Cambridge Investment Research Advisors Inc. Decreases Stake in Sterling Bancorp (NYSE:STL)

Cambridge Investment Research Advisors Inc. lowered its stake in shares of Sterling Bancorp (NYSE:STL) by 9.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 12,957 shares of the financial services provider’s stock after selling 1,386 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Sterling Bancorp were worth $323,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Harvest Fund Management Co. Ltd purchased a new stake in shares of Sterling Bancorp during the 2nd quarter worth approximately $31,000. Dark Forest Capital Management LP purchased a new stake in shares of Sterling Bancorp during the 2nd quarter worth approximately $32,000. Community Bank N.A. increased its stake in shares of Sterling Bancorp by 200.0% during the 3rd quarter. Community Bank N.A. now owns 1,500 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 1,000 shares during the last quarter. Private Capital Group LLC increased its stake in shares of Sterling Bancorp by 29.6% during the 3rd quarter. Private Capital Group LLC now owns 2,499 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 571 shares during the last quarter. Finally, William Blair Investment Management LLC purchased a new stake in shares of Sterling Bancorp during the 2nd quarter worth approximately $68,000. Institutional investors own 81.52% of the company’s stock.

In other Sterling Bancorp news, insider Javier L. Evans sold 2,771 shares of the business’s stock in a transaction dated Tuesday, November 23rd. The shares were sold at an average price of $27.30, for a total value of $75,648.30. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jack L. Kopnisky sold 54,435 shares of the business’s stock in a transaction dated Wednesday, October 27th. The shares were sold at an average price of $25.38, for a total transaction of $1,381,560.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 117,070 shares of company stock worth $3,051,554. 1.06% of the stock is owned by corporate insiders.

STL has been the subject of several research analyst reports. Royal Bank of Canada raised their price target on shares of Sterling Bancorp from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Friday, October 22nd. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a report on Friday, December 31st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Sterling Bancorp has a consensus rating of “Buy” and a consensus price target of $27.50.

Sterling Bancorp stock opened at $29.64 on Friday. The firm’s fifty day moving average price is $26.29 and its 200-day moving average price is $24.59. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market cap of $5.71 billion, a P/E ratio of 15.85 and a beta of 1.53. Sterling Bancorp has a fifty-two week low of $18.35 and a fifty-two week high of $30.02.

Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, October 19th. The financial services provider reported $0.52 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.52. The firm had revenue of $246.40 million for the quarter, compared to analysts’ expectations of $252.31 million. Sterling Bancorp had a net margin of 34.84% and a return on equity of 8.75%. The business’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter last year, the company posted $0.45 EPS. On average, analysts predict that Sterling Bancorp will post 2.09 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, November 15th. Investors of record on Monday, November 1st were given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date of this dividend was Friday, October 29th. Sterling Bancorp’s payout ratio is presently 14.97%.

Sterling Bancorp Profile

Sterling Bancorp operates as a financial and bank holding company of Sterling National Bank, which engages in the provision of commercial, business, and consumer banking products and services through its subsidiary. The company was founded in 1888 and is headquartered in Pearl River, NY.

Further Reading: Street Name

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

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