Genesee Valley Trust Co. raised its position in Sterling Bancorp (NYSE:STL) by 5.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,280 shares of the financial services provider’s stock after buying an additional 600 shares during the period. Genesee Valley Trust Co.’s holdings in Sterling Bancorp were worth $177,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the company. Wellington Management Group LLP increased its position 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. Norges Bank acquired a new position in shares of Sterling Bancorp during the fourth quarter worth about $15,568,000. Bank of Montreal Can acquired a new position in shares of Sterling Bancorp during the second quarter worth about $12,643,000. Hillcrest Asset Management LLC acquired a new position in shares of Sterling Bancorp during the first quarter worth about $8,491,000. Finally, Renaissance Technologies LLC increased its position in shares of Sterling Bancorp by 52.4% in the first quarter. Renaissance Technologies LLC now owns 1,164,593 shares of the financial services provider’s stock worth $18,552,000 after buying an additional 400,600 shares during the last quarter. 77.83% of the stock is currently owned by institutional investors and hedge funds.
Sterling Bancorp (NYSE:STL) traded up 1.12% during midday trading on Tuesday, reaching $17.23. 507,206 shares of the company’s stock traded hands. The company has a market capitalization of $2.25 billion, a PE ratio of 18.98 and a beta of 1.21. The firm’s 50 day moving average price is $17.31 and its 200-day moving average price is $16.43. Sterling Bancorp has a 1-year low of $13.44 and a 1-year high of $17.90.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings results on Tuesday, July 26th. The financial services provider reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.01. Sterling Bancorp had a net margin of 23.68% and a return on equity of 7.89%. The business earned $119.51 million during the quarter, compared to analysts’ expectations of $34.78 million. Equities analysts expect that Sterling Bancorp will post $0.69 EPS for the current year.
STL has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods upped their price target on Sterling Bancorp from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Thursday, July 28th. Maxim Group began coverage on shares of Sterling Bancorp in a report on Wednesday, June 22nd. They set a “buy” rating and a $19.00 price objective on the stock. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a report on Saturday, July 30th. Jefferies Group reissued a “buy” rating and set a $18.50 price objective on shares of Sterling Bancorp in a report on Thursday, July 7th. Finally, FIG Partners reissued an “outperform” rating on shares of Sterling Bancorp in a report on Wednesday, August 31st. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $18.70.
In other Sterling Bancorp news, insider Michael E. Finn sold 16,480 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $16.86, for a total value of $277,852.80. Following the completion of the transaction, the insider now owns 34,822 shares of the company’s stock, valued at approximately $587,098.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Craig S. Thompson sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $16.98, for a total transaction of $33,960.00. Following the completion of the transaction, the director now directly owns 259,100 shares of the company’s stock, valued at approximately $4,399,518. The disclosure for this sale can be found here. 4.04% of the stock is currently owned by company insiders.
Sterling Bancorp Company Profile
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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