Shine Investment Advisory Services Inc. Raises Stake in Sterling Bancorp (STL)

Shine Investment Advisory Services Inc. lifted its stake in shares of Sterling Bancorp (NYSE:STL) by 137.2% during the first quarter, HoldingsChannel.com reports. The fund owned 1,988 shares of the financial services provider’s stock after buying an additional 1,150 shares during the quarter. Shine Investment Advisory Services Inc.’s holdings in Sterling Bancorp were worth $37,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of STL. Nordea Investment Management AB boosted its stake in shares of Sterling Bancorp by 58.8% during the third quarter. Nordea Investment Management AB now owns 200,957 shares of the financial services provider’s stock valued at $4,421,000 after purchasing an additional 74,380 shares in the last quarter. HRT Financial LLC bought a new position in shares of Sterling Bancorp during the third quarter valued at approximately $408,000. Standard Life Aberdeen plc boosted its stake in shares of Sterling Bancorp by 7.6% during the third quarter. Standard Life Aberdeen plc now owns 166,649 shares of the financial services provider’s stock valued at $3,671,000 after purchasing an additional 11,773 shares in the last quarter. Prudential PLC boosted its stake in shares of Sterling Bancorp by 25.5% during the fourth quarter. Prudential PLC now owns 1,009,700 shares of the financial services provider’s stock valued at $16,670,000 after purchasing an additional 205,400 shares in the last quarter. Finally, Texas Permanent School Fund boosted its stake in Sterling Bancorp by 3.5% in the fourth quarter. Texas Permanent School Fund now owns 146,863 shares of the financial services provider’s stock valued at $2,425,000 after acquiring an additional 4,992 shares in the last quarter. 98.93% of the stock is currently owned by institutional investors and hedge funds.

Shares of STL opened at $20.77 on Wednesday. The company has a market capitalization of $4.42 billion, a price-to-earnings ratio of 10.39 and a beta of 1.25. Sterling Bancorp has a twelve month low of $15.62 and a twelve month high of $25.65. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.00 and a quick ratio of 0.93.

Sterling Bancorp (NYSE:STL) last announced its earnings results on Wednesday, January 23rd. The financial services provider reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.02. The company had revenue of $265.35 million during the quarter, compared to the consensus estimate of $266.32 million. Sterling Bancorp had a net margin of 33.95% and a return on equity of 10.54%. Sterling Bancorp’s revenue was up 2.9% compared to the same quarter last year. During the same period last year, the firm earned $1.25 earnings per share. On average, equities analysts predict that Sterling Bancorp will post 2.09 earnings per share for the current fiscal year.

In other news, insider Brian T. Edwards sold 9,855 shares of Sterling Bancorp stock in a transaction on Monday, March 18th. The shares were sold at an average price of $20.19, for a total transaction of $198,972.45. Following the completion of the sale, the insider now directly owns 98,050 shares in the company, valued at $1,979,629.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director James J. Landy sold 55,000 shares of Sterling Bancorp stock in a transaction on Friday, February 1st. The stock was sold at an average price of $19.36, for a total transaction of $1,064,800.00. The disclosure for this sale can be found here. Insiders own 2.09% of the company’s stock.

Several brokerages have weighed in on STL. Zacks Investment Research downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, April 5th. ValuEngine upgraded shares of Sterling Bancorp from a “strong sell” rating to a “sell” rating in a research note on Monday, April 1st. Stephens restated a “buy” rating and issued a $21.00 target price on shares of Sterling Bancorp in a research note on Wednesday, December 19th. Maxim Group restated a “buy” rating and issued a $36.00 target price on shares of Sterling Bancorp in a research note on Thursday, January 24th. Finally, TheStreet downgraded shares of Sterling Bancorp from a “b-” rating to a “c+” rating in a research note on Thursday, January 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $25.60.

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Sterling Bancorp Profile

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.

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Institutional Ownership by Quarter for Sterling Bancorp (NYSE:STL)

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