Sterling Bancorp (NYSE:STL) Director Thomas G. Kahn sold 30,000 shares of the stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $23.69, for a total value of $710,700.00. Following the completion of the transaction, the director now directly owns 44,774 shares of the company’s stock, valued at approximately $1,060,696.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Sterling Bancorp (NYSE STL) traded up $0.05 during trading hours on Friday, reaching $23.55. The company’s stock had a trading volume of 2,438,468 shares, compared to its average volume of 1,607,454. The company has a current ratio of 0.99, a quick ratio of 1.00 and a debt-to-equity ratio of 1.76. Sterling Bancorp has a 52 week low of $19.86 and a 52 week high of $25.85. The company has a market cap of $5,290.00, a P/E ratio of 18.33 and a beta of 1.05.
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 analysts’ consensus estimates of $0.36 by ($0.01). The company had revenue of $134.06 million for the quarter, compared to analyst estimates of $135.09 million. Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.29 earnings per share. analysts anticipate that Sterling Bancorp will post 1.38 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Stockholders of record on Monday, November 6th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date is Friday, November 3rd. Sterling Bancorp’s payout ratio is 22.58%.
A number of brokerages recently commented on STL. Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a report on Saturday, September 16th. BidaskClub downgraded Sterling Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $29.00 target price on shares of Sterling Bancorp in a report on Thursday, October 12th. Maxim Group reaffirmed a “buy” rating and set a $30.00 target price on shares of Sterling Bancorp in a report on Wednesday, October 25th. Finally, Royal Bank Of Canada reduced their target price on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a report on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $27.69.
Several institutional investors have recently made changes to their positions in STL. California Public Employees Retirement System raised its position in shares of Sterling Bancorp by 4.9% during the 1st quarter. California Public Employees Retirement System now owns 163,400 shares of the financial services provider’s stock worth $3,873,000 after purchasing an additional 7,700 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Sterling Bancorp by 7.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 534,113 shares of the financial services provider’s stock worth $12,659,000 after purchasing an additional 38,650 shares during the period. Bank of America Corp DE raised its position in shares of Sterling Bancorp by 109.5% during the 1st quarter. Bank of America Corp DE now owns 600,127 shares of the financial services provider’s stock worth $14,223,000 after purchasing an additional 313,689 shares during the period. AQR Capital Management LLC raised its position in shares of Sterling Bancorp by 24.6% during the 1st quarter. AQR Capital Management LLC now owns 70,264 shares of the financial services provider’s stock worth $1,666,000 after purchasing an additional 13,878 shares during the period. Finally, State of Alaska Department of Revenue raised its position in shares of Sterling Bancorp by 78.1% during the 2nd quarter. State of Alaska Department of Revenue now owns 26,763 shares of the financial services provider’s stock worth $622,000 after purchasing an additional 11,733 shares during the period. Institutional investors and hedge funds own 91.22% 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.
Receive News & Ratings for Sterling Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sterling Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.