First Trust Advisors LP Has $18.37 Million Position in Sterling Bancorp (NYSE:STL)

First Trust Advisors LP raised its stake in Sterling Bancorp (NYSE:STL) by 31.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 915,529 shares of the financial services provider’s stock after purchasing an additional 217,737 shares during the period. First Trust Advisors LP owned 0.45% of Sterling Bancorp worth $18,366,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in STL. Oppenheimer Asset Management Inc. grew its stake in shares of Sterling Bancorp by 5.4% in the third quarter. Oppenheimer Asset Management Inc. now owns 43,958 shares of the financial services provider’s stock valued at $882,000 after acquiring an additional 2,240 shares in the last quarter. California Public Employees Retirement System increased its position in Sterling Bancorp by 24.1% during the 3rd quarter. California Public Employees Retirement System now owns 438,006 shares of the financial services provider’s stock valued at $8,786,000 after purchasing an additional 84,962 shares during the period. BNP Paribas Arbitrage SA increased its position in Sterling Bancorp by 1,069.3% during 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 period. Stevens Capital Management LP acquired a new stake in Sterling Bancorp during the 2nd quarter valued at approximately $1,448,000. Finally, Fox Run Management L.L.C. acquired a new stake in Sterling Bancorp during the 2nd quarter valued at approximately $200,000. Institutional investors and hedge funds own 90.18% of the company’s stock.

NYSE STL opened at $20.65 on Friday. The company has a fifty day simple moving average of $20.05 and a 200 day simple moving average of $20.35. Sterling Bancorp has a 12-month low of $15.62 and a 12-month high of $22.17. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.74. The company has a market cap of $4.17 billion, a P/E ratio of 10.07 and a beta of 1.36.

Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.02). Sterling Bancorp had a net margin of 32.25% and a return on equity of 10.12%. The business had revenue of $259.76 million during the quarter, compared to analyst estimates of $262.65 million. During the same period in the previous year, the business posted $0.51 EPS. The business’s revenue for the quarter was down 4.6% compared to the same quarter last year. Sell-side analysts predict that Sterling Bancorp will post 2.07 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Monday, November 4th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.36%. The ex-dividend date is Friday, November 1st. Sterling Bancorp’s payout ratio is currently 14.00%.

Several brokerages have recently commented on STL. DA Davidson reaffirmed a “buy” rating on shares of Sterling Bancorp in a research report on Monday, July 22nd. Zacks Investment Research raised shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. ValuEngine downgraded shares of Sterling Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, October 25th. Piper Jaffray Companies set a $26.00 price objective on shares of Sterling Bancorp and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, Stephens reaffirmed a “buy” rating and set a $24.50 price objective on shares of Sterling Bancorp in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. Sterling Bancorp has an average rating of “Buy” and an average target price of $25.36.

Sterling Bancorp Profile

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.

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

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