Macquarie Group Ltd. Has $49.12 Million Holdings in Sterling Bancorp (STL)

Macquarie Group Ltd. raised its stake in shares of Sterling Bancorp (NYSE:STL) by 1.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,090,193 shares of the financial services provider’s stock after buying an additional 21,456 shares during the quarter. Macquarie Group Ltd. owned about 0.93% of Sterling Bancorp worth $49,120,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of STL. Bank of America Corp DE lifted its stake in shares of Sterling Bancorp by 142.4% during the 2nd quarter. Bank of America Corp DE now owns 3,647,348 shares of the financial services provider’s stock worth $85,713,000 after purchasing an additional 2,142,585 shares during the period. Diamond Hill Capital Management Inc. lifted its stake in shares of Sterling Bancorp by 189.0% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,136,987 shares of the financial services provider’s stock worth $50,219,000 after purchasing an additional 1,397,573 shares during the period. Janus Henderson Group PLC purchased a new position in shares of Sterling Bancorp in the 2nd quarter worth $23,115,000. OppenheimerFunds Inc. raised its position in shares of Sterling Bancorp by 58.7% in the 2nd quarter. OppenheimerFunds Inc. now owns 2,553,994 shares of the financial services provider’s stock worth $60,019,000 after buying an additional 944,750 shares during the period. Finally, Maltese Capital Management LLC raised its position in shares of Sterling Bancorp by 97.7% in the 1st quarter. Maltese Capital Management LLC now owns 1,285,228 shares of the financial services provider’s stock worth $28,982,000 after buying an additional 635,072 shares during the period. 92.12% of the stock is currently owned by institutional investors.

Shares of STL opened at $22.20 on Friday. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $5.06 billion, a P/E ratio of 13.28 and a beta of 0.96. Sterling Bancorp has a twelve month low of $21.75 and a twelve month high of $25.65.

Sterling Bancorp (NYSE:STL) last issued its earnings results on Tuesday, July 24th. The financial services provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.02. The business had revenue of $276.81 million for the quarter, compared to analyst estimates of $272.26 million. Sterling Bancorp had a return on equity of 9.67% and a net margin of 20.19%. The business’s quarterly revenue was up 110.8% on a year-over-year basis. During the same period last year, the company posted $0.33 EPS. equities research analysts expect that Sterling Bancorp will post 1.98 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, August 20th. Investors of record on Monday, August 6th were given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.26%. The ex-dividend date was Friday, August 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is currently 20.00%.

In related news, Director Richard L. O’toole acquired 4,000 shares of the business’s stock in a transaction on Monday, August 13th. The shares were bought at an average cost of $21.92 per share, with a total value of $87,680.00. Following the completion of the transaction, the director now directly owns 30,713 shares of the company’s stock, valued at approximately $673,228.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel James P. Blose sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $22.25, for a total value of $44,500.00. Following the completion of the transaction, the general counsel now directly owns 20,322 shares in the company, valued at $452,164.50. The disclosure for this sale can be found here. Company insiders own 2.09% of the company’s stock.

Several research analysts recently weighed in on STL shares. Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a research report on Wednesday, June 27th. Citigroup started coverage on Sterling Bancorp in a research report on Monday, June 18th. They issued a “neutral” rating and a $27.00 target price on the stock. Finally, ValuEngine lowered Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Sterling Bancorp has an average rating of “Hold” and an average target price of $29.84.

About Sterling Bancorp

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.

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

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