Short Interest in Sterling Bancorp (NASDAQ:SBT) Expands By 27.4%

Sterling Bancorp (NASDAQ:SBT) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totalling 226,600 shares, an increase of 27.4% from the August 31st total of 177,800 shares. Currently, 1.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 45,000 shares, the days-to-cover ratio is currently 5.0 days.

Institutional Investors Weigh In On Sterling Bancorp

Several hedge funds have recently added to or reduced their stakes in the company. Koss Olinger Consulting LLC bought a new position in shares of Sterling Bancorp during the 1st quarter valued at about $68,000. Princeton Capital Management LLC raised its stake in shares of Sterling Bancorp by 60.6% during the second quarter. Princeton Capital Management LLC now owns 26,511 shares of the company’s stock worth $139,000 after acquiring an additional 10,000 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Sterling Bancorp by 883.5% in the 1st quarter. BNP Paribas Financial Markets now owns 74,696 shares of the company’s stock worth $385,000 after acquiring an additional 67,101 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Sterling Bancorp by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 89,085 shares of the company’s stock worth $466,000 after acquiring an additional 2,357 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Sterling Bancorp by 5.0% during the 2nd quarter. Renaissance Technologies LLC now owns 229,474 shares of the company’s stock valued at $1,200,000 after purchasing an additional 11,000 shares during the last quarter. Institutional investors own 26.37% of the company’s stock.

Sterling Bancorp Price Performance

Shares of NASDAQ SBT opened at $4.62 on Monday. The stock’s 50-day simple moving average is $5.47 and its two-hundred day simple moving average is $5.19. Sterling Bancorp has a twelve month low of $4.52 and a twelve month high of $6.01. The firm has a market capitalization of $241.76 million, a P/E ratio of 28.88 and a beta of 0.53.

Sterling Bancorp (NASDAQ:SBT) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $0.03 earnings per share for the quarter. Sterling Bancorp had a net margin of 4.84% and a return on equity of 2.00%. The company had revenue of $34.28 million for the quarter.

Sterling Bancorp Company Profile

Sterling Bancorp, Inc is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City, and a loan production office in Seattle, Washington. Sterling offers a broad range of loan products to the residential and commercial markets, as well as retail and business banking services.