Sterling Bancorp (NASDAQ:SBT) Short Interest Down 9.0% in August

Sterling Bancorp (NASDAQ:SBT) saw a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 197,800 shares, a decrease of 9.0% from the July 31st total of 217,300 shares. Based on an average trading volume of 77,900 shares, the short-interest ratio is presently 2.5 days. Currently, 1.3% of the company’s stock are sold short.

NASDAQ:SBT traded up $0.13 on Friday, hitting $10.17. The stock had a trading volume of 6,137 shares, compared to its average volume of 40,245. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.17 and a current ratio of 1.17. The stock has a market cap of $497.59 million, a P/E ratio of 8.47 and a beta of 1.33. Sterling Bancorp has a 1 year low of $6.65 and a 1 year high of $13.31. The firm’s fifty day simple moving average is $9.54 and its two-hundred day simple moving average is $9.80.

Sterling Bancorp (NASDAQ:SBT) last posted its quarterly earnings data on Monday, July 29th. The company reported $0.26 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.01). Sterling Bancorp had a net margin of 32.19% and a return on equity of 18.23%. The firm had revenue of $32.78 million during the quarter, compared to analysts’ expectations of $34.20 million. Equities research analysts predict that Sterling Bancorp will post 1.14 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 23rd were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $0.04 annualized dividend and a dividend yield of 0.39%. Sterling Bancorp’s payout ratio is currently 3.33%.

Several equities research analysts have commented on SBT shares. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research note on Tuesday, August 27th. TheStreet upgraded shares of Sterling Bancorp from a “d+” rating to a “c” rating in a research note on Monday, August 26th. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $12.67.

Several hedge funds have recently modified their holdings of SBT. BNP Paribas Arbitrage SA boosted its holdings in Sterling Bancorp by 938.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 4,652 shares of the company’s stock worth $47,000 after buying an additional 4,204 shares during the period. Alberta Investment Management Corp bought a new position in Sterling Bancorp in the 2nd quarter worth approximately $166,000. Susquehanna International Group LLP bought a new position in Sterling Bancorp in the 2nd quarter worth approximately $202,000. Paloma Partners Management Co bought a new position in Sterling Bancorp in the 2nd quarter worth approximately $217,000. Finally, JPMorgan Chase & Co. boosted its holdings in Sterling Bancorp by 360.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 25,330 shares of the company’s stock valued at $255,000 after purchasing an additional 19,826 shares during the period. Institutional investors own 28.14% of the company’s stock.

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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