Insider Selling: Sterling Bancorp (STL) EVP Sells 10,874 Shares of Stock
Sterling Bancorp (NYSE:STL) EVP James R. Peoples sold 10,874 shares of the stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $24.41, for a total value of $265,434.34. Following the completion of the transaction, the executive vice president now owns 59,436 shares in the company, valued at $1,450,832.76. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
Shares of Sterling Bancorp (NYSE:STL) traded down 2.63% during trading on Monday, reaching $24.05. The company’s stock had a trading volume of 1,820,280 shares. Sterling Bancorp has a one year low of $14.55 and a one year high of $25.85. The firm has a market cap of $3.26 billion, a P/E ratio of 22.48 and a beta of 1.05. The stock’s 50 day moving average is $24.43 and its 200 day moving average is $21.46.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, January 24th. The financial services provider reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.01. Sterling Bancorp had a return on equity of 8.05% and a net margin of 26.28%. During the same period in the prior year, the company earned $0.26 earnings per share. On average, equities analysts forecast that Sterling Bancorp will post $0.69 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 21st. Shareholders of record on Monday, February 6th were given a $0.07 dividend. The ex-dividend date of this dividend was Thursday, February 2nd. This represents a $0.28 annualized dividend and a yield of 1.16%. Sterling Bancorp’s payout ratio is currently 26.17%.
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A number of hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new position in Sterling Bancorp during the fourth quarter valued at about $21,697,000. Putnam Investments LLC boosted its position in Sterling Bancorp by 32.3% in the fourth quarter. Putnam Investments LLC now owns 269,805 shares of the financial services provider’s stock valued at $6,313,000 after buying an additional 65,800 shares during the period. Thrivent Financial for Lutherans boosted its position in Sterling Bancorp by 6.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 70,839 shares of the financial services provider’s stock valued at $1,658,000 after buying an additional 4,050 shares during the period. Teachers Retirement System of The State of Kentucky boosted its position in Sterling Bancorp by 2.1% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 115,736 shares of the financial services provider’s stock valued at $2,709,000 after buying an additional 2,400 shares during the period. Finally, ARS Investment Partners LLC acquired a new position in Sterling Bancorp during the fourth quarter valued at about $548,000. Hedge funds and other institutional investors own 73.52% of the company’s stock.
A number of equities analysts recently issued reports on the company. Hovde Group upgraded Sterling Bancorp from a “market perform” rating to an “outperform” rating and set a $27.00 target price on the stock in a report on Wednesday, March 8th. Maxim Group increased their target price on Sterling Bancorp from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, March 8th. TheStreet upgraded Sterling Bancorp from a “c” rating to a “b-” rating in a report on Tuesday, January 24th. Sandler O’Neill upgraded Sterling Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, March 9th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $29.00 target price on shares of Sterling Bancorp in a report on Monday, March 13th. Eight equities research analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and a consensus price target of $26.58.
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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