Glacier Peak Capital LLC Purchases New Position in Sterling Bancorp (STL)

Glacier Peak Capital LLC purchased a new position in shares of Sterling Bancorp (NYSE:STL) during the first quarter, HoldingsChannel.com reports. The firm purchased 160,000 shares of the financial services provider’s stock, valued at approximately $3,608,000. Sterling Bancorp makes up about 2.2% of Glacier Peak Capital LLC’s holdings, making the stock its 22nd biggest holding.

A number of other large investors have also recently added to or reduced their stakes in the stock. Amundi Pioneer Asset Management Inc. grew its stake in Sterling Bancorp by 14.0% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 112,700 shares of the financial services provider’s stock worth $2,541,000 after buying an additional 13,800 shares during the last quarter. Point72 Asia Hong Kong Ltd grew its stake in shares of Sterling Bancorp by 2,001.7% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 13,304 shares of the financial services provider’s stock valued at $300,000 after purchasing an additional 12,671 shares during the last quarter. Hilton Capital Management LLC grew its stake in shares of Sterling Bancorp by 6.5% in the 1st quarter. Hilton Capital Management LLC now owns 672,512 shares of the financial services provider’s stock valued at $15,165,000 after purchasing an additional 40,920 shares during the last quarter. Barclays PLC grew its stake in shares of Sterling Bancorp by 27.5% in the 1st quarter. Barclays PLC now owns 66,605 shares of the financial services provider’s stock valued at $1,501,000 after purchasing an additional 14,381 shares during the last quarter. Finally, Interval Partners LP purchased a new position in shares of Sterling Bancorp in the 1st quarter valued at approximately $4,184,000. Hedge funds and other institutional investors own 91.18% of the company’s stock.

Several research analysts have weighed in on the company. Maxim Group reiterated a “buy” rating and issued a $32.00 target price on shares of Sterling Bancorp in a research note on Wednesday, April 25th. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a research note on Wednesday, March 28th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $33.50 target price on shares of Sterling Bancorp in a research note on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Sterling Bancorp has a consensus rating of “Hold” and an average price target of $30.14.

In related news, insider Thomas X. Geisel sold 4,446 shares of Sterling Bancorp stock in a transaction on Thursday, June 7th. The stock was sold at an average price of $25.45, for a total transaction of $113,150.70. Following the completion of the transaction, the insider now directly owns 12,819 shares of the company’s stock, valued at $326,243.55. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director James F. Deutsch sold 14,589 shares of Sterling Bancorp stock in a transaction on Friday, May 25th. The stock was sold at an average price of $25.00, for a total value of $364,725.00. Following the transaction, the director now directly owns 500 shares of the company’s stock, valued at $12,500. The disclosure for this sale can be found here. Insiders sold a total of 243,165 shares of company stock valued at $6,086,560 over the last three months. Insiders own 2.09% of the company’s stock.

Shares of STL traded down $0.15 during mid-day trading on Thursday, hitting $24.50. The company’s stock had a trading volume of 3,149 shares, compared to its average volume of 1,735,079. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market capitalization of $5.60 billion, a P/E ratio of 17.46 and a beta of 1.12. Sterling Bancorp has a 1-year low of $24.25 and a 1-year high of $25.65.

Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.45 EPS for the quarter, meeting the consensus estimate of $0.45. The business had revenue of $262.57 million during the quarter, compared to analysts’ expectations of $259.67 million. Sterling Bancorp had a return on equity of 9.24% and a net margin of 16.84%. The company’s quarterly revenue was up 108.8% compared to the same quarter last year. During the same period last year, the firm earned $0.31 EPS. research analysts anticipate that Sterling Bancorp will post 1.97 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, May 21st. Stockholders of record on Monday, May 7th were issued a $0.07 dividend. The ex-dividend date was Friday, May 4th. This represents a $0.28 annualized dividend and a dividend yield of 1.14%. Sterling Bancorp’s dividend payout ratio is currently 20.00%.

Sterling Bancorp Company Profile

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, money market, savings, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.

Want to see what other hedge funds are holding STL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sterling Bancorp (NYSE:STL).

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

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.

Leave a Reply