Engineers Gate Manager LP increased its stake in Sterling Bancorp (NYSE:STL) by 8.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,243 shares of the financial services provider’s stock after purchasing an additional 2,097 shares during the period. Engineers Gate Manager LP’s holdings in Sterling Bancorp were worth $610,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Legal & General Group Plc increased its position in shares of Sterling Bancorp by 3.1% in the first quarter. Legal & General Group Plc now owns 234,860 shares of the financial services provider’s stock worth $5,568,000 after purchasing an additional 6,954 shares during the last quarter. State Street Corp increased its position in shares of Sterling Bancorp by 26.9% in the first quarter. State Street Corp now owns 5,931,005 shares of the financial services provider’s stock worth $140,564,000 after purchasing an additional 1,257,312 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Sterling Bancorp by 6.6% in the first quarter. Principal Financial Group Inc. now owns 1,137,565 shares of the financial services provider’s stock worth $26,961,000 after purchasing an additional 70,492 shares during the last quarter. Bank of America Corp DE increased its position in shares of Sterling Bancorp by 109.5% in the first quarter. Bank of America Corp DE now owns 600,127 shares of the financial services provider’s stock worth $14,223,000 after purchasing an additional 313,689 shares during the last quarter. Finally, Great West Life Assurance Co. Can increased its position in shares of Sterling Bancorp by 10.0% in the first quarter. Great West Life Assurance Co. Can now owns 187,503 shares of the financial services provider’s stock worth $4,434,000 after purchasing an additional 17,037 shares during the last quarter. Institutional investors own 91.30% of the company’s stock.

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Several research firms recently weighed in on STL. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research report on Saturday. BidaskClub upgraded shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Keefe, Bruyette & Woods restated a “buy” rating on shares of Sterling Bancorp in a research report on Thursday, September 7th. Maxim Group restated a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, July 26th. Finally, ValuEngine cut shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $27.07.

Sterling Bancorp (NYSE:STL) opened at 22.45 on Friday. Sterling Bancorp has a 12 month low of $16.75 and a 12 month high of $25.85. The company has a market capitalization of $3.05 billion, a PE ratio of 18.72 and a beta of 1.07. The firm’s 50-day moving average is $22.33 and its 200-day moving average is $23.01.

Sterling Bancorp (NYSE:STL) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.33. The business had revenue of $126.88 million for 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 anticipate that Sterling Bancorp will post $0.69 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 21st. Stockholders of record on Monday, August 7th were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $0.28 annualized dividend and a dividend yield of 1.25%. Sterling Bancorp’s dividend payout ratio (DPR) is 23.33%.

In other news, Director Burt Steinberg acquired 10,000 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were acquired at an average cost of $21.88 per share, with a total value of $218,800.00. Following the acquisition, the director now directly owns 135,146 shares of the company’s stock, valued at $2,956,994.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Richard L. O’toole acquired 4,000 shares of the firm’s stock in a transaction dated Thursday, July 27th. The shares were purchased at an average cost of $22.60 per share, for a total transaction of $90,400.00. Following the completion of the acquisition, the director now directly owns 21,291 shares in the company, valued at $481,176.60. The disclosure for this purchase can be found here. 3.74% of the stock is owned by corporate insiders.

About Sterling Bancorp

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

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