Sterling Capital Management LLC Grows Position in Sterling Bancorp (NYSE:STL)

Sterling Capital Management LLC increased its position in shares of Sterling Bancorp (NYSE:STL) by 302.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 151,214 shares of the financial services provider’s stock after buying an additional 113,650 shares during the quarter. Sterling Capital Management LLC’s holdings in Sterling Bancorp were worth $3,218,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. FSI Group LLC grew its stake in Sterling Bancorp by 8.1% during the 2nd quarter. FSI Group LLC now owns 11,611 shares of the financial services provider’s stock worth $247,000 after buying an additional 873 shares during the last quarter. Smith Asset Management Group LP purchased a new position in shares of Sterling Bancorp in the 2nd quarter valued at approximately $29,000. State Board of Administration of Florida Retirement System grew its stake in shares of Sterling Bancorp by 0.8% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 257,762 shares of the financial services provider’s stock valued at $4,802,000 after purchasing an additional 2,050 shares during the last quarter. Bremer Bank National Association purchased a new position in shares of Sterling Bancorp in the 1st quarter valued at approximately $46,000. Finally, Pinebridge Investments L.P. purchased a new position in shares of Sterling Bancorp in the 2nd quarter valued at approximately $62,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Shares of STL stock traded down $0.30 during midday trading on Thursday, hitting $20.56. The company had a trading volume of 38,367 shares, compared to its average volume of 1,194,549. The company’s 50 day simple moving average is $19.64 and its 200 day simple moving average is $20.23. Sterling Bancorp has a 52-week low of $15.62 and a 52-week high of $23.40. The stock has a market cap of $4.24 billion, a price-to-earnings ratio of 10.28 and a beta of 1.37. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.99 and a quick ratio of 0.99.

Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.01). Sterling Bancorp had a net margin of 32.55% and a return on equity of 10.37%. The business had revenue of $263.26 million during the quarter, compared to analysts’ expectations of $262.02 million. During the same quarter last year, the firm earned $0.50 earnings per share. The firm’s quarterly revenue was down 4.9% compared to the same quarter last year. Analysts anticipate that Sterling Bancorp will post 2.11 EPS for the current year.

Several brokerages have weighed in on STL. DA Davidson reiterated a “buy” rating on shares of Sterling Bancorp in a research note on Monday, July 22nd. Piper Jaffray Companies set a $26.00 target price on Sterling Bancorp and gave the company a “buy” rating in a research note on Wednesday, July 31st. Maxim Group reiterated a “buy” rating and issued a $30.00 target price (down from $36.00) on shares of Sterling Bancorp in a research note on Friday, July 26th. Royal Bank of Canada reiterated an “outperform” rating and issued a $26.00 target price (up from $24.00) on shares of Sterling Bancorp in a research note on Friday, July 12th. Finally, B. Riley began coverage on Sterling Bancorp in a research note on Tuesday, July 16th. They issued a “buy” rating and a $26.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the stock. Sterling Bancorp presently has a consensus rating of “Buy” and a consensus target price of $24.75.

About Sterling Bancorp

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.

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

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