Royal Bank of Canada Has $34,498,000 Stake in Sterling Bancorp (STL)
Royal Bank of Canada reduced its position in Sterling Bancorp (NYSE:STL) by 2.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,197,314 shares of the financial services provider’s stock after selling 44,500 shares during the period. Royal Bank of Canada owned approximately 1.68% of Sterling Bancorp worth $34,498,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Strs Ohio raised its position 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 in the last quarter. BlackRock Inc. raised its position in shares of Sterling Bancorp by 126.8% in the first quarter. BlackRock Inc. now owns 8,030 shares of the financial services provider’s stock worth $129,000 after buying an additional 4,489 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Sterling Bancorp by 5,196.4% in the second quarter. Tower Research Capital LLC TRC now owns 8,898 shares of the financial services provider’s stock worth $140,000 after buying an additional 8,730 shares in the last quarter. Sei Investments Co. raised its position in shares of Sterling Bancorp by 139.9% in the second quarter. Sei Investments Co. now owns 9,312 shares of the financial services provider’s stock worth $146,000 after buying an additional 5,430 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC bought a new position in shares of Sterling Bancorp during the second quarter worth $167,000. 79.17% of the stock is owned by hedge funds and other institutional investors.
Sterling Bancorp (NYSE:STL) traded up 4.40% during midday trading on Friday, hitting $22.55. 1,589,418 shares of the stock traded hands. The firm has a market cap of $2.95 billion, a PE ratio of 22.33 and a beta of 1.06. Sterling Bancorp has a 52-week low of $13.44 and a 52-week high of $22.55. The stock has a 50-day moving average of $17.76 and a 200 day moving average of $16.84.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $0.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The company had revenue of $112.20 million for 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%. Equities analysts forecast that Sterling Bancorp will post $0.69 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 21st. Stockholders 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 annualized dividend and a dividend yield of 1.24%. Sterling Bancorp’s dividend payout ratio (DPR) is 27.72%.
STL has been the subject of several research reports. Zacks Investment Research upgraded shares of Sterling Bancorp from a “sell” rating to a “hold” rating and set a $20.00 price objective for the company in a research report on Saturday, October 29th. Hovde Group initiated coverage on shares of Sterling Bancorp in a research report on Monday, October 10th. They set an “outperform” rating and a $20.00 price objective for the company. Keefe, Bruyette & Woods increased their price objective on shares of Sterling Bancorp from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, July 28th. Jefferies Group reiterated a “buy” rating and set a $21.00 price objective on shares of Sterling Bancorp in a research report on Tuesday, November 1st. Finally, Piper Jaffray Cos. lowered shares of Sterling Bancorp from an “overweight” rating to a “neutral” rating and set a $20.00 price objective for the company. in a research report on Wednesday. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Sterling Bancorp presently has a consensus rating of “Buy” and a consensus target price of $19.83.
In other news, Director James F. Deutsch sold 200,000 shares of Sterling Bancorp stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $17.19, for a total value of $3,438,000.00. Following the sale, the director now owns 500 shares in the company, valued at $8,595. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Craig S. Thompson sold 4,847 shares of Sterling Bancorp stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $17.20, for a total transaction of $83,368.40. Following the completion of the sale, the director now owns 255,600 shares in the company, valued at approximately $4,396,320. The disclosure for this sale can be found here. 4.04% of the stock is currently owned by insiders.
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.