Modera Wealth Management LLC maintained its position in shares of Sterling Bancorp (NYSE:STL) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,024 shares of the financial services provider’s stock at the end of the 2nd quarter. Modera Wealth Management LLC’s holdings in Sterling Bancorp were worth $280,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently bought and sold shares of the stock. Ronna Sue Cohen lifted its holdings in Sterling Bancorp by 0.3% in the first quarter. Ronna Sue Cohen now owns 10,212 shares of the financial services provider’s stock worth $242,000 after purchasing an additional 29 shares during the period. Alps Advisors Inc. lifted its holdings in Sterling Bancorp by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 19,465 shares of the financial services provider’s stock valued at $453,000 after acquiring an additional 50 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in Sterling Bancorp by 2.0% in the 2nd quarter. Teacher Retirement System of Texas now owns 10,330 shares of the financial services provider’s stock valued at $240,000 after acquiring an additional 200 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its holdings in Sterling Bancorp by 0.8% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 34,570 shares of the financial services provider’s stock valued at $819,000 after acquiring an additional 260 shares during the last quarter. Finally, World Asset Management Inc lifted its holdings in Sterling Bancorp by 3.0% in the 2nd quarter. World Asset Management Inc now owns 8,842 shares of the financial services provider’s stock valued at $206,000 after acquiring an additional 261 shares during the last quarter. 91.30% of the stock is owned by institutional investors and hedge funds.
A number of research firms have commented on STL. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Tuesday, June 20th. BidaskClub downgraded Sterling Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Royal Bank Of Canada reiterated a “buy” rating on shares of Sterling Bancorp in a report on Tuesday, May 30th. Jefferies Group LLC restated a “buy” rating and issued a $28.00 price objective on shares of Sterling Bancorp in a report on Friday, May 19th. Finally, ValuEngine raised Sterling Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, May 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $26.93.
In related news, Director Burt Steinberg acquired 10,000 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were purchased at an average price of $21.88 per share, for a total transaction of $218,800.00. Following the completion of the acquisition, the director now owns 135,146 shares in the company, valued at $2,956,994.48. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard L. O’toole purchased 4,000 shares of Sterling Bancorp stock in a transaction that occurred on Thursday, July 27th. The shares were acquired at an average price of $22.60 per share, for a total transaction of $90,400.00. Following the acquisition, the director now owns 21,291 shares in the company, valued at $481,176.60. The disclosure for this purchase can be found here. Insiders own 3.74% of the company’s stock.
Shares of Sterling Bancorp (STL) traded up 1.011% during mid-day trading on Friday, reaching $22.475. The company had a trading volume of 442,174 shares. The firm’s 50-day moving average price is $22.34 and its 200 day moving average price is $23.03. Sterling Bancorp has a 52-week low of $16.75 and a 52-week high of $25.85. The company has a market cap of $3.05 billion, a price-to-earnings ratio of 18.745 and a beta of 1.07.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.33. The company had revenue of $126.88 million during the quarter, compared to analysts’ expectations of $133.85 million. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. Equities analysts expect that Sterling Bancorp will post $0.69 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 21st. Shareholders of record on Monday, August 7th were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend was Thursday, August 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is currently 23.33%.
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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