Sterling Bancorp (STL) Stake Lowered by Evercore Wealth Management LLC

Evercore Wealth Management LLC cut its holdings in Sterling Bancorp (NYSE:STL) by 9.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,600 shares of the financial services provider’s stock after selling 2,800 shares during the quarter. Evercore Wealth Management LLC’s holdings in Sterling Bancorp were worth $653,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of STL. BlackRock Inc. boosted its stake in shares of Sterling Bancorp by 0.7% in the second quarter. BlackRock Inc. now owns 16,098,764 shares of the financial services provider’s stock worth $374,296,000 after acquiring an additional 105,766 shares during the last quarter. State Street Corp boosted its stake in Sterling Bancorp by 38.2% during the second quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock worth $190,624,000 after buying an additional 2,267,814 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Sterling Bancorp by 16.3% during the second quarter. Alliancebernstein L.P. now owns 3,312,473 shares of the financial services provider’s stock worth $77,015,000 after buying an additional 463,922 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Sterling Bancorp by 2.2% during the third quarter. Victory Capital Management Inc. now owns 3,264,660 shares of the financial services provider’s stock worth $80,474,000 after buying an additional 69,900 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Sterling Bancorp by 4.0% during the second quarter. Northern Trust Corp now owns 2,756,462 shares of the financial services provider’s stock worth $64,087,000 after buying an additional 106,638 shares during the last quarter. Institutional investors and hedge funds own 91.70% of the company’s stock.

Shares of Sterling Bancorp (NYSE:STL) traded up $0.70 during trading on Tuesday, hitting $26.00. The stock had a trading volume of 3,332,600 shares, compared to its average volume of 1,625,064. Sterling Bancorp has a twelve month low of $21.00 and a twelve month high of $26.48. The firm has a market cap of $5,685.09, a price-to-earnings ratio of 19.61 and a beta of 1.04. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.76.

Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing the Thomson Reuters’ 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 business had revenue of $134.06 million during the quarter, compared to analyst estimates of $135.09 million. During the same period last year, the company earned $0.29 EPS. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. research analysts expect that Sterling Bancorp will post 1.39 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, November 20th. Stockholders of record on Monday, November 6th were paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend was Friday, November 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is presently 22.58%.

A number of equities analysts have weighed in on the company. Maxim Group reissued a “buy” rating and set a $30.00 price objective on shares of Sterling Bancorp in a research note on Wednesday, October 25th. Zacks Investment Research lowered Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Royal Bank Of Canada lowered their price objective 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. Keefe, Bruyette & Woods reissued a “buy” rating on shares of Sterling Bancorp in a research note on Thursday, September 7th. Finally, ValuEngine lowered 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, three have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $27.48.

In related news, Director James F. Deutsch sold 300,000 shares of the business’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $25.31, for a total value of $7,593,000.00. Following the sale, the director now owns 500 shares in the company, valued at approximately $12,655. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jack L. Kopnisky sold 54,100 shares of the business’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $24.71, for a total value of $1,336,811.00. Following the completion of the sale, the chief executive officer now owns 231,765 shares in the company, valued at approximately $5,726,913.15. The disclosure for this sale can be found here. In the last ninety days, insiders sold 754,135 shares of company stock worth $18,738,583. Corporate insiders own 3.74% of the company’s stock.

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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.

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

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