First Trust Advisors LP Buys 182,178 Shares of Sterling Bancorp (NYSE:STL)

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First Trust Advisors LP boosted its stake in shares of Sterling Bancorp (NYSE:STL) by 34.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 706,475 shares of the financial services provider’s stock after acquiring an additional 182,178 shares during the quarter. First Trust Advisors LP owned approximately 0.36% of Sterling Bancorp worth $8,280,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Wellington Management Group LLP grew its holdings in Sterling Bancorp by 20.5% during the 1st quarter. Wellington Management Group LLP now owns 19,604,710 shares of the financial services provider’s stock worth $204,869,000 after acquiring an additional 3,337,216 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its position in Sterling Bancorp by 29.9% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 7,163,638 shares of the financial services provider’s stock valued at $74,860,000 after purchasing an additional 1,648,448 shares during the period. Geode Capital Management LLC lifted its position in Sterling Bancorp by 3.9% during the 1st quarter. Geode Capital Management LLC now owns 2,424,606 shares of the financial services provider’s stock valued at $25,337,000 after purchasing an additional 91,999 shares during the period. Victory Capital Management Inc. lifted its position in Sterling Bancorp by 22.2% during the 1st quarter. Victory Capital Management Inc. now owns 2,223,243 shares of the financial services provider’s stock valued at $23,233,000 after purchasing an additional 403,489 shares during the period. Finally, FMR LLC lifted its position in Sterling Bancorp by 81,198.3% during the 1st quarter. FMR LLC now owns 1,713,769 shares of the financial services provider’s stock valued at $31,928,000 after purchasing an additional 1,711,661 shares during the period. 83.50% of the stock is currently owned by hedge funds and other institutional investors.

In related news, insider Thomas X. Geisel sold 7,927 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $11.46, for a total transaction of $90,843.42. Following the completion of the sale, the insider now directly owns 27,172 shares of the company’s stock, valued at approximately $311,391.12. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Richard L. O’toole bought 5,001 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were acquired at an average cost of $9.59 per share, with a total value of $47,959.59. Following the completion of the purchase, the director now owns 53,000 shares in the company, valued at approximately $508,270. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 7,901 shares of company stock valued at $77,667. 0.96% of the stock is owned by company insiders.

Shares of NYSE:STL opened at $11.25 on Friday. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 7.92 and a beta of 1.69. The firm’s 50 day simple moving average is $11.31 and its 200 day simple moving average is $13.62. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.95 and a quick ratio of 0.95. Sterling Bancorp has a fifty-two week low of $7.01 and a fifty-two week high of $22.12.

Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.02). The firm had revenue of $239.39 million during the quarter, compared to analyst estimates of $242.51 million. Sterling Bancorp had a net margin of 22.93% and a return on equity of 6.30%. Equities research analysts expect that Sterling Bancorp will post 1 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, August 3rd will be paid a dividend of $0.07 per share. The ex-dividend date is Friday, July 31st. This represents a $0.28 dividend on an annualized basis and a yield of 2.49%. Sterling Bancorp’s payout ratio is 13.53%.

A number of research analysts have issued reports on STL shares. Zacks Investment Research downgraded shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 15th. Citigroup upped their target price on shares of Sterling Bancorp from $12.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, June 18th. Maxim Group restated a “buy” rating and set a $20.00 target price on shares of Sterling Bancorp in a research report on Friday, July 24th. DA Davidson began coverage on shares of Sterling Bancorp in a research report on Tuesday, July 21st. They set a “buy” rating on the stock. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a $16.00 price target on shares of Sterling Bancorp in a research report on Monday, April 13th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $18.10.

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

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