Pier Capital LLC Sells 21,037 Shares of Sterling Bancorp (STL)
Pier Capital LLC cut its stake in shares of Sterling Bancorp (NYSE:STL) by 8.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 231,074 shares of the financial services provider’s stock after selling 21,037 shares during the quarter. Pier Capital LLC owned approximately 0.10% of Sterling Bancorp worth $5,696,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Stifel Financial Corp boosted its stake in Sterling Bancorp by 5.0% in the 3rd quarter. Stifel Financial Corp now owns 209,581 shares of the financial services provider’s stock worth $5,164,000 after purchasing an additional 9,996 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in Sterling Bancorp by 5.4% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 592,042 shares of the financial services provider’s stock worth $14,594,000 after purchasing an additional 30,259 shares during the period. Wells Fargo & Company MN boosted its stake in Sterling Bancorp by 22.7% in the 3rd quarter. Wells Fargo & Company MN now owns 1,775,582 shares of the financial services provider’s stock worth $43,769,000 after purchasing an additional 328,944 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Sterling Bancorp in the 3rd quarter worth approximately $808,000. Finally, Virginia Retirement Systems ET AL bought a new position in Sterling Bancorp in the 3rd quarter worth approximately $205,000. Institutional investors own 91.70% of the company’s stock.
In related news, CEO Jack L. Kopnisky sold 54,100 shares of the stock in a transaction on Monday, October 30th. The stock was sold at an average price of $24.71, for a total transaction of $1,336,811.00. Following the sale, the chief executive officer now owns 231,765 shares in the company, valued at approximately $5,726,913.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas G. Kahn sold 30,000 shares of the stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $23.69, for a total value of $710,700.00. Following the sale, the director now owns 44,774 shares in the company, valued at approximately $1,060,696.06. The disclosure for this sale can be found here. Insiders have sold a total of 754,135 shares of company stock worth $18,738,583 in the last 90 days. 3.74% of the stock is currently owned by insiders.
Sterling Bancorp (NYSE:STL) traded up $0.70 during midday trading on Tuesday, hitting $26.00. The stock had a trading volume of 3,332,600 shares, compared to its average volume of 1,625,064. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.76. The company has a market cap of $5,685.09, a P/E ratio of 19.61 and a beta of 1.04. Sterling Bancorp has a 52-week low of $21.00 and a 52-week high of $26.48.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results 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). 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 for the quarter, compared to analysts’ expectations of $135.09 million. During the same quarter in the previous year, the company posted $0.29 EPS. The business’s quarterly revenue was up 9.7% on a year-over-year basis. equities analysts expect that Sterling Bancorp will post 1.39 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, November 20th. Investors of record on Monday, November 6th were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, November 3rd. This represents a $0.28 annualized dividend and a yield of 1.08%. Sterling Bancorp’s payout ratio is presently 22.58%.
COPYRIGHT VIOLATION WARNING: This story was first published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this story on another domain, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://www.thecerbatgem.com/2017/12/05/pier-capital-llc-sells-21037-shares-of-sterling-bancorp-stl.html.
Sterling Bancorp Company 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.
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.