Sterling Bancorp (STL) Shares Bought by Citadel Advisors LLC

Citadel Advisors LLC boosted its stake in Sterling Bancorp (NYSE:STL) by 526.9% during the third quarter, HoldingsChannel.com reports. The fund owned 328,577 shares of the financial services provider’s stock after purchasing an additional 276,162 shares during the quarter. Citadel Advisors LLC’s holdings in Sterling Bancorp were worth $7,229,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in STL. BlackRock Inc. lifted its holdings in Sterling Bancorp by 1.2% in the 3rd quarter. BlackRock Inc. now owns 19,688,336 shares of the financial services provider’s stock valued at $433,144,000 after purchasing an additional 224,675 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Sterling Bancorp by 13.6% in the 3rd quarter. Alliancebernstein L.P. now owns 7,611,302 shares of the financial services provider’s stock valued at $167,449,000 after purchasing an additional 909,591 shares in the last quarter. Bank of America Corp DE lifted its holdings in Sterling Bancorp by 142.4% in the 2nd quarter. Bank of America Corp DE now owns 3,647,348 shares of the financial services provider’s stock valued at $85,713,000 after purchasing an additional 2,142,585 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in Sterling Bancorp by 7.9% in the 3rd quarter. Wells Fargo & Company MN now owns 3,333,073 shares of the financial services provider’s stock valued at $73,327,000 after purchasing an additional 242,736 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Sterling Bancorp by 181.6% in the 3rd quarter. Janus Henderson Group PLC now owns 2,769,402 shares of the financial services provider’s stock valued at $60,927,000 after purchasing an additional 1,785,780 shares in the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Richard L. O’toole purchased 5,000 shares of Sterling Bancorp stock in a transaction dated Thursday, October 25th. The shares were acquired at an average price of $17.01 per share, for a total transaction of $85,050.00. Following the acquisition, the director now directly owns 35,713 shares in the company, valued at $607,478.13. The purchase was disclosed in a filing with the SEC, which is available through this link. 2.09% of the stock is owned by insiders.

Shares of STL stock opened at $17.97 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market capitalization of $4.10 billion, a price-to-earnings ratio of 12.84 and a beta of 1.10. Sterling Bancorp has a fifty-two week low of $16.85 and a fifty-two week high of $25.65.

Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $0.51 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.51. Sterling Bancorp had a return on equity of 9.96% and a net margin of 23.31%. The company had revenue of $272.20 million for the quarter, compared to analyst estimates of $278.79 million. During the same quarter last year, the firm posted $0.35 EPS. The firm’s revenue for the quarter was up 96.3% on a year-over-year basis. Sell-side analysts expect that Sterling Bancorp will post 1.97 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, November 19th. Stockholders of record on Monday, November 5th were issued a dividend of $0.07 per share. The ex-dividend date was Friday, November 2nd. This represents a $0.28 annualized dividend and a dividend yield of 1.56%. Sterling Bancorp’s dividend payout ratio is presently 20.00%.

A number of research analysts have weighed in on STL shares. ValuEngine upgraded Sterling Bancorp from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 15th. Zacks Investment Research lowered Sterling Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, October 10th. Hovde Group decreased their price objective on Sterling Bancorp from $30.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, October 25th. Finally, Maxim Group restated a “buy” rating and issued a $36.00 price objective on shares of Sterling Bancorp in a report on Thursday, October 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Sterling Bancorp has a consensus rating of “Hold” and a consensus target price of $29.33.

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About Sterling Bancorp

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, money market, savings, 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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