Sterling Bancorp (NASDAQ:SBT) Sees Large Growth in Short Interest

Sterling Bancorp (NASDAQ:SBT) was the target of a large growth in short interest in June. As of June 30th, there was short interest totalling 417,700 shares, a growth of 23.1% from the May 30th total of 339,300 shares. Based on an average trading volume of 77,000 shares, the short-interest ratio is currently 5.4 days. Approximately 2.3% of the company’s stock are short sold.

Several brokerages have recently weighed in on SBT. ValuEngine lowered Valero Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, May 8th. Zacks Investment Research lowered Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, June 26th. Finally, Piper Jaffray Companies set a $90.00 price target on Tilray and gave the stock a “buy” rating in a research report on Tuesday, March 19th.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA grew its stake in shares of Sterling Bancorp by 938.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 4,652 shares of the company’s stock valued at $47,000 after purchasing an additional 4,204 shares during the last quarter. D. E. Shaw & Co. Inc. purchased a new position in shares of Sterling Bancorp in the 4th quarter valued at approximately $90,000. Denali Advisors LLC purchased a new position in shares of Sterling Bancorp in the 1st quarter valued at approximately $138,000. Rhumbline Advisers grew its stake in shares of Sterling Bancorp by 61.2% in the 4th quarter. Rhumbline Advisers now owns 26,404 shares of the company’s stock valued at $184,000 after purchasing an additional 10,025 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new position in shares of Sterling Bancorp in the 1st quarter valued at approximately $317,000. 29.19% of the stock is currently owned by institutional investors.

SBT traded up $0.21 during trading on Friday, hitting $10.08. 44,301 shares of the stock were exchanged, compared to its average volume of 126,585. The company has a market cap of $523.96 million, a price-to-earnings ratio of 8.40 and a beta of 1.33. Sterling Bancorp has a 1-year low of $6.65 and a 1-year high of $13.66. The company’s fifty day simple moving average is $9.79. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 1.24.

Sterling Bancorp (NASDAQ:SBT) last released its quarterly earnings results on Monday, April 29th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.27 by $0.03. The company had revenue of $34.13 million for the quarter, compared to analyst estimates of $33.60 million. Sterling Bancorp had a return on equity of 19.55% and a net margin of 33.72%. On average, analysts forecast that Sterling Bancorp will post 1.13 EPS for the current fiscal year.

Sterling Bancorp Company Profile

Sterling Bancorp, Inc is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City, and a loan production office in Seattle, Washington. Sterling offers a broad range of loan products to the residential and commercial markets, as well as retail and business banking services.

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