Stifel Financial Corp reduced its position in Sterling Bancorp (NYSE:STL) by 3.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 357,992 shares of the financial services provider’s stock after selling 12,806 shares during the period. Stifel Financial Corp owned 0.18% of Sterling Bancorp worth $4,196,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cipher Capital LP boosted its position in shares of Sterling Bancorp by 20.0% in the 2nd quarter. Cipher Capital LP now owns 61,565 shares of the financial services provider’s stock worth $722,000 after purchasing an additional 10,260 shares during the last quarter. Gyon Technologies Capital Management LP bought a new position in shares of Sterling Bancorp in the 2nd quarter worth $205,000. Gabelli Funds LLC boosted its position in shares of Sterling Bancorp by 0.5% in the 2nd quarter. Gabelli Funds LLC now owns 965,000 shares of the financial services provider’s stock worth $11,310,000 after purchasing an additional 5,000 shares during the last quarter. FMR LLC lifted its holdings in Sterling Bancorp by 70.2% during the second quarter. FMR LLC now owns 3,275,005 shares of the financial services provider’s stock worth $38,383,000 after acquiring an additional 1,350,987 shares in the last quarter. Finally, Federated Hermes Inc. lifted its holdings in Sterling Bancorp by 13.0% during the second quarter. Federated Hermes Inc. now owns 1,740,514 shares of the financial services provider’s stock worth $20,399,000 after acquiring an additional 200,829 shares in the last quarter. 82.93% of the stock is owned by institutional investors.
In other Sterling Bancorp news, insider Thomas X. Geisel sold 7,927 shares of the stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $11.46, for a total transaction of $90,843.42. Following the completion of the sale, the insider now directly owns 27,172 shares in the company, valued at approximately $311,391.12. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.96% of the company’s stock.
A number of analysts have recently commented on the company. Maxim Group restated a “buy” rating and issued a $20.00 price target on shares of Sterling Bancorp in a report on Friday, July 24th. Citigroup lifted their target price on Sterling Bancorp from $12.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, June 18th. DA Davidson initiated coverage on Sterling Bancorp in a research report on Tuesday, July 21st. They set a “buy” rating on the stock. Finally, Zacks Investment Research downgraded Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $18.10.
Shares of STL stock opened at $11.22 on Wednesday. The stock has a 50 day simple moving average of $11.81 and a 200 day simple moving average of $11.69. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.35. Sterling Bancorp has a 1 year low of $7.01 and a 1 year high of $21.63. The stock has a market cap of $2.18 billion, a P/E ratio of 7.90 and a beta of 1.65.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.02). The company had revenue of $239.39 million for the quarter, compared to analyst estimates of $242.51 million. Sterling Bancorp had a return on equity of 6.30% and a net margin of 22.93%. Analysts forecast that Sterling Bancorp will post 1.01 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Monday, August 3rd were issued a dividend of $0.07 per share. The ex-dividend date was Friday, July 31st. This represents a $0.28 dividend on an annualized basis and a yield of 2.50%. Sterling Bancorp’s payout ratio is currently 13.53%.
Sterling Bancorp Company 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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