Schwab Charles Investment Management Inc. increased its position in shares of Sterling Bancorp (NYSE:STL) by 7.8% during the first quarter, Holdings Channel reports. The firm owned 534,113 shares of the financial services provider’s stock after buying an additional 38,650 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Sterling Bancorp were worth $12,659,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of STL. BlackRock Inc. raised its stake in shares of Sterling Bancorp by 50,894.8% in the first quarter. BlackRock Inc. now owns 15,992,998 shares of the financial services provider’s stock worth $379,033,000 after buying an additional 15,961,636 shares during the period. OppenheimerFunds Inc. raised its stake in Sterling Bancorp by 229.3% in the first quarter. OppenheimerFunds Inc. now owns 1,697,911 shares of the financial services provider’s stock valued at $40,240,000 after buying an additional 1,182,263 shares during the period. Hermes Investment Management Ltd. acquired a new stake in Sterling Bancorp during the first quarter valued at $24,308,000. Norges Bank acquired a new stake in Sterling Bancorp during the fourth quarter valued at $21,697,000. Finally, Wellington Management Group LLP raised its stake in Sterling Bancorp by 7.3% in the first quarter. Wellington Management Group LLP now owns 11,034,467 shares of the financial services provider’s stock valued at $261,517,000 after buying an additional 751,740 shares during the period. Institutional investors and hedge funds own 86.23% of the company’s stock.
Sterling Bancorp (STL) opened at 22.80 on Wednesday. The firm has a 50-day moving average of $23.01 and a 200 day moving average of $23.46. The company has a market cap of $3.09 billion, a PE ratio of 19.37 and a beta of 1.08. Sterling Bancorp has a 52-week low of $16.43 and a 52-week high of $25.85.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.31 earnings per share for the quarter, meeting the consensus estimate of $0.31. Sterling Bancorp had a net margin of 28.23% and a return on equity of 8.36%. The firm had revenue of $121.63 million during the quarter, compared to analysts’ expectations of $127.81 million. Equities research analysts expect that Sterling Bancorp will post $0.69 earnings per share for the current fiscal year.
Several equities research analysts recently weighed in on STL shares. Zacks Investment Research lowered shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, June 17th. BidaskClub lowered shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. FBR & Co set a $25.00 price objective on shares of Sterling Bancorp and gave the stock a “hold” rating in a research note on Thursday, May 4th. ValuEngine upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, May 20th. Finally, Royal Bank Of Canada reiterated a “buy” rating on shares of Sterling Bancorp in a research note on Tuesday, May 30th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Sterling Bancorp presently has an average rating of “Buy” and a consensus price target of $27.21.
In other news, Director James F. Deutsch sold 200,000 shares of Sterling Bancorp stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $23.05, for a total transaction of $4,610,000.00. Following the completion of the sale, the director now owns 500 shares in the company, valued at approximately $11,525. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Craig S. Thompson sold 3,500 shares of Sterling Bancorp stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $22.75, for a total transaction of $79,625.00. Following the sale, the director now owns 225,395 shares of the company’s stock, valued at approximately $5,127,736.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 211,500 shares of company stock valued at $4,875,795. 3.74% of the stock is owned by corporate insiders.
Sterling Bancorp Company 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.
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