Short Interest in Sterling Bancorp (NASDAQ:SBT) Drops By 9.0%

Sterling Bancorp (NASDAQ:SBT) saw a large decrease in short interest in 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 daily trading volume, of 77,900 shares, the short-interest ratio is presently 2.5 days. Currently, 1.3% of the company’s shares are short sold.

A number of institutional investors have recently made changes to their positions in SBT. BNP Paribas Arbitrage SA grew its position in 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 acquiring an additional 4,204 shares during the last quarter. TD Asset Management Inc. grew its position in Sterling Bancorp by 18.0% in the 1st quarter. TD Asset Management Inc. now owns 55,801 shares of the company’s stock valued at $566,000 after acquiring an additional 8,500 shares during the last quarter. Acadian Asset Management LLC bought a new position in Sterling Bancorp in the 1st quarter valued at $317,000. Banc Funds Co. LLC grew its position in Sterling Bancorp by 30.6% in the 1st quarter. Banc Funds Co. LLC now owns 563,100 shares of the company’s stock valued at $5,710,000 after acquiring an additional 132,100 shares during the last quarter. Finally, TCW Group Inc. bought a new position in Sterling Bancorp in the 1st quarter valued at $2,839,000. 28.14% of the stock is currently owned by institutional investors.

NASDAQ:SBT traded up $0.14 during midday trading on Friday, hitting $10.17. 329 shares of the company traded hands, compared to its average volume of 43,262. The firm’s fifty day moving average is $9.54 and its 200-day moving average is $9.79. Sterling Bancorp has a 12-month low of $6.65 and a 12-month high of $13.31. The firm has a market capitalization of $506.68 million, a P/E ratio of 8.48 and a beta of 1.33. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.95.

Sterling Bancorp (NASDAQ:SBT) last released its quarterly earnings results on Monday, July 29th. The company reported $0.26 earnings per share 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 company had revenue of $32.78 million for the quarter, compared to analysts’ expectations of $34.20 million. On average, research analysts expect that Sterling Bancorp will post 1.14 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 23rd were issued 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 yield of 0.39%. Sterling Bancorp’s payout ratio is presently 3.33%.

Several analysts recently weighed in on the company. TheStreet upgraded Sterling Bancorp from a “d+” rating to a “c” rating in a report on Monday, August 26th. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $12.67.

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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