Sterling Bancorp (STL) Shares Bought by Alpine Associates Management Inc.
Alpine Associates Management Inc. increased its stake in shares of Sterling Bancorp (NYSE:STL) by 2.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,600 shares of the financial services provider’s stock after purchasing an additional 2,500 shares during the quarter. Alpine Associates Management Inc. owned approximately 0.09% of Sterling Bancorp worth $2,781,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in STL. Waldron LP increased its position in Sterling Bancorp by 15.4% during the 1st quarter. Waldron LP now owns 40,433 shares of the financial services provider’s stock worth $958,000 after purchasing an additional 5,385 shares in the last quarter. Russell Investments Group Ltd. increased its position in Sterling Bancorp by 9.7% in the 1st quarter. Russell Investments Group Ltd. now owns 425,389 shares of the financial services provider’s stock valued at $10,082,000 after acquiring an additional 37,736 shares during the period. Great West Life Assurance Co. Can increased its position in Sterling Bancorp by 10.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 187,503 shares of the financial services provider’s stock valued at $4,434,000 after acquiring an additional 17,037 shares during the period. First Trust Advisors LP acquired a new position in Sterling Bancorp in the 1st quarter valued at approximately $1,653,000. Finally, US Bancorp DE increased its position in Sterling Bancorp by 10.7% in the 1st quarter. US Bancorp DE now owns 19,101 shares of the financial services provider’s stock valued at $452,000 after acquiring an additional 1,842 shares during the period. Institutional investors and hedge funds own 91.30% of the company’s stock.
In other Sterling Bancorp news, Director Burt Steinberg acquired 10,000 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was acquired at an average cost of $21.88 per share, for a total transaction of $218,800.00. Following the completion of the transaction, the director now directly owns 135,146 shares of the company’s stock, valued at $2,956,994.48. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Richard L. O’toole acquired 4,000 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was acquired at an average price of $22.60 per share, with a total value of $90,400.00. Following the completion of the transaction, 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. 3.74% of the stock is owned by insiders.
Several equities analysts have issued reports on the stock. Zacks Investment Research cut shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Keefe, Bruyette & Woods restated a “buy” rating on shares of Sterling Bancorp in a research report on Thursday, September 7th. BidaskClub upgraded shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. ValuEngine cut shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Finally, Maxim Group restated a “buy” rating and issued a $30.00 price target on shares of Sterling Bancorp in a research report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $26.93.
Shares of Sterling Bancorp (NYSE STL) traded up 0.45% during midday trading on Thursday, reaching $22.50. 98,359 shares of the company’s stock were exchanged. The stock has a market cap of $3.05 billion, a P/E ratio of 18.77 and a beta of 1.07. Sterling Bancorp has a one year low of $16.75 and a one year high of $25.85. The company’s 50-day moving average is $22.38 and its 200-day moving average is $23.04.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.33 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.33. The business had revenue of $126.88 million during the quarter, compared to analysts’ expectations of $133.85 million. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. Equities analysts expect that Sterling Bancorp will post $0.69 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 21st. Stockholders of record on Monday, August 7th were given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date was Thursday, August 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is presently 23.33%.
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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