Kahn Brothers Group Inc. DE trimmed its position in shares of Sterling Bancorp (NYSE:STL) by 10.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 468,122 shares of the financial services provider’s stock after selling 54,472 shares during the quarter. Sterling Bancorp comprises about 1.2% of Kahn Brothers Group Inc. DE’s investment portfolio, making the stock its 17th largest holding. Kahn Brothers Group Inc. DE owned approximately 0.23% of Sterling Bancorp worth $9,391,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently bought and sold shares of STL. SeaCrest Wealth Management LLC increased its holdings in Sterling Bancorp by 1.1% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 72,190 shares of the financial services provider’s stock worth $1,448,000 after buying an additional 791 shares during the period. FSI Group LLC increased its holdings in Sterling Bancorp by 8.1% in the 2nd quarter. FSI Group LLC now owns 11,611 shares of the financial services provider’s stock worth $247,000 after buying an additional 873 shares during the period. Commonwealth Equity Services LLC increased its holdings in Sterling Bancorp by 1.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 66,943 shares of the financial services provider’s stock worth $1,342,000 after buying an additional 1,002 shares during the period. Rehmann Capital Advisory Group increased its holdings in Sterling Bancorp by 98.3% in the 2nd quarter. Rehmann Capital Advisory Group now owns 2,407 shares of the financial services provider’s stock worth $51,000 after buying an additional 1,193 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Sterling Bancorp by 9.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,861 shares of the financial services provider’s stock worth $298,000 after buying an additional 1,339 shares during the period. Hedge funds and other institutional investors own 88.22% of the company’s stock.
Shares of NYSE:STL traded up $0.02 during midday trading on Friday, reaching $20.72. 1,563,847 shares of the company’s stock traded hands, compared to its average volume of 1,417,822. Sterling Bancorp has a 1 year low of $15.62 and a 1 year high of $22.17. The company has a market cap of $4.17 billion, a P/E ratio of 10.36 and a beta of 1.36. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.99 and a current ratio of 0.99. The company has a fifty day simple moving average of $20.01 and a two-hundred day simple moving average of $20.34.
Sterling Bancorp (NYSE:STL) last announced its earnings results on Wednesday, October 23rd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.02). Sterling Bancorp had a net margin of 32.25% and a return on equity of 10.12%. The business had revenue of $259.76 million for the quarter, compared to analysts’ expectations of $262.65 million. During the same quarter last year, the business earned $0.51 EPS. The company’s quarterly revenue was down 4.6% on a year-over-year basis. As a group, research analysts forecast that Sterling Bancorp will post 2.07 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Monday, November 4th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, November 1st. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.35%. Sterling Bancorp’s dividend payout ratio (DPR) is 14.00%.
STL has been the topic of several research reports. Zacks Investment Research upgraded shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a report on Friday. ValuEngine cut shares of Sterling Bancorp from a “sell” rating to a “strong sell” rating in a research note on Friday, October 25th. Stephens reaffirmed a “buy” rating and set a $24.50 price objective on shares of Sterling Bancorp in a research note on Wednesday. DA Davidson reaffirmed a “buy” rating on shares of Sterling Bancorp in a research note on Monday, July 22nd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $26.00 price objective (up previously from $24.00) on shares of Sterling Bancorp in a research note on Friday, July 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $25.36.
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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