First Trust Advisors LP decreased its stake in Sterling Bancorp (NYSE:STL) by 49.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 444,801 shares of the financial services provider’s stock after selling 428,575 shares during the quarter. First Trust Advisors LP owned approximately 0.20% of Sterling Bancorp worth $9,786,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Itau Unibanco Holding S.A. acquired a new stake in shares of Sterling Bancorp in the second quarter valued at about $127,000. Qube Research & Technologies Ltd acquired a new stake in shares of Sterling Bancorp in the second quarter valued at about $222,000. MAI Capital Management acquired a new stake in shares of Sterling Bancorp in the second quarter valued at about $322,000. Ramsey Quantitative Systems grew its position in shares of Sterling Bancorp by 45.9% in the second quarter. Ramsey Quantitative Systems now owns 14,125 shares of the financial services provider’s stock valued at $332,000 after purchasing an additional 4,444 shares during the period. Finally, BB&T Corp grew its position in shares of Sterling Bancorp by 20.2% in the third quarter. BB&T Corp now owns 16,282 shares of the financial services provider’s stock valued at $358,000 after purchasing an additional 2,739 shares during the period. Institutional investors and hedge funds own 92.35% of the company’s stock.

STL opened at $18.56 on Wednesday. The stock has a market cap of $4.14 billion, a P/E ratio of 13.26 and a beta of 1.12. Sterling Bancorp has a twelve month low of $16.85 and a twelve month high of $25.65. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.14.

Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $0.51 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.51. The firm had revenue of $272.20 million for the quarter, compared to analyst estimates of $278.79 million. Sterling Bancorp had a net margin of 23.31% and a return on equity of 9.96%. Sterling Bancorp’s quarterly revenue was up 96.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.35 earnings per share. Equities analysts predict that Sterling Bancorp will post 1.97 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 19th. Investors of record on Monday, November 5th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, November 2nd. This represents a $0.28 dividend on an annualized basis and a yield of 1.51%. Sterling Bancorp’s payout ratio is presently 20.00%.

In other Sterling Bancorp news, Director Richard L. O’toole purchased 5,000 shares of the stock in a transaction that occurred on Thursday, October 25th. The shares were purchased at an average cost of $17.01 per share, for a total transaction of $85,050.00. Following the completion of the transaction, the director now owns 35,713 shares of the company’s stock, valued at approximately $607,478.13. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.09% of the company’s stock.

STL has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. ValuEngine lowered shares of Sterling Bancorp from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 17th. Maxim Group restated a “buy” rating and set a $36.00 price target on shares of Sterling Bancorp in a research report on Thursday, October 25th. Finally, Hovde Group lowered their price target on shares of Sterling Bancorp from $30.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, October 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. Sterling Bancorp presently has a consensus rating of “Hold” and a consensus target price of $28.84.

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Sterling Bancorp Company Profile

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, money market, savings, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.

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Institutional Ownership by Quarter for Sterling Bancorp (NYSE:STL)

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