Sterling Bancorp (STL) Director Thomas G. Kahn Sells 30,000 Shares
Sterling Bancorp (NYSE:STL) Director Thomas G. Kahn sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $23.69, for a total value of $710,700.00. Following the sale, the director now owns 44,774 shares in the company, valued at $1,060,696.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Shares of Sterling Bancorp (STL) traded down $0.15 during trading on Thursday, reaching $23.50. 1,637,248 shares of the company were exchanged, compared to its average volume of 1,603,613. The stock has a market cap of $3,262.57, a price-to-earnings ratio of 18.64 and a beta of 1.05. Sterling Bancorp has a 1 year low of $19.50 and a 1 year high of $25.85. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.99 and a quick ratio of 1.00.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.01). The company had revenue of $134.06 million during the quarter, compared to analysts’ expectations of $135.09 million. Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.29 earnings per share. equities analysts anticipate that Sterling Bancorp will post 1.38 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Monday, November 6th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Friday, November 3rd. Sterling Bancorp’s dividend payout ratio is presently 22.58%.
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Institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Bank & Trust lifted its stake in Sterling Bancorp by 402.6% in the 2nd quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 3,970 shares in the last quarter. Riverhead Capital Management LLC lifted its stake in Sterling Bancorp by 70.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 2,119 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Sterling Bancorp by 8.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,504 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 415 shares in the last quarter. M&T Bank Corp purchased a new position in Sterling Bancorp in the 2nd quarter worth approximately $205,000. Finally, Virginia Retirement Systems ET AL purchased a new position in Sterling Bancorp in the 3rd quarter worth approximately $205,000. 91.22% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently commented on the company. Maxim Group restated a “buy” rating and set a $30.00 target price on shares of Sterling Bancorp in a research report on Wednesday, October 25th. Keefe, Bruyette & Woods restated a “buy” rating and set a $29.00 target price on shares of Sterling Bancorp in a research report on Thursday, October 12th. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research report on Wednesday, October 11th. Royal Bank Of Canada dropped their target price on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 3rd. Finally, ValuEngine lowered shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $27.69.
About Sterling Bancorp
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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