Municipal Employees Retirement System of Michigan Has $1.25 Million Stake in Sterling Bancorp (STL)
Municipal Employees Retirement System of Michigan grew its stake in shares of Sterling Bancorp (NYSE:STL) by 59.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,880 shares of the financial services provider’s stock after buying an additional 18,870 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Sterling Bancorp were worth $1,254,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in STL. State Street Corp increased its position in shares of Sterling Bancorp by 38.2% during the second quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock valued at $190,624,000 after buying an additional 2,267,814 shares during the period. Mesirow Financial Investment Management Equity Management bought a new stake in shares of Sterling Bancorp during the second quarter valued at about $17,510,000. Alliancebernstein L.P. increased its position in shares of Sterling Bancorp by 16.3% during the second quarter. Alliancebernstein L.P. now owns 3,312,473 shares of the financial services provider’s stock valued at $77,015,000 after buying an additional 463,922 shares during the period. Picton Mahoney Asset Management increased its position in shares of Sterling Bancorp by 126.1% during the second quarter. Picton Mahoney Asset Management now owns 763,525 shares of the financial services provider’s stock valued at $17,751,000 after buying an additional 425,825 shares during the period. Finally, Macquarie Group Ltd. increased its position in shares of Sterling Bancorp by 23.7% during the second quarter. Macquarie Group Ltd. now owns 2,150,997 shares of the financial services provider’s stock valued at $50,011,000 after buying an additional 411,462 shares during the period. Hedge funds and other institutional investors own 91.70% of the company’s stock.
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Sterling Bancorp (STL) opened at $23.90 on Monday. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $5,370.50, a P/E ratio of 18.53 and a beta of 1.05. Sterling Bancorp has a 52-week low of $21.00 and a 52-week high of $25.85.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.01). The company had revenue of $134.06 million during the quarter, compared to the consensus estimate of $135.09 million. Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter last year, the company posted $0.29 earnings per share. analysts anticipate that Sterling Bancorp will post 1.39 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Monday, November 6th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend is Friday, November 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is 22.58%.
In other Sterling Bancorp news, CEO Jack L. Kopnisky sold 54,100 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $24.71, for a total value of $1,336,811.00. Following the completion of the sale, the chief executive officer now owns 231,765 shares of the company’s stock, valued at $5,726,913.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James F. Deutsch sold 300,000 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $25.31, for a total value of $7,593,000.00. Following the completion of the sale, the director now directly owns 500 shares of the company’s stock, valued at approximately $12,655. The disclosure for this sale can be found here. In the last ninety days, insiders sold 489,135 shares of company stock valued at $12,259,133. 3.74% of the stock is owned by insiders.
Several brokerages have recently weighed in on STL. JMP Securities began coverage on Sterling Bancorp in a research report on Monday. They set a “market perform” rating on the stock. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research report on Saturday, September 16th. BidaskClub cut Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $29.00 price target on shares of Sterling Bancorp in a research report on Thursday, October 12th. Finally, Maxim Group restated a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, July 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $27.69.
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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