Zacks Investment Management Buys Shares of 35,647 Sterling Bancorp (STL)
Zacks Investment Management bought a new position in Sterling Bancorp (NYSE:STL) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 35,647 shares of the financial services provider’s stock, valued at approximately $829,000.
A number of other institutional investors also recently made changes to their positions in STL. First Bank & Trust lifted its position in Sterling Bancorp by 402.6% during the second quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 3,970 shares in the last quarter. Riverhead Capital Management LLC grew its holdings in Sterling Bancorp by 70.6% during the second quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock valued at $119,000 after purchasing an additional 2,119 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Sterling Bancorp by 51.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock valued at $121,000 after purchasing an additional 1,735 shares during the period. World Asset Management Inc bought a new stake in Sterling Bancorp during the first quarter valued at about $203,000. Finally, M&T Bank Corp bought a new stake in Sterling Bancorp during the second quarter valued at about $205,000. 90.91% of the stock is currently owned by institutional investors.
In other Sterling Bancorp news, Director Richard L. O’toole purchased 4,000 shares of the stock in a transaction on Thursday, July 27th. The shares were bought at an average price of $22.60 per share, for a total transaction of $90,400.00. Following the completion of the transaction, the director now owns 21,291 shares of the company’s stock, valued at approximately $481,176.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Burt Steinberg purchased 10,000 shares of the stock in a transaction on Friday, August 11th. The shares were acquired at an average price of $21.88 per share, for a total transaction of $218,800.00. Following the transaction, the director now directly owns 135,146 shares of the company’s stock, valued at approximately $2,956,994.48. The disclosure for this purchase can be found here. 3.74% of the stock is owned by company insiders.
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Shares of Sterling Bancorp (NYSE:STL) opened at 24.60 on Wednesday. The company has a market capitalization of $3.34 billion, a PE ratio of 20.52 and a beta of 1.07. Sterling Bancorp has a 12-month low of $16.75 and a 12-month high of $25.85. The firm’s 50-day moving average price is $22.79 and its 200-day moving average price is $22.93.
Sterling Bancorp (NYSE:STL) last posted its earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. The business had revenue of $126.88 million for the quarter, compared to analyst estimates of $133.85 million. On average, analysts expect that Sterling Bancorp will post $0.69 EPS for the current fiscal year.
A number of analysts have commented on the company. Royal Bank Of Canada reduced their price target on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a research report on Tuesday. Zacks Investment Research cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, September 27th. ValuEngine cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Sterling Bancorp in a research note on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. Sterling Bancorp currently has a consensus rating of “Buy” and an average price target of $27.31.
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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