UBS Group AG cut its position in Sterling Bancorp (NYSE:STL) by 33.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,694 shares of the financial services provider’s stock after selling 12,611 shares during the period. UBS Group AG’s holdings in Sterling Bancorp were worth $585,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently made changes to their positions in STL. Vanguard Group Inc. increased its stake in shares of Sterling Bancorp by 5.1% in the first quarter. Vanguard Group Inc. now owns 11,689,095 shares of the financial services provider’s stock worth $277,031,000 after buying an additional 566,776 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of 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 worth $261,517,000 after buying an additional 751,740 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Sterling Bancorp by 10.2% in the first quarter. Alliancebernstein L.P. now owns 2,848,551 shares of the financial services provider’s stock worth $67,511,000 after buying an additional 262,826 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Sterling Bancorp by 5.3% in the first quarter. Ameriprise Financial Inc. now owns 2,212,457 shares of the financial services provider’s stock worth $52,433,000 after buying an additional 110,623 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Sterling Bancorp by 9.0% in the first quarter. Bank of New York Mellon Corp now owns 1,717,968 shares of the financial services provider’s stock worth $40,716,000 after buying an additional 142,372 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.
Shares of Sterling Bancorp (NYSE:STL) traded up 0.22% during midday trading on Friday, hitting $23.10. The company had a trading volume of 1,019,564 shares. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of 19.27 and a beta of 1.07. Sterling Bancorp has a one year low of $16.73 and a one year high of $25.85. The stock’s 50-day moving average price is $23.14 and its 200-day moving average price is $23.41.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.33. The business had revenue of $126.88 million during the quarter, compared to the consensus estimate of $133.85 million. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. Analysts predict that Sterling Bancorp will post $0.69 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 21st. Investors of record on Monday, August 7th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $0.28 dividend on an annualized basis and a yield of 1.21%. Sterling Bancorp’s payout ratio is 23.33%.
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Several equities analysts recently commented on STL shares. FBR & Co started coverage on Sterling Bancorp in a research report on Tuesday, April 11th. They set a “mkt perform” rating and a $25.00 target price for the company. Keefe, Bruyette & Woods restated a “buy” rating and set a $29.00 target price on shares of Sterling Bancorp in a research report on Wednesday, April 12th. Jefferies Group LLC restated a “buy” rating and set a $28.00 target price on shares of Sterling Bancorp in a research report on Friday, May 19th. ValuEngine raised Sterling Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, May 20th. Finally, Zacks Investment Research cut Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, May 23rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $27.07.
In related news, General Counsel James P. Blose sold 3,000 shares of the stock in a transaction on Monday, June 12th. The stock was sold at an average price of $24.00, for a total value of $72,000.00. Following the completion of the sale, the general counsel now directly owns 18,433 shares in the company, valued at $442,392. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard L. O’toole acquired 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The stock was bought at an average price of $22.60 per share, with a total value of $90,400.00. Following the completion of the acquisition, the director now directly owns 21,291 shares of the company’s stock, valued at $481,176.60. The disclosure for this purchase can be found here. Insiders sold 10,500 shares of company stock valued at $241,925 over the last 90 days. 3.74% of the stock is currently owned by company 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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