Basswood Capital Management L.L.C. boosted its position in shares of Sterling Bancorp (NYSE:STL) by 7.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,098,182 shares of the financial services provider’s stock after buying an additional 205,136 shares during the quarter. Sterling Bancorp makes up 3.0% of Basswood Capital Management L.L.C.’s holdings, making the stock its 9th biggest position. Basswood Capital Management L.L.C. owned about 1.38% of Sterling Bancorp worth $51,151,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. JOYN Advisors Inc. grew its position in Sterling Bancorp by 559.8% during the fourth quarter. JOYN Advisors Inc. now owns 2,547 shares of the financial services provider’s stock valued at $42,000 after buying an additional 2,161 shares during the period. Bremer Trust National Association acquired a new stake in shares of Sterling Bancorp in the fourth quarter valued at about $62,000. Toronto Dominion Bank acquired a new stake in shares of Sterling Bancorp in the fourth quarter valued at about $73,000. Pearl River Capital LLC acquired a new stake in shares of Sterling Bancorp in the fourth quarter valued at about $87,000. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Sterling Bancorp by 1,565.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,482,515 shares of the financial services provider’s stock valued at $90,000 after purchasing an additional 1,393,484 shares during the period. Institutional investors own 93.64% of the company’s stock.
Shares of NYSE STL opened at $19.91 on Friday. Sterling Bancorp has a 52-week low of $15.62 and a 52-week high of $25.65. The stock has a market capitalization of $4.23 billion, a PE ratio of 9.96 and a beta of 1.27. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 1.23.
Sterling Bancorp (NYSE:STL) last announced its earnings results on Wednesday, January 23rd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.02. Sterling Bancorp had a net margin of 33.95% and a return on equity of 10.54%. The business had revenue of $265.35 million for the quarter, compared to analyst estimates of $266.32 million. During the same quarter last year, the business earned $1.25 earnings per share. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. Research analysts predict that Sterling Bancorp will post 2.09 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 19th. Stockholders of record on Monday, February 4th were paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.41%. The ex-dividend date was Friday, February 1st. Sterling Bancorp’s dividend payout ratio is currently 14.00%.
Several analysts have recently issued reports on the stock. ValuEngine lowered shares of Sterling Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 7th. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Wednesday, January 30th. Maxim Group reiterated a “buy” rating and issued a $36.00 target price on shares of Sterling Bancorp in a research report on Thursday, January 24th. TheStreet lowered shares of Sterling Bancorp from a “b-” rating to a “c+” rating in a research report on Thursday, January 3rd. Finally, Stephens reiterated a “buy” rating and issued a $21.00 target price on shares of Sterling Bancorp in a research report on Wednesday, December 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. Sterling Bancorp presently has an average rating of “Buy” and a consensus price target of $27.00.
In other news, Director James J. Landy sold 55,000 shares of the firm’s stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $19.36, for a total value of $1,064,800.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 2.09% of the company’s stock.
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Sterling Bancorp 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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