Sterling Bancorp (NYSE:STL) was the target of a significant decline in short interest in the month of October. As of October 13th, there was short interest totalling 9,104,571 shares, a decline of 29.0% from the September 29th total of 12,831,565 shares. Based on an average trading volume of 2,077,747 shares, the days-to-cover ratio is presently 4.4 days. Approximately 7.0% of the company’s shares are sold short.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share 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 company had revenue of $134.06 million during the quarter, compared to the consensus estimate of $135.09 million. During the same period in the previous year, the firm posted $0.29 EPS. The business’s quarterly revenue was up 9.7% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 20th. Stockholders of record on Monday, November 6th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.12%. Sterling Bancorp’s dividend payout ratio (DPR) is presently 22.58%.
Several research analysts have weighed in on STL shares. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Saturday, September 16th. Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Sterling Bancorp in a research note on Thursday, September 7th. Finally, ValuEngine lowered shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $27.69.
In other Sterling Bancorp news, Director James F. Deutsch sold 300,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now owns 500 shares in the company, valued at approximately $12,655. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James F. Deutsch sold 100,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now owns 500 shares in the company, valued at approximately $12,490. The disclosure for this sale can be found here. Insiders have sold 454,600 shares of company stock worth $11,439,366 in the last 90 days. 3.74% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of STL. BlackRock Inc. raised its holdings in shares of Sterling Bancorp by 50,894.8% in the first quarter. BlackRock Inc. now owns 15,992,998 shares of the financial services provider’s stock valued at $379,033,000 after purchasing an additional 15,961,636 shares during the last quarter. State Street Corp raised its holdings in shares of Sterling Bancorp by 38.2% in the second quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock valued at $190,624,000 after purchasing an additional 2,267,814 shares during the last quarter. Mesirow Financial Investment Management Equity Management acquired a new stake in shares of Sterling Bancorp in the second quarter valued at approximately $17,510,000. Vanguard Group Inc. raised its holdings 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 valued at $277,031,000 after purchasing an additional 566,776 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings 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 valued at $17,785,000 after purchasing an additional 503,859 shares during the last quarter. Institutional investors own 91.18% of the company’s stock.
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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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