Sterling Bancorp (NYSE:STL) Holdings Trimmed by Metropolitan Life Insurance Co. NY
Metropolitan Life Insurance Co. NY lessened its stake in shares of Sterling Bancorp (NYSE:STL) by 48.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,955 shares of the financial services provider’s stock after selling 60,623 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in Sterling Bancorp were worth $1,526,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. purchased a new position in Sterling Bancorp in the second quarter worth $127,000. GWM Advisors LLC acquired a new stake in shares of Sterling Bancorp during the first quarter valued at $202,000. Mount Yale Investment Advisors LLC acquired a new stake in shares of Sterling Bancorp during the first quarter valued at $209,000. Canandaigua National Bank & Trust Co. acquired a new stake in shares of Sterling Bancorp during the first quarter valued at $211,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Sterling Bancorp during the first quarter valued at $225,000. Institutional investors and hedge funds own 92.11% of the company’s stock.
STL has been the topic of a number of analyst reports. Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “buy” rating and set a $27.00 price objective on the stock in a research note on Wednesday, June 27th. Citigroup assumed coverage on Sterling Bancorp in a research note on Monday, June 18th. They issued a “neutral” rating and a $27.00 price target on the stock. Finally, ValuEngine lowered Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $29.98.
Sterling Bancorp (NYSE:STL) last announced its earnings results on Tuesday, July 24th. The financial services provider reported $0.50 EPS for the quarter, beating the consensus estimate of $0.48 by $0.02. The business had revenue of $276.81 million for the quarter, compared to the consensus estimate of $272.26 million. Sterling Bancorp had a return on equity of 9.67% and a net margin of 20.19%. The company’s revenue was up 110.8% on a year-over-year basis. During the same period last year, the business posted $0.33 EPS. Research analysts anticipate that Sterling Bancorp will post 1.98 EPS for the current year.
In other Sterling Bancorp news, Director Richard L. O’toole acquired 4,000 shares of the stock in a transaction on Thursday, July 26th. The stock was purchased at an average price of $22.93 per share, for a total transaction of $91,720.00. Following the purchase, the director now directly owns 26,713 shares in the company, valued at $612,529.09. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel James P. Blose sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $22.25, for a total value of $44,500.00. Following the sale, the general counsel now owns 20,322 shares of the company’s stock, valued at approximately $452,164.50. The disclosure for this sale can be found here. Company insiders own 2.09% of the company’s stock.
Sterling Bancorp Company Profile
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, money market, savings, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
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