Commonwealth Equity Services LLC grew its holdings in Sterling Bancorp (NYSE:STL) by 225.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 56,987 shares of the financial services provider’s stock after acquiring an additional 39,496 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Sterling Bancorp were worth $1,285,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of STL. Principal Financial Group Inc. raised its stake in shares of Sterling Bancorp by 1.9% in the first quarter. Principal Financial Group Inc. now owns 973,817 shares of the financial services provider’s stock worth $21,959,000 after purchasing an additional 18,153 shares during the last quarter. Maltese Capital Management LLC boosted its stake in shares of Sterling Bancorp by 97.7% in the first quarter. Maltese Capital Management LLC now owns 1,285,228 shares of the financial services provider’s stock worth $28,982,000 after acquiring an additional 635,072 shares during the last quarter. EJF Capital LLC boosted its stake in Sterling Bancorp by 2.1% during the first quarter. EJF Capital LLC now owns 2,030,000 shares of the financial services provider’s stock worth $45,777,000 after buying an additional 41,430 shares during the last quarter. Pitcairn Co. boosted its stake in Sterling Bancorp by 39.6% during the first quarter. Pitcairn Co. now owns 13,607 shares of the financial services provider’s stock worth $307,000 after buying an additional 3,857 shares during the last quarter. Finally, OppenheimerFunds Inc. boosted its stake in Sterling Bancorp by 3.9% during the first quarter. OppenheimerFunds Inc. now owns 1,609,244 shares of the financial services provider’s stock worth $36,288,000 after buying an additional 60,077 shares during the last quarter. 91.16% of the stock is owned by institutional investors and hedge funds.
A number of research firms have commented on STL. Maxim Group restated a “buy” rating and issued a $32.00 target price on shares of Sterling Bancorp in a research report on Wednesday, April 25th. Zacks Investment Research downgraded Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Friday, March 30th. Keefe, Bruyette & Woods restated a “buy” rating and set a $34.00 price target on shares of Sterling Bancorp in a report on Thursday, April 5th. Finally, Citigroup assumed coverage on Sterling Bancorp in a report on Monday, June 18th. They set a “neutral” rating and a $27.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $29.69.
In other news, Director James F. Deutsch sold 123,980 shares of the company’s stock in a transaction dated Wednesday, June 6th. The stock was sold at an average price of $25.02, for a total transaction of $3,101,979.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James F. Deutsch sold 100,000 shares of the company’s stock in a transaction dated Wednesday, May 30th. The stock was sold at an average price of $25.03, for a total value of $2,503,000.00. Following the transaction, the director now directly owns 500 shares of the company’s stock, valued at $12,515. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 243,165 shares of company stock worth $6,086,560. 2.09% of the stock is owned by company insiders.
Shares of Sterling Bancorp opened at $24.25 on Monday, according to MarketBeat. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23. Sterling Bancorp has a 1-year low of $23.98 and a 1-year high of $25.65. The stock has a market cap of $5.57 billion, a price-to-earnings ratio of 17.32 and a beta of 1.12.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.45 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. Sterling Bancorp had a return on equity of 9.24% and a net margin of 16.84%. The company had revenue of $262.57 million for the quarter, compared to the consensus estimate of $259.67 million. During the same quarter in the prior year, the business earned $0.31 EPS. Sterling Bancorp’s revenue was up 108.8% on a year-over-year basis. research analysts expect that Sterling Bancorp will post 1.97 earnings per share for the current fiscal year.
Sterling Bancorp Company Profile
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, money market, savings, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
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