Principal Financial Group Inc. boosted its position in shares of Sterling Bancorp (NYSE:STL) by 3.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 869,575 shares of the financial services provider’s stock after buying an additional 30,166 shares during the period. Principal Financial Group Inc. owned about 0.67% of Sterling Bancorp worth $13,652,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the stock. Bank of Montreal Can purchased a new stake in shares of Sterling Bancorp during the second quarter worth $12,643,000. Wellington Management Group LLP boosted its stake in shares of Sterling Bancorp by 68.6% in the first quarter. Wellington Management Group LLP now owns 5,580,851 shares of the financial services provider’s stock worth $88,903,000 after buying an additional 2,269,760 shares during the last quarter. Skyline Asset Management LP boosted its stake in shares of Sterling Bancorp by 4.1% in the first quarter. Skyline Asset Management LP now owns 1,925,325 shares of the financial services provider’s stock worth $30,670,000 after buying an additional 75,400 shares during the last quarter. Barclays PLC purchased a new stake in shares of Sterling Bancorp during the first quarter worth $664,000. Finally, Nuveen Asset Management LLC boosted its stake in shares of Sterling Bancorp by 33.5% in the first quarter. Nuveen Asset Management LLC now owns 317,365 shares of the financial services provider’s stock worth $5,056,000 after buying an additional 79,682 shares during the last quarter. 77.83% of the stock is owned by institutional investors and hedge funds.
Shares of Sterling Bancorp (NYSE:STL) opened at 17.56 on Friday. The firm’s 50-day moving average price is $17.38 and its 200-day moving average price is $16.52. Sterling Bancorp has a one year low of $13.44 and a one year high of $17.90. The stock has a market capitalization of $2.29 billion, a P/E ratio of 19.34 and a beta of 1.19.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by $0.01. The firm had revenue of $119.51 million for the quarter, compared to analyst estimates of $34.78 million. Sterling Bancorp had a return on equity of 7.89% and a net margin of 23.68%. Equities research analysts anticipate that Sterling Bancorp will post $0.69 EPS for the current fiscal year.
A number of research firms recently issued reports on STL. Zacks Investment Research lowered Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, September 28th. Maxim Group began coverage on Sterling Bancorp in a report on Wednesday, June 22nd. They issued a “buy” rating and a $19.00 target price for the company. Jefferies Group reiterated a “buy” rating and issued a $18.50 target price on shares of Sterling Bancorp in a report on Thursday, July 7th. Keefe, Bruyette & Woods lifted their target price on Sterling Bancorp from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Thursday, July 28th. Finally, FIG Partners reiterated an “outperform” rating on shares of Sterling Bancorp in a report on Wednesday, August 31st. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Sterling Bancorp presently has a consensus rating of “Buy” and an average price target of $18.88.
In other news, Director James F. Deutsch sold 200,000 shares of the company’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $17.19, for a total transaction of $3,438,000.00. Following the completion of the sale, the director now directly owns 500 shares in the company, valued at approximately $8,595. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richard L. O’toole acquired 3,000 shares of the company’s stock in a transaction dated Monday, September 12th. The shares were purchased at an average price of $17.40 per share, with a total value of $52,200.00. Following the completion of the acquisition, the director now owns 15,796 shares in the company, valued at $274,850.40. The disclosure for this purchase can be found here. Insiders own 4.04% of the company’s stock.
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.
Receive News & Ratings for Sterling Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sterling Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.