Citadel Advisors LLC Has $18.30 Million Stake in Sterling Bancorp (STL)

Citadel Advisors LLC increased its stake in shares of Sterling Bancorp (NYSE:STL) by 547.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 772,163 shares of the financial services provider’s stock after buying an additional 652,832 shares during the period. Citadel Advisors LLC owned about 0.57% of Sterling Bancorp worth $18,301,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in STL. OppenheimerFunds Inc. boosted its position in Sterling Bancorp by 229.3% in the first quarter. OppenheimerFunds Inc. now owns 1,697,911 shares of the financial services provider’s stock valued at $40,240,000 after buying an additional 1,182,263 shares in the last quarter. Hermes Investment Management Ltd. acquired a new position in Sterling Bancorp during the first quarter valued at $24,308,000. Norges Bank acquired a new position in Sterling Bancorp during the fourth quarter valued at $21,697,000. Wellington Management Group LLP boosted its position in Sterling Bancorp by 7.3% in the first quarter. Wellington Management Group LLP now owns 11,034,467 shares of the financial services provider’s stock valued at $261,517,000 after buying an additional 751,740 shares in the last quarter. Finally, State Street Corp boosted its position in Sterling Bancorp by 18.5% in the fourth quarter. State Street Corp now owns 4,673,693 shares of the financial services provider’s stock valued at $109,369,000 after buying an additional 729,145 shares in the last quarter. 86.81% of the stock is currently owned by institutional investors.

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

Shares of Sterling Bancorp (NYSE:STL) traded down 1.07% on Tuesday, hitting $23.20. The stock had a trading volume of 796,584 shares. The stock has a market cap of $3.15 billion, a PE ratio of 19.71 and a beta of 1.04. The stock has a 50 day moving average of $22.72 and a 200-day moving average of $23.54. Sterling Bancorp has a 12 month low of $14.55 and a 12 month high of $25.85.

Sterling Bancorp (NYSE:STL) last issued its earnings results on Tuesday, April 25th. The financial services provider reported $0.31 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. Sterling Bancorp had a return on equity of 8.36% and a net margin of 28.23%. The firm had revenue of $121.63 million for the quarter, compared to analysts’ expectations of $127.81 million. Equities research analysts anticipate that Sterling Bancorp will post $0.69 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, May 22nd. Stockholders of record on Monday, May 8th were issued a $0.07 dividend. The ex-dividend date of this dividend was Thursday, May 4th. This represents a $0.28 annualized dividend and a dividend yield of 1.21%. Sterling Bancorp’s dividend payout ratio (DPR) is 23.73%.

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Several research analysts have weighed in on the company. Zacks Investment Research cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, May 23rd. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $29.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, April 12th. BidaskClub raised Sterling Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. FBR & Co assumed coverage on Sterling Bancorp in a research report on Tuesday, April 11th. They issued a “mkt perform” rating and a $25.00 price objective on the stock. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $28.00 price objective on shares of Sterling Bancorp in a research report on Friday, May 19th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $27.21.

In other news, Director Craig S. Thompson sold 3,500 shares of Sterling Bancorp stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $22.75, for a total value of $79,625.00. Following the sale, the director now directly owns 225,395 shares of the company’s stock, valued at $5,127,736.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James F. Deutsch sold 200,000 shares of Sterling Bancorp stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $23.05, for a total value of $4,610,000.00. Following the completion of the sale, the director now directly owns 500 shares in the company, valued at $11,525. The disclosure for this sale can be found here. Insiders sold 209,500 shares of company stock worth $4,828,735 over the last ninety days. Insiders own 3.74% of the company’s stock.

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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