James P. Blose Sells 3,000 Shares of Sterling Bancorp (STL) Stock
Sterling Bancorp (NYSE:STL) General Counsel James P. Blose sold 3,000 shares of Sterling Bancorp stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $24.00, for a total value of $72,000.00. Following the transaction, the general counsel now directly owns 18,433 shares in the company, valued at $442,392. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, April 25th. The financial services provider reported $0.31 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. Sterling Bancorp had a return on equity of 8.36% and a net margin of 28.23%. The firm had revenue of $121.63 million during the quarter, compared to analysts’ expectations of $127.81 million.
The firm also recently declared a quarterly dividend, which was paid on Monday, May 22nd. Shareholders of record on Monday, May 8th were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend was Thursday, May 4th. Sterling Bancorp’s dividend payout ratio (DPR) is 23.73%.
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Several analysts have recently issued reports on STL shares. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $29.00 price objective on shares of Sterling Bancorp in a report on Monday, March 13th. Sandler O’Neill raised Sterling Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, March 9th. ValuEngine raised Sterling Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, May 20th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Sterling Bancorp in a research report on Friday, May 19th. Finally, Maxim Group upped their price objective on Sterling Bancorp from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, March 8th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $27.36.
Hedge funds have recently made changes to their positions in the company. Ronna Sue Cohen increased its stake in shares of Sterling Bancorp by 0.3% in the first quarter. Ronna Sue Cohen now owns 10,212 shares of the financial services provider’s stock worth $242,000 after buying an additional 29 shares during the period. Salem Investment Counselors Inc. increased its stake in shares of Sterling Bancorp by 7,158.1% in the first quarter. Salem Investment Counselors Inc. now owns 9,000 shares of the financial services provider’s stock worth $746,000 after buying an additional 8,876 shares during the period. 10 15 Associates Inc. increased its stake in shares of Sterling Bancorp by 5.9% in the first quarter. 10 15 Associates Inc. now owns 10,454 shares of the financial services provider’s stock worth $247,000 after buying an additional 586 shares during the period. Macquarie Group Ltd. increased its stake in shares of Sterling Bancorp by 15.5% in the first quarter. Macquarie Group Ltd. now owns 1,739,535 shares of the financial services provider’s stock worth $41,227,000 after buying an additional 233,347 shares during the period. Finally, Jane Street Group LLC acquired a new stake in shares of Sterling Bancorp during the first quarter worth about $276,000. 86.44% of the stock is owned by institutional investors.
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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