Legal & General Group Plc lifted its holdings in shares of Sterling Bancorp (NYSE:STL) by 2.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 244,461 shares of the financial services provider’s stock after purchasing an additional 5,308 shares during the quarter. Legal & General Group Plc owned about 0.11% of Sterling Bancorp worth $5,378,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Parallel Advisors LLC acquired a new stake in shares of Sterling Bancorp during the third quarter worth $114,000. Janney Montgomery Scott LLC purchased a new position in shares of Sterling Bancorp in the 3rd quarter worth $206,000. Qube Research & Technologies Ltd purchased a new position in shares of Sterling Bancorp in the 2nd quarter worth $222,000. MML Investors Services LLC purchased a new position in shares of Sterling Bancorp in the 3rd quarter worth $227,000. Finally, Panagora Asset Management Inc. raised its position in shares of Sterling Bancorp by 76.0% in the 3rd quarter. Panagora Asset Management Inc. now owns 12,506 shares of the financial services provider’s stock worth $275,000 after buying an additional 5,400 shares during the period. Institutional investors and hedge funds own 93.92% of the company’s stock.
Several brokerages recently weighed in on STL. Zacks Investment Research raised Sterling Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. TheStreet lowered Sterling Bancorp from a “b-” rating to a “c+” rating in a research report on Thursday, January 3rd. Stephens reaffirmed a “buy” rating and issued a $21.00 target price on shares of Sterling Bancorp in a research report on Wednesday, December 19th. ValuEngine lowered Sterling Bancorp from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 17th. Finally, Hovde Group cut their price objective on Sterling Bancorp from $30.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, October 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $28.14.
Shares of NYSE STL opened at $17.38 on Friday. Sterling Bancorp has a 1 year low of $15.62 and a 1 year high of $25.65. The stock has a market cap of $3.87 billion, a PE ratio of 12.41 and a beta of 1.17. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.98 and a current ratio of 0.98.
Sterling Bancorp (NYSE:STL) last announced its earnings results on Tuesday, October 23rd. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.51. Sterling Bancorp had a return on equity of 9.96% and a net margin of 23.31%. The business had revenue of $272.20 million for the quarter, compared to analyst estimates of $278.79 million. During the same period in the previous year, the company earned $0.35 earnings per share. The company’s revenue for the quarter was up 96.3% compared to the same quarter last year. Equities research analysts anticipate that Sterling Bancorp will post 1.97 earnings per share for the current year.
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About Sterling Bancorp
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, money market, savings, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
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