Picton Mahoney Asset Management Has $17.29 Million Holdings in Sterling Bancorp (STL)
Picton Mahoney Asset Management boosted its stake in Sterling Bancorp (NYSE:STL) by 2.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 702,525 shares of the financial services provider’s stock after purchasing an additional 18,500 shares during the period. Picton Mahoney Asset Management’s holdings in Sterling Bancorp were worth $17,285,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in STL. Riverhead Capital Management LLC grew its position in shares of Sterling Bancorp by 70.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock worth $119,000 after buying an additional 2,119 shares during the last quarter. TCI Wealth Advisors Inc. grew its position in shares of Sterling Bancorp by 8,213.6% in the 4th quarter. TCI Wealth Advisors Inc. now owns 6,734 shares of the financial services provider’s stock worth $166,000 after buying an additional 6,653 shares during the last quarter. First Bank & Trust grew its position in shares of Sterling Bancorp by 54.5% in the 3rd quarter. First Bank & Trust now owns 7,657 shares of the financial services provider’s stock worth $188,000 after buying an additional 2,701 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Sterling Bancorp by 82.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 7,845 shares of the financial services provider’s stock worth $193,000 after buying an additional 3,554 shares during the last quarter. Finally, Cigna Investments Inc. New bought a new stake in shares of Sterling Bancorp in the 4th quarter worth approximately $201,000. 91.70% of the stock is currently owned by institutional investors and hedge funds.
In other Sterling Bancorp news, Director Thomas G. Kahn sold 30,000 shares of the business’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $23.69, for a total value of $710,700.00. Following the sale, the director now directly owns 44,774 shares of the company’s stock, valued at $1,060,696.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James F. Deutsch sold 100,000 shares of the business’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $25.31, for a total value of $2,531,000.00. Following the completion of the sale, the director now directly owns 500 shares in the company, valued at $12,655. The disclosure for this sale can be found here. Insiders sold 299,535 shares of company stock worth $7,299,217 over the last three months. Corporate insiders own 3.74% of the company’s stock.
Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, January 23rd. The financial services provider reported $0.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.01. Sterling Bancorp had a return on equity of 8.93% and a net margin of 12.46%. The business had revenue of $265.00 million for the quarter, compared to the consensus estimate of $267.08 million. Sterling Bancorp’s revenue for the quarter was up 115.3% compared to the same quarter last year. sell-side analysts anticipate that Sterling Bancorp will post 1.91 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 20th. Shareholders of record on Monday, February 5th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend is Friday, February 2nd. Sterling Bancorp’s dividend payout ratio (DPR) is 36.36%.
STL has been the topic of several research reports. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $29.00 price target on the stock in a research report on Tuesday, January 2nd. JMP Securities initiated coverage on Sterling Bancorp in a research report on Monday, November 20th. They set a “market perform” rating and a $25.85 price target on the stock. Maxim Group restated a “buy” rating and set a $30.00 price target on shares of Sterling Bancorp in a research report on Wednesday, October 25th. Keefe, Bruyette & Woods restated a “buy” rating and set a $29.00 price target on shares of Sterling Bancorp in a research report on Thursday, October 12th. Finally, Jefferies Group restated a “buy” rating and set a $30.00 price target on shares of Sterling Bancorp in a research report on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $28.36.
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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.
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