Sterling Bancorp (STL) Director James F. Deutsch Sells 100,000 Shares of Stock
Sterling Bancorp (NYSE:STL) Director James F. Deutsch sold 100,000 shares of the company’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $24.98, for a total value of $2,498,000.00. Following the completion of the transaction, the director now directly owns 500 shares of the company’s stock, valued at approximately $12,490. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.01). The firm had revenue of $134.06 million during the quarter, compared to analyst estimates of $135.09 million. Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. Sterling Bancorp’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.29 EPS.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Stockholders of record on Monday, November 6th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, November 3rd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.12%. Sterling Bancorp’s payout ratio is 22.58%.
Hedge funds have recently bought and sold shares of the company. State Street Corp lifted its position in shares of Sterling Bancorp by 26.9% during the 1st quarter. State Street Corp now owns 5,931,005 shares of the financial services provider’s stock valued at $140,564,000 after acquiring an additional 1,257,312 shares during the period. Bank of America Corp DE lifted its position in shares of Sterling Bancorp by 109.5% during the 1st quarter. Bank of America Corp DE now owns 600,127 shares of the financial services provider’s stock valued at $14,223,000 after acquiring an additional 313,689 shares during the period. Vanguard Group Inc. lifted its position in shares of Sterling Bancorp by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 11,689,095 shares of the financial services provider’s stock valued at $277,031,000 after acquiring an additional 566,776 shares during the period. Renaissance Technologies LLC lifted its position in shares of Sterling Bancorp by 204.4% during the 1st quarter. Renaissance Technologies LLC now owns 750,409 shares of the financial services provider’s stock valued at $17,785,000 after acquiring an additional 503,859 shares during the period. Finally, Legal & General Group Plc lifted its position in shares of Sterling Bancorp by 11.8% during the 2nd quarter. Legal & General Group Plc now owns 262,495 shares of the financial services provider’s stock valued at $6,105,000 after acquiring an additional 27,635 shares during the period. Institutional investors own 91.18% of the company’s stock.
STL has been the subject of a number of analyst reports. Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a report on Saturday, September 16th. Keefe, Bruyette & Woods reaffirmed a “buy” rating on shares of Sterling Bancorp in a report on Thursday, September 7th. Finally, ValuEngine cut Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Sterling Bancorp 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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