Legal & General Group Plc boosted its stake in Sterling Bancorp (NYSE:STL) by 3.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 234,860 shares of the financial services provider’s stock after buying an additional 6,954 shares during the period. Legal & General Group Plc owned approximately 0.17% of Sterling Bancorp worth $5,568,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. 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. purchased a new position in Sterling Bancorp during the first quarter valued at about $24,308,000. Norges Bank purchased a new position in Sterling Bancorp during the fourth quarter valued at about $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. 86.60% of the stock is owned by hedge funds and other institutional investors.
Shares of Sterling Bancorp (STL) opened at 22.75 on Wednesday. The stock has a 50 day moving average of $22.72 and a 200 day moving average of $23.54. The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of 19.33 and a beta of 1.04. Sterling Bancorp has a 52-week low of $14.55 and a 52-week high of $25.85.
Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, April 25th. The financial services provider reported $0.31 EPS for the quarter, hitting analysts’ consensus estimates of $0.31. Sterling Bancorp had a net margin of 28.23% and a return on equity of 8.36%. The business had revenue of $121.63 million for the quarter, compared to the consensus estimate of $127.81 million. On average, analysts predict that Sterling Bancorp will post $0.69 EPS for the current fiscal year.
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STL has been the subject of several analyst reports. Stephens initiated coverage on shares of Sterling Bancorp in a report on Wednesday, April 5th. They set an “overweight” rating for the company. FBR & Co set a $25.00 price target on shares of Sterling Bancorp and gave the stock a “hold” rating in a report on Thursday, May 4th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $29.00 price target on shares of Sterling Bancorp in a report on Monday, March 13th. ValuEngine raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, May 20th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $28.00 price target on shares of Sterling Bancorp in a report on Friday, May 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $27.21.
In related news, General Counsel James P. Blose sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $24.00, for a total value of $72,000.00. Following the sale, the general counsel now directly owns 18,433 shares in the company, valued at approximately $442,392. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas G. Kahn sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $23.53, for a total transaction of $47,060.00. Following the completion of the sale, the director now owns 44,648 shares in the company, valued at $1,050,567.44. The disclosure for this sale can be found here. Insiders sold a total of 211,500 shares of company stock worth $4,875,795 over the last quarter. Insiders own 3.74% of the company’s stock.
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.
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