Sterling Bancorp (NYSE:STL) Director Thomas G. Kahn sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $23.69, for a total value of $710,700.00. Following the transaction, the director now directly owns 44,774 shares in the company, valued at $1,060,696.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Shares of Sterling Bancorp (STL) opened at $23.55 on Friday. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.00 and a current ratio of 0.99. Sterling Bancorp has a 1 year low of $19.86 and a 1 year high of $25.85. The firm has a market capitalization of $5,291.85, a P/E ratio of 18.26 and a beta of 1.05.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.01). Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. The firm had revenue of $134.06 million for the quarter, compared to the consensus estimate of $135.09 million. During the same quarter in the prior year, the firm earned $0.29 earnings per share. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. research analysts predict that Sterling Bancorp will post 1.38 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Monday, November 6th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, November 3rd. This represents a $0.28 annualized dividend and a dividend yield of 1.19%. Sterling Bancorp’s dividend payout ratio is presently 22.58%.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Bank & Trust boosted its position in shares of Sterling Bancorp by 402.6% during the second quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 3,970 shares in the last quarter. Riverhead Capital Management LLC boosted its position in shares of Sterling Bancorp by 70.6% during the second quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock valued at $119,000 after purchasing an additional 2,119 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Sterling Bancorp by 8.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,504 shares of the financial services provider’s stock valued at $128,000 after purchasing an additional 415 shares in the last quarter. M&T Bank Corp bought a new stake in shares of Sterling Bancorp during the second quarter valued at approximately $205,000. Finally, Virginia Retirement Systems ET AL bought a new stake in shares of Sterling Bancorp during the third quarter valued at approximately $205,000. Institutional investors own 91.22% of the company’s stock.
Several equities analysts have recently issued reports on the company. BidaskClub cut Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Friday, September 8th. Maxim Group reissued a “buy” rating and set a $30.00 target price on shares of Sterling Bancorp in a research note on Wednesday, July 26th. Royal Bank Of Canada reduced their target price on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 3rd. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $29.00 target price on shares of Sterling Bancorp in a research note on Thursday, October 12th. One research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $27.69.
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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