Sterling Bancorp (STL) Holdings Lessened by Investment Counselors of Maryland LLC
Investment Counselors of Maryland LLC trimmed its holdings in shares of Sterling Bancorp (NYSE:STL) by 5.1% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,064,995 shares of the financial services provider’s stock after selling 57,690 shares during the period. Sterling Bancorp makes up 1.3% of Investment Counselors of Maryland LLC’s investment portfolio, making the stock its largest holding. Investment Counselors of Maryland LLC owned about 785,047.18% of Sterling Bancorp worth $26,252,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the business. Ronna Sue Cohen lifted its holdings in shares of Sterling Bancorp by 0.3% in the 2nd quarter. Ronna Sue Cohen now owns 10,245 shares of the financial services provider’s stock worth $238,000 after purchasing an additional 33 shares in the last quarter. Alps Advisors Inc. lifted its holdings in shares of Sterling Bancorp by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 19,465 shares of the financial services provider’s stock worth $453,000 after purchasing an additional 50 shares in the last quarter. Suntrust Banks Inc. lifted its holdings in shares of Sterling Bancorp by 0.3% in the 2nd quarter. Suntrust Banks Inc. now owns 27,294 shares of the financial services provider’s stock worth $634,000 after purchasing an additional 86 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Sterling Bancorp by 2.0% in the 2nd quarter. Teacher Retirement System of Texas now owns 10,330 shares of the financial services provider’s stock worth $240,000 after purchasing an additional 200 shares in the last quarter. Finally, World Asset Management Inc lifted its holdings in shares of Sterling Bancorp by 3.0% in the 2nd quarter. World Asset Management Inc now owns 8,842 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 261 shares in the last quarter. Hedge funds and other institutional investors own 91.22% of the company’s stock.
A number of equities analysts recently issued reports on STL shares. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a report on Saturday, July 29th. Maxim Group reiterated a “buy” rating and issued a $30.00 target price on shares of Sterling Bancorp in a report on Wednesday, July 26th. Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Sterling Bancorp in a report on Thursday, September 7th. Finally, ValuEngine cut Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $27.69.
Sterling Bancorp (NYSE:STL) traded down $0.38 during midday trading on Wednesday, reaching $23.68. The company had a trading volume of 3,073,694 shares, compared to its average volume of 1,706,971. The stock has a market cap of $3,303.27, a price-to-earnings ratio of 18.88 and a beta of 1.05. Sterling Bancorp has a twelve month low of $18.00 and a twelve month high of $25.85. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.99 and a quick ratio of 1.00.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. The company had revenue of $134.06 million during the quarter, compared to analysts’ expectations of $135.09 million. During the same period in the previous year, the company posted $0.29 earnings per share. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. research analysts anticipate that Sterling Bancorp will post 1.38 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 20th. Stockholders of record on Monday, November 6th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.18%. The ex-dividend date is Friday, November 3rd. Sterling Bancorp’s dividend payout ratio is presently 22.58%.
In other Sterling Bancorp news, Director Burt Steinberg bought 10,000 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was purchased at an average cost of $21.88 per share, with a total value of $218,800.00. Following the transaction, the director now directly owns 135,146 shares in the company, valued at approximately $2,956,994.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jack L. Kopnisky sold 54,100 shares of the firm’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $24.71, for a total value of $1,336,811.00. Following the sale, the chief executive officer now directly owns 231,765 shares of the company’s stock, valued at $5,726,913.15. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 454,600 shares of company stock valued at $11,439,366. Insiders own 3.74% of the company’s stock.
Sterling Bancorp Profile
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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