Sterling Bancorp (STL) Director James F. Deutsch Sells 100,000 Shares of Stock
Sterling Bancorp (NYSE:STL) Director James F. Deutsch sold 100,000 shares of the business’s stock in a transaction on Monday, November 14th. The shares were sold at an average price of $22.48, for a total transaction of $2,248,000.00. Following the completion of the sale, the director now directly owns 500 shares of the company’s stock, valued at $11,240. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Sterling Bancorp (NYSE:STL) opened at 22.50 on Tuesday. The stock has a market capitalization of $2.94 billion, a PE ratio of 22.28 and a beta of 1.06. The company’s 50-day moving average is $17.76 and its 200 day moving average is $16.84. Sterling Bancorp has a 12-month low of $13.44 and a 12-month high of $22.88.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.01. The business earned $112.20 million during the quarter, compared to analyst estimates of $122.20 million. Sterling Bancorp had a net margin of 25.55% and a return on equity of 7.90%. On average, analysts predict that Sterling Bancorp will post $0.69 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 21st. Investors of record on Monday, November 7th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Thursday, November 3rd. Sterling Bancorp’s payout ratio is 27.72%.
A number of equities research analysts recently weighed in on the stock. Hovde Group assumed coverage on shares of Sterling Bancorp in a research report on Monday, October 10th. They issued an “outperform” rating and a $20.00 price target for the company. Zacks Investment Research cut shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, September 28th. Keefe, Bruyette & Woods upped their target price on shares of Sterling Bancorp from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Thursday, July 28th. Jefferies Group reaffirmed a “buy” rating and issued a $21.00 target price on shares of Sterling Bancorp in a report on Tuesday, November 1st. Finally, FIG Partners reaffirmed an “outperform” rating on shares of Sterling Bancorp in a report on Wednesday, August 31st. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Sterling Bancorp currently has a consensus rating of “Buy” and a consensus target price of $19.80.
A number of large investors have recently added to or reduced their stakes in the stock. Gotham Asset Management LLC purchased a new stake in Sterling Bancorp during the third quarter worth $246,000. Clinton Group Inc. bought a new position in shares of Sterling Bancorp during the third quarter valued at $200,000. The Manufacturers Life Insurance Company bought a new position in shares of Sterling Bancorp during the third quarter valued at $1,492,000. HighTower Advisors LLC raised its position in shares of Sterling Bancorp by 521.8% in the third quarter. HighTower Advisors LLC now owns 145,940 shares of the financial services provider’s stock valued at $2,564,000 after buying an additional 122,471 shares in the last quarter. Finally, KCG Holdings Inc. bought a new position in shares of Sterling Bancorp during the third quarter valued at $232,000. 79.17% of the stock is owned by institutional investors and hedge funds.
About Sterling Bancorp
Sterling Bancorp is a financial holding company. The Company is a bank holding company that owns the Sterling National Bank (the Bank). The Bank specializes in the delivery of services and solutions to business owners, their families and consumers within the communities it serves. The Bank offers a line of commercial, business, and consumer banking products and services.
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