21.00 and a one year high of $26.50. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.00 and a current ratio of 1.00.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Sterling Bancorp had a return on equity of 8.93% and a net margin of 12.46%. The company had revenue of $265.00 million for the quarter, compared to analyst estimates of $267.08 million. The business’s revenue was up 115.3% on a year-over-year basis. analysts anticipate that Sterling Bancorp will post 1.88 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, February 20th. Investors of record on Monday, February 5th were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date of this dividend was Friday, February 2nd. Sterling Bancorp’s dividend payout ratio is currently 36.36%.
A number of equities analysts recently weighed in on the company. Jefferies Group reaffirmed a “buy” rating and issued a $30.00 price target on shares of Sterling Bancorp in a report on Thursday, January 25th. Maxim Group boosted their price objective on Sterling Bancorp from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $33.50 price target on shares of Sterling Bancorp in a research report on Tuesday, February 27th. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $29.00 price target for the company in a research report on Tuesday, January 2nd. Finally, JMP Securities started coverage on Sterling Bancorp in a research report on Monday, November 20th. They issued a “market perform” rating and a $25.85 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $29.19.
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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