Panagora Asset Management Inc. lifted its stake in Sterling Bancorp (NYSE:STL) by 98.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,106 shares of the financial services provider’s stock after purchasing an additional 7,000 shares during the quarter. Panagora Asset Management Inc.’s holdings in Sterling Bancorp were worth $300,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of STL. Diamond Hill Capital Management Inc. lifted its holdings in shares of Sterling Bancorp by 32.5% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 4,267,612 shares of the financial services provider’s stock valued at $90,815,000 after acquiring an additional 1,047,273 shares during the last quarter. Clearbridge Investments LLC increased its holdings in shares of Sterling Bancorp by 0.9% in the 1st quarter. Clearbridge Investments LLC now owns 3,685,737 shares of the financial services provider’s stock valued at $68,665,000 after purchasing an additional 32,744 shares in the last quarter. OppenheimerFunds Inc. increased its holdings in shares of Sterling Bancorp by 2.7% in the 1st quarter. OppenheimerFunds Inc. now owns 2,874,249 shares of the financial services provider’s stock valued at $53,548,000 after purchasing an additional 75,086 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Sterling Bancorp by 6.2% in the 4th quarter. Geode Capital Management LLC now owns 2,189,427 shares of the financial services provider’s stock valued at $36,147,000 after purchasing an additional 128,612 shares in the last quarter. Finally, Lazard Asset Management LLC increased its holdings in shares of Sterling Bancorp by 429.6% in the 1st quarter. Lazard Asset Management LLC now owns 2,075,355 shares of the financial services provider’s stock valued at $38,663,000 after purchasing an additional 1,683,450 shares in the last quarter. 89.64% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have recently issued reports on STL shares. B. Riley started coverage on shares of Sterling Bancorp in a report on Tuesday, July 16th. They issued a “buy” rating and a $26.00 price target for the company. Maxim Group reiterated a “buy” rating and issued a $30.00 price target (down from $36.00) on shares of Sterling Bancorp in a research report on Friday, July 26th. Piper Jaffray Companies set a $26.00 price target on shares of Sterling Bancorp and gave the stock a “buy” rating in a research report on Wednesday, July 31st. DA Davidson reiterated a “buy” rating on shares of Sterling Bancorp in a research report on Monday, July 22nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $26.00 price target (up from $24.00) on shares of Sterling Bancorp in a research report on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the stock. Sterling Bancorp presently has an average rating of “Buy” and a consensus target price of $24.75.

Shares of NYSE STL traded up $0.27 during trading hours on Friday, reaching $21.02. The stock had a trading volume of 21,726 shares, compared to its average volume of 1,305,890. The business’s fifty day moving average is $19.75 and its two-hundred day moving average is $20.22. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market cap of $4.16 billion, a price-to-earnings ratio of 10.51 and a beta of 1.37. Sterling Bancorp has a twelve month low of $15.62 and a twelve month high of $23.40.

Sterling Bancorp (NYSE:STL) last announced its earnings results on Wednesday, July 24th. The financial services provider reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). The business had revenue of $263.26 million for the quarter, compared to the consensus estimate of $262.02 million. Sterling Bancorp had a return on equity of 10.37% and a net margin of 32.55%. Sterling Bancorp’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.50 EPS. Sell-side analysts forecast that Sterling Bancorp will post 2.11 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend was Friday, August 2nd. Sterling Bancorp’s dividend payout ratio (DPR) is 14.00%.

About Sterling Bancorp

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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Institutional Ownership by Quarter for Sterling Bancorp (NYSE:STL)

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