Sterling Bancorp (STL) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in shares of Sterling Bancorp (NYSE:STL) by 2.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 984,432 shares of the financial services provider’s stock after selling 20,435 shares during the period. Principal Financial Group Inc. owned approximately 0.44% of Sterling Bancorp worth $16,253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. JOYN Advisors Inc. grew its position in shares of Sterling Bancorp by 559.8% in the fourth quarter. JOYN Advisors Inc. now owns 2,547 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 2,161 shares during the period. Bremer Trust National Association acquired a new stake in shares of Sterling Bancorp in the fourth quarter valued at about $62,000. Toronto Dominion Bank acquired a new stake in shares of Sterling Bancorp in the fourth quarter valued at about $73,000. Pearl River Capital LLC acquired a new stake in shares of Sterling Bancorp in the fourth quarter valued at about $87,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Sterling Bancorp in the third quarter valued at about $206,000. 99.04% of the stock is owned by hedge funds and other institutional investors.

STL opened at $19.39 on Tuesday. The stock has a market cap of $3.96 billion, a P/E ratio of 9.70 and a beta of 1.26. Sterling Bancorp has a twelve month low of $15.62 and a twelve month high of $25.65. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 1.23.

Sterling Bancorp (NYSE:STL) last posted its earnings results on Wednesday, January 23rd. The financial services provider reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.02. The company had revenue of $265.35 million for the quarter, compared to analyst estimates of $266.32 million. Sterling Bancorp had a net margin of 33.95% and a return on equity of 10.54%. Sterling Bancorp’s revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.25 EPS. Equities analysts predict that Sterling Bancorp will post 2.09 EPS for the current year.

In related news, Director James J. Landy sold 55,000 shares of the company’s stock in a transaction that occurred on Friday, February 1st. The shares were sold at an average price of $19.36, for a total transaction of $1,064,800.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Brian T. Edwards sold 9,855 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $20.19, for a total transaction of $198,972.45. Following the sale, the insider now directly owns 98,050 shares in the company, valued at $1,979,629.50. The disclosure for this sale can be found here. Insiders own 2.09% of the company’s stock.

Several analysts have recently issued reports on STL shares. ValuEngine lowered shares of Sterling Bancorp from a “sell” rating to a “strong sell” rating in a research report on Wednesday, January 9th. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Wednesday, January 30th. Maxim Group restated a “buy” rating and set a $36.00 price target on shares of Sterling Bancorp in a research report on Thursday, January 24th. Stephens restated a “buy” rating and set a $21.00 price target on shares of Sterling Bancorp in a research report on Wednesday, December 19th. Finally, TheStreet lowered shares of Sterling Bancorp from a “b-” rating to a “c+” rating in a research report on Thursday, January 3rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. Sterling Bancorp currently has a consensus rating of “Buy” and an average target price of $27.00.

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Sterling Bancorp Profile

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

See Also: Cash Flow

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

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