Waterstone Capital Management L.P. purchased a new position in Sterling Bancorp (NYSE:STL) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 13,935 shares of the financial services provider’s stock, valued at approximately $343,000. Sterling Bancorp accounts for about 0.2% of Waterstone Capital Management L.P.’s investment portfolio, making the stock its 18th biggest holding.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in STL. Aperio Group LLC raised its holdings in shares of Sterling Bancorp by 1.6% during the second quarter. Aperio Group LLC now owns 22,564 shares of the financial services provider’s stock valued at $525,000 after acquiring an additional 347 shares during the last quarter. Great West Life Assurance Co. Can raised its holdings in shares of Sterling Bancorp by 6.7% during the second quarter. Great West Life Assurance Co. Can now owns 200,060 shares of the financial services provider’s stock valued at $4,640,000 after acquiring an additional 12,557 shares during the last quarter. World Asset Management Inc raised its holdings in shares of Sterling Bancorp by 3.0% during the second quarter. World Asset Management Inc now owns 8,842 shares of the financial services provider’s stock valued at $206,000 after acquiring an additional 261 shares during the last quarter. Texas Permanent School Fund raised its holdings in shares of Sterling Bancorp by 0.8% during the second quarter. Texas Permanent School Fund now owns 98,997 shares of the financial services provider’s stock valued at $2,302,000 after acquiring an additional 832 shares during the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Sterling Bancorp by 46.5% during the second quarter. Sei Investments Co. now owns 26,691 shares of the financial services provider’s stock valued at $621,000 after acquiring an additional 8,467 shares during the last quarter. 91.70% of the stock is owned by institutional investors.
STL has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods reissued a “buy” rating and set a $29.00 target price on shares of Sterling Bancorp in a report on Thursday, October 12th. Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a report on Tuesday, August 29th. Maxim Group reissued a “buy” rating and set a $30.00 target price on shares of Sterling Bancorp in a report on Wednesday, October 25th. 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, three have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $27.48.
Sterling Bancorp (STL) traded down $0.40 during mid-day trading on Thursday, hitting $25.65. The stock had a trading volume of 2,097,300 shares, compared to its average volume of 1,631,271. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.76. The stock has a market capitalization of $5,853.62, a price-to-earnings ratio of 20.19 and a beta of 1.04. Sterling Bancorp has a 1-year low of $21.00 and a 1-year high of $26.50.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The company had revenue of $134.06 million during the quarter, compared to analysts’ expectations of $135.09 million. Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. Sterling Bancorp’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter last year, the company earned $0.29 earnings per share. equities research analysts forecast that Sterling Bancorp will post 1.39 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, November 20th. Stockholders of record on Monday, November 6th were given a $0.07 dividend. The ex-dividend date was Friday, November 3rd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.09%. Sterling Bancorp’s dividend payout ratio (DPR) is presently 22.58%.
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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