Craig S. Thompson Sells 3,500 Shares of Sterling Bancorp (STL) Stock
Sterling Bancorp (NYSE:STL) Director Craig S. Thompson sold 3,500 shares of the company’s stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $22.05, for a total value of $77,175.00. Following the completion of the transaction, the director now directly owns 250,200 shares in the company, valued at $5,516,910. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
Sterling Bancorp (NYSE:STL) opened at 21.70 on Friday. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 21.49 and a beta of 1.06. Sterling Bancorp has a 52 week low of $13.44 and a 52 week high of $22.88. The company has a 50-day moving average of $18.30 and a 200-day moving average of $17.00.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. Sterling Bancorp had a net margin of 25.55% and a return on equity of 7.90%. The firm earned $112.20 million during the quarter, compared to analysts’ expectations of $122.20 million. Analysts anticipate that Sterling Bancorp will post $0.69 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 21st. Investors of record on Monday, November 7th will be given a $0.07 dividend. The ex-dividend date is Thursday, November 3rd. This represents a $0.28 dividend on an annualized basis and a yield of 1.30%. Sterling Bancorp’s dividend payout ratio (DPR) is presently 27.72%.
A number of large investors have recently made changes to their positions in STL. Wellington Management Group LLP boosted its stake in shares of Sterling Bancorp by 68.6% in the first quarter. Wellington Management Group LLP now owns 5,580,851 shares of the financial services provider’s stock worth $88,903,000 after buying an additional 2,269,760 shares during the period. Systematic Financial Management LP boosted its stake in shares of Sterling Bancorp by 58.5% in the second quarter. Systematic Financial Management LP now owns 4,766,082 shares of the financial services provider’s stock worth $74,827,000 after buying an additional 1,759,939 shares during the period. BlackRock Fund Advisors boosted its stake in shares of Sterling Bancorp by 14.3% in the third quarter. BlackRock Fund Advisors now owns 8,942,549 shares of the financial services provider’s stock worth $156,495,000 after buying an additional 1,120,306 shares during the period. Bank of Montreal Can bought a new stake in shares of Sterling Bancorp during the second quarter worth $12,643,000. Finally, Emerald Acquisition Ltd. bought a new stake in shares of Sterling Bancorp during the second quarter worth $11,282,000. 79.17% of the stock is owned by hedge funds and other institutional investors.
STL has been the topic of several research reports. Zacks Investment Research downgraded Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, September 28th. Jefferies Group reissued a “buy” rating and issued a $21.00 target price on shares of Sterling Bancorp in a research report on Tuesday, November 1st. Hovde Group initiated coverage on Sterling Bancorp in a research report on Monday, October 10th. They issued an “outperform” rating and a $20.00 target price on the stock. Piper Jaffray Cos. downgraded Sterling Bancorp from an “overweight” rating to a “neutral” rating in a research report on Wednesday. Finally, Keefe, Bruyette & Woods upped their target price on Sterling Bancorp from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, July 28th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $19.80.
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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