California Public Employees Retirement System boosted its position in Sterling Bancorp (NYSE:STL) by 24.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 438,006 shares of the financial services provider’s stock after purchasing an additional 84,962 shares during the quarter. California Public Employees Retirement System’s holdings in Sterling Bancorp were worth $8,786,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BNP Paribas Arbitrage SA raised its stake in Sterling Bancorp by 1,069.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,490 shares of the financial services provider’s stock valued at $96,000 after purchasing an additional 4,106 shares during the last quarter. Stevens Capital Management LP acquired a new position in Sterling Bancorp in the 2nd quarter valued at $1,448,000. First Trust Advisors LP raised its stake in Sterling Bancorp by 106.9% in the 2nd quarter. First Trust Advisors LP now owns 697,792 shares of the financial services provider’s stock valued at $14,849,000 after purchasing an additional 360,596 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in Sterling Bancorp in the 2nd quarter valued at $200,000. Finally, JPMorgan Chase & Co. raised its stake in Sterling Bancorp by 104.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 210,594 shares of the financial services provider’s stock valued at $4,411,000 after purchasing an additional 107,671 shares during the last quarter. 90.18% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently commented on the company. Piper Jaffray Companies set a $26.00 price objective on Sterling Bancorp and gave the company a “buy” rating in a research note on Wednesday, July 31st. Maxim Group set a $28.00 price objective on Sterling Bancorp and gave the company a “buy” rating in a research note on Friday, October 25th. DA Davidson reaffirmed a “buy” rating on shares of Sterling Bancorp in a research note on Monday, July 22nd. ValuEngine downgraded Sterling Bancorp from a “sell” rating to a “strong sell” rating in a research note on Friday, October 25th. Finally, Stephens reaffirmed a “buy” rating and issued a $24.50 target price on shares of Sterling Bancorp in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $25.36.
Sterling Bancorp (NYSE:STL) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.02). Sterling Bancorp had a return on equity of 10.12% and a net margin of 32.25%. The company had revenue of $259.76 million during the quarter, compared to analyst estimates of $262.65 million. During the same period last year, the business earned $0.51 earnings per share. The firm’s revenue was down 4.6% compared to the same quarter last year. As a group, equities analysts anticipate that Sterling Bancorp will post 2.07 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Shareholders of record on Monday, November 4th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date is Friday, November 1st. Sterling Bancorp’s dividend payout ratio (DPR) is presently 14.00%.
About Sterling Bancorp
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
Further Reading: Momentum Indicator: Relative Strength Index
Want to see what other hedge funds are holding STL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sterling Bancorp (NYSE:STL).
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.