Sterling Bancorp (NASDAQ:SBT) Short Interest Down 9.0% in August
Sterling Bancorp (NASDAQ:SBT) saw a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 197,800 shares, a decrease of 9.0% from the July 31st total of 217,300 shares. Based on an average trading volume of 77,900 shares, the short-interest ratio is presently 2.5 days. Currently, 1.3% of the company’s stock are sold short.
NASDAQ:SBT traded up $0.13 on Friday, hitting $10.17. The stock had a trading volume of 6,137 shares, compared to its average volume of 40,245. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.17 and a current ratio of 1.17. The stock has a market cap of $497.59 million, a P/E ratio of 8.47 and a beta of 1.33. Sterling Bancorp has a 1 year low of $6.65 and a 1 year high of $13.31. The firm’s fifty day simple moving average is $9.54 and its two-hundred day simple moving average is $9.80.
Sterling Bancorp (NASDAQ:SBT) last posted its quarterly earnings data on Monday, July 29th. The company reported $0.26 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.01). Sterling Bancorp had a net margin of 32.19% and a return on equity of 18.23%. The firm had revenue of $32.78 million during the quarter, compared to analysts’ expectations of $34.20 million. Equities research analysts predict that Sterling Bancorp will post 1.14 EPS for the current year.
Several equities research analysts have commented on SBT shares. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research note on Tuesday, August 27th. TheStreet upgraded shares of Sterling Bancorp from a “d+” rating to a “c” rating in a research note on Monday, August 26th. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $12.67.
Several hedge funds have recently modified their holdings of SBT. BNP Paribas Arbitrage SA boosted its holdings in Sterling Bancorp by 938.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 4,652 shares of the company’s stock worth $47,000 after buying an additional 4,204 shares during the period. Alberta Investment Management Corp bought a new position in Sterling Bancorp in the 2nd quarter worth approximately $166,000. Susquehanna International Group LLP bought a new position in Sterling Bancorp in the 2nd quarter worth approximately $202,000. Paloma Partners Management Co bought a new position in Sterling Bancorp in the 2nd quarter worth approximately $217,000. Finally, JPMorgan Chase & Co. boosted its holdings in Sterling Bancorp by 360.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 25,330 shares of the company’s stock valued at $255,000 after purchasing an additional 19,826 shares during the period. Institutional investors own 28.14% of the company’s stock.
Sterling Bancorp Company Profile
Sterling Bancorp, Inc is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City, and a loan production office in Seattle, Washington. Sterling offers a broad range of loan products to the residential and commercial markets, as well as retail and business banking services.
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