New Mexico Educational Retirement Board trimmed its position in Sterling Bancorp (NYSE:STL) by 19.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,800 shares of the financial services provider’s stock after selling 8,800 shares during the period. New Mexico Educational Retirement Board’s holdings in Sterling Bancorp were worth $783,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Bremer Bank National Association purchased a new position in Sterling Bancorp in the 1st quarter valued at about $46,000. BNP Paribas Arbitrage SA lifted its holdings in Sterling Bancorp by 1,069.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,490 shares of the financial services provider’s stock valued at $96,000 after purchasing an additional 4,106 shares in the last quarter. Dupont Capital Management Corp purchased a new position in shares of Sterling Bancorp during the 1st quarter worth about $173,000. Fox Run Management L.L.C. purchased a new position in shares of Sterling Bancorp during the 2nd quarter worth about $200,000. Finally, Janney Montgomery Scott LLC purchased a new position in shares of Sterling Bancorp during the 2nd quarter worth about $221,000. Institutional investors own 96.50% of the company’s stock.
STL has been the topic of several recent analyst reports. B. Riley initiated coverage on shares of Sterling Bancorp in a report on Tuesday, July 16th. They set a “buy” rating and a $26.00 price objective on the stock. Piper Jaffray Companies set a $26.00 price objective on shares of Sterling Bancorp and gave the stock a “buy” rating in a report on Wednesday, July 31st. Maxim Group reiterated a “buy” rating and set a $30.00 price objective (down from $36.00) on shares of Sterling Bancorp in a report on Friday, July 26th. Royal Bank of Canada reiterated an “outperform” rating and set a $26.00 price objective (up from $24.00) on shares of Sterling Bancorp in a report on Friday, July 12th. Finally, DA Davidson reiterated a “buy” rating on shares of Sterling Bancorp in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $24.75.
Shares of STL stock traded down $0.01 during trading hours on Wednesday, hitting $18.48. 134,101 shares of the company were exchanged, compared to its average volume of 1,558,503. The firm has a market cap of $3.82 billion, a PE ratio of 9.24 and a beta of 1.34. Sterling Bancorp has a 1 year low of $15.62 and a 1 year high of $23.40. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.97. The firm has a fifty day moving average of $20.35 and a 200 day moving average of $20.29.
Sterling Bancorp (NYSE:STL) last posted its earnings results on Wednesday, July 24th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.01). The business had revenue of $263.26 million for the quarter, compared to analyst estimates of $262.02 million. Sterling Bancorp had a return on equity of 10.37% and a net margin of 32.55%. The firm’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same period last year, the company posted $0.50 EPS. Analysts expect that Sterling Bancorp will post 2.1 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, August 19th. Investors of record on Monday, August 5th were given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date was Friday, August 2nd. Sterling Bancorp’s dividend payout ratio (DPR) is presently 14.00%.
Sterling Bancorp Profile
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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