Sterling Bancorp (STL) Sees Strong Trading Volume
Sterling Bancorp (NYSE:STL) shares saw unusually-high trading volume on Thursday . Approximately 1,397,677 shares were traded during mid-day trading, an increase of 107% from the previous session’s volume of 674,359 shares.The stock last traded at $17.14 and had previously closed at $17.08.
STL has been the subject of several analyst reports. Zacks Investment Research cut shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, April 19th. TheStreet cut shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, April 26th. Maxim Group began coverage on shares of Sterling Bancorp in a research report on Wednesday, June 22nd. They set a “buy” rating and a $19.00 price objective for the company. Jefferies Group reiterated a “buy” rating and set a $18.50 price objective on shares of Sterling Bancorp in a research report on Thursday, July 7th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Sterling Bancorp from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, July 28th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Sterling Bancorp presently has a consensus rating of “Buy” and a consensus price target of $18.70.
The stock’s 50-day moving average is $16.42 and its 200 day moving average is $15.84. The firm has a market capitalization of $2.23 billion and a PE ratio of 18.77.
Sterling Bancorp (NYSE:STL) last issued its earnings results on Tuesday, July 26th. The financial services provider reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $119.51 million for the quarter, compared to analysts’ expectations of $34.78 million. On average, equities analysts predict that Sterling Bancorp will post $0.69 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 23rd. Shareholders of record on Monday, August 8th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, August 4th. This represents a $0.28 dividend on an annualized basis and a yield of 1.64%.
In other news, insider Michael E. Finn sold 16,480 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $16.86, for a total value of $277,852.80. Following the completion of the transaction, the insider now directly owns 34,822 shares in the company, valued at $587,098.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Craig S. Thompson sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $15.64, for a total transaction of $31,280.00. Following the completion of the transaction, the director now owns 263,600 shares of the company’s stock, valued at $4,122,704. The disclosure for this sale can be found here.
Several institutional investors have recently added to or reduced their stakes in STL. California Public Employees Retirement System raised its position in Sterling Bancorp by 15.1% in the fourth quarter. California Public Employees Retirement System now owns 182,400 shares of the financial services provider’s stock worth $2,959,000 after buying an additional 23,900 shares during the period. Bank of Montreal Can raised its position in Sterling Bancorp by 3.4% in the fourth quarter. Bank of Montreal Can now owns 985,549 shares of the financial services provider’s stock worth $15,985,000 after buying an additional 32,244 shares during the period. Principal Financial Group Inc. raised its position in Sterling Bancorp by 4.5% in the fourth quarter. Principal Financial Group Inc. now owns 802,268 shares of the financial services provider’s stock worth $13,013,000 after buying an additional 34,568 shares during the period. State of Tennessee Treasury Department purchased a new position in Sterling Bancorp during the fourth quarter worth approximately $1,496,000. Finally, Dimensional Fund Advisors LP raised its position in Sterling Bancorp by 12.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,961,892 shares of the financial services provider’s stock worth $112,923,000 after buying an additional 771,241 shares during the period.
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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