Sterling Bancorp (STL) Shares Gap Down on Insider Selling
Shares of Sterling Bancorp (NYSE:STL) gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $22.65, but opened at $21.85. Sterling Bancorp shares last traded at $21.60, with a volume of 4,087,933 shares changing hands.
Specifically, Director Craig S. Thompson sold 4,847 shares of Sterling Bancorp stock in a transaction on Friday, August 26th. The shares were sold at an average price of $17.20, for a total value of $83,368.40. Following the sale, the director now directly owns 255,600 shares in the company, valued at approximately $4,396,320. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Craig S. Thompson sold 3,500 shares of Sterling Bancorp stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $22.05, for a total transaction of $77,175.00. Following the completion of the sale, the director now owns 250,200 shares in the company, valued at $5,516,910. The disclosure for this sale can be found here. 4.04% of the stock is currently owned by company insiders.
A number of research firms have recently weighed in on STL. Zacks Investment Research downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, September 28th. Jefferies Group restated a “buy” rating and issued a $21.00 target price on shares of Sterling Bancorp in a report on Tuesday, November 1st. Hovde Group began coverage on shares of Sterling Bancorp in a report on Monday, October 10th. They issued an “outperform” rating and a $20.00 target price on the stock. Piper Jaffray Cos. downgraded shares of Sterling Bancorp from an “overweight” rating to a “neutral” rating and set a $20.00 target price on the stock. in a report on Wednesday. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Sterling Bancorp from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, July 28th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Sterling Bancorp currently has a consensus rating of “Buy” and a consensus price target of $19.83.
The stock has a market capitalization of $2.95 billion, a PE ratio of 22.33 and a beta of 1.06. The company has a 50-day moving average price of $18.33 and a 200-day moving average price of $17.00.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, October 25th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The business had revenue of $112.20 million for the quarter, compared to the consensus estimate of $122.20 million. Sterling Bancorp had a net margin of 25.55% and a return on equity of 7.90%. Equities analysts predict that Sterling Bancorp will post $0.69 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 21st. Shareholders of record on Monday, November 7th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend 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 institutional investors have recently bought and sold shares of the stock. Hilton Capital Management LLC boosted its stake in shares of Sterling Bancorp by 3.5% in the second quarter. Hilton Capital Management LLC now owns 316,676 shares of the financial services provider’s stock worth $4,972,000 after buying an additional 10,610 shares during the period. Genesee Valley Trust Co. boosted its stake in shares of Sterling Bancorp by 5.6% in the second quarter. Genesee Valley Trust Co. now owns 11,280 shares of the financial services provider’s stock worth $177,000 after buying an additional 600 shares during the period. Strs Ohio boosted its stake in shares of Sterling Bancorp by 47.2% in the second quarter. Strs Ohio now owns 7,800 shares of the financial services provider’s stock worth $122,000 after buying an additional 2,500 shares during the period. Bank of Montreal Can acquired a new stake in shares of Sterling Bancorp during the second quarter worth approximately $12,643,000. Finally, Parametrica Management Ltd acquired a new stake in shares of Sterling Bancorp during the second quarter worth approximately $191,000. 79.17% of the stock is currently 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.
Receive News & Stock Ratings for Sterling Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sterling Bancorp and related stocks with our FREE daily email newsletter.