PNC Financial Services Group Inc. Grows Stake in Sterling Bancorp (STL)
PNC Financial Services Group Inc. lifted its position in shares of Sterling Bancorp (NYSE:STL) by 21.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,551 shares of the financial services provider’s stock after purchasing an additional 2,720 shares during the period. PNC Financial Services Group Inc.’s holdings in Sterling Bancorp were worth $362,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently added to or reduced their stakes in the company. Profund Advisors LLC grew its holdings in shares of Sterling Bancorp by 8.9% during the second quarter. Profund Advisors LLC now owns 25,239 shares of the financial services provider’s stock worth $587,000 after purchasing an additional 2,071 shares during the last quarter. Laurion Capital Management LP bought a new stake in shares of Sterling Bancorp during the second quarter worth about $511,000. Amalgamated Bank grew its holdings in shares of Sterling Bancorp by 4.9% during the second quarter. Amalgamated Bank now owns 18,044 shares of the financial services provider’s stock worth $420,000 after purchasing an additional 841 shares during the last quarter. Nicholas Company Inc. grew its holdings in shares of Sterling Bancorp by 9.6% during the second quarter. Nicholas Company Inc. now owns 230,235 shares of the financial services provider’s stock worth $5,352,000 after purchasing an additional 20,145 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in shares of Sterling Bancorp by 0.7% during the second quarter. BlackRock Inc. now owns 16,098,764 shares of the financial services provider’s stock worth $374,296,000 after purchasing an additional 105,766 shares during the last quarter. Institutional investors own 90.57% of the company’s stock.
Sterling Bancorp (NYSE:STL) opened at 24.40 on Friday. Sterling Bancorp has a 1-year low of $16.75 and a 1-year high of $25.85. The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of 20.35 and a beta of 1.07. The company has a 50 day moving average price of $23.57 and a 200-day moving average price of $23.02.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. The business had revenue of $126.88 million for the quarter, compared to analyst estimates of $133.85 million. On average, analysts forecast that Sterling Bancorp will post $0.69 EPS for the current fiscal year.
In related news, Director Richard L. O’toole purchased 4,000 shares of Sterling Bancorp stock in a transaction that occurred on Thursday, July 27th. The shares were acquired at an average cost of $22.60 per share, for a total transaction of $90,400.00. Following the transaction, the director now directly owns 21,291 shares in the company, valued at $481,176.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Burt Steinberg purchased 10,000 shares of Sterling Bancorp stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average price of $21.88 per share, for a total transaction of $218,800.00. Following the completion of the transaction, the director now owns 135,146 shares in the company, valued at $2,956,994.48. The disclosure for this purchase can be found here. 3.74% of the stock is owned by company insiders.
Several research firms have recently weighed in on STL. Keefe, Bruyette & Woods restated a “buy” rating and set a $29.00 price target on shares of Sterling Bancorp in a report on Thursday, October 12th. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 price target on the stock in a report on Wednesday, October 11th. Royal Bank Of Canada reduced their price target on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a report on Tuesday, October 3rd. Finally, ValuEngine cut Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Sterling Bancorp has a consensus rating of “Buy” and an average target price of $27.69.
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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