NJ State Employees Deferred Compensation Plan increased its holdings in Sterling Bancorp (NYSE:STL) by 36.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 34,000 shares of the financial services provider’s stock after acquiring an additional 9,000 shares during the quarter. NJ State Employees Deferred Compensation Plan’s holdings in Sterling Bancorp were worth $838,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. State Street Corp lifted its stake in shares of Sterling Bancorp by 26.9% in the first quarter. State Street Corp now owns 5,931,005 shares of the financial services provider’s stock worth $140,564,000 after acquiring an additional 1,257,312 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Sterling Bancorp by 109.5% in the first quarter. Bank of America Corp DE now owns 600,127 shares of the financial services provider’s stock worth $14,223,000 after acquiring an additional 313,689 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Sterling Bancorp by 5.1% in the first quarter. Vanguard Group Inc. now owns 11,689,095 shares of the financial services provider’s stock worth $277,031,000 after acquiring an additional 566,776 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Sterling Bancorp by 204.4% in the first quarter. Renaissance Technologies LLC now owns 750,409 shares of the financial services provider’s stock worth $17,785,000 after acquiring an additional 503,859 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Sterling Bancorp by 11.8% in the second quarter. Legal & General Group Plc now owns 262,495 shares of the financial services provider’s stock worth $6,105,000 after acquiring an additional 27,635 shares in the last quarter. Institutional investors and hedge funds own 91.18% of the company’s stock.
In related news, Director James F. Deutsch sold 300,000 shares of the stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $25.31, for a total value of $7,593,000.00. Following the completion of the sale, the director now owns 500 shares in the company, valued at $12,655. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James F. Deutsch sold 100,000 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $24.98, for a total transaction of $2,498,000.00. Following the completion of the sale, the director now owns 500 shares of the company’s stock, valued at approximately $12,490. The disclosure for this sale can be found here. Insiders have sold 454,600 shares of company stock valued at $11,439,366 over the last 90 days. Corporate insiders own 3.74% of the company’s stock.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ 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 firm had revenue of $134.06 million for the quarter, compared to the consensus estimate of $135.09 million. During the same quarter last year, the company earned $0.29 earnings per share. The firm’s revenue was up 9.7% on a year-over-year basis.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Shareholders of record on Monday, November 6th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date is Friday, November 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is 22.58%.
STL has been the topic of several recent analyst reports. Zacks Investment Research cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 14th. ValuEngine cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Sterling Bancorp in a research note on Thursday, September 7th. Finally, Royal Bank Of Canada cut their price target on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $27.69.
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Sterling Bancorp 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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