Circle Wealth Management LLC acquired a new stake in shares of Sterling Bancorp (NYSE:STL) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 81,787 shares of the financial services provider’s stock, valued at approximately $2,012,000. Sterling Bancorp comprises about 0.8% of Circle Wealth Management LLC’s investment portfolio, making the stock its 16th biggest position.
Other hedge funds have also recently made changes to their positions in the company. GSA Capital Partners LLP grew its position in Sterling Bancorp by 75.8% during the 3rd quarter. GSA Capital Partners LLP now owns 61,284 shares of the financial services provider’s stock valued at $1,511,000 after purchasing an additional 26,422 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in Sterling Bancorp during the 3rd quarter valued at about $325,000. Retirement Systems of Alabama lifted its stake in Sterling Bancorp by 2.4% during the 4th quarter. Retirement Systems of Alabama now owns 290,560 shares of the financial services provider’s stock valued at $7,148,000 after acquiring an additional 6,762 shares during the period. Advantus Capital Management Inc bought a new position in Sterling Bancorp during the 3rd quarter valued at about $493,000. Finally, Crossmark Global Holdings Inc. bought a new position in Sterling Bancorp during the 3rd quarter valued at about $617,000. 88.74% of the stock is currently owned by institutional investors.
In other news, Director James F. Deutsch sold 200,000 shares of the stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $25.22, for a total value of $5,044,000.00. Following the transaction, the director now owns 500 shares in the company, valued at approximately $12,610. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.74% of the stock is owned by corporate insiders.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.01. Sterling Bancorp had a net margin of 12.46% and a return on equity of 8.93%. The firm had revenue of $265.00 million for the quarter, compared to analysts’ expectations of $267.08 million. The company’s revenue for the quarter was up 115.3% compared to the same quarter last year. equities research analysts forecast that Sterling Bancorp will post 1.88 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 20th. Stockholders of record on Monday, February 5th were paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend was Friday, February 2nd. Sterling Bancorp’s dividend payout ratio (DPR) is presently 36.36%.
Several research firms have issued reports on STL. Zacks Investment Research cut shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, February 28th. Keefe, Bruyette & Woods restated a “buy” rating and set a $33.50 target price on shares of Sterling Bancorp in a research note on Tuesday, February 27th. Jefferies Group restated a “buy” rating and set a $30.00 target price on shares of Sterling Bancorp in a research note on Thursday, January 25th. Maxim Group upped their target price on shares of Sterling Bancorp from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. Finally, JMP Securities began coverage on shares of Sterling Bancorp in a research note on Monday, November 20th. They set a “market perform” rating and a $25.85 target price on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. Sterling Bancorp has a consensus rating of “Hold” and an average price target of $29.19.
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Sterling Bancorp 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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