Sterling Bancorp (NYSE:STL) Shares Bought by Second Curve Capital LLC

Second Curve Capital LLC boosted its holdings in shares of Sterling Bancorp (NYSE:STL) by 17.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 271,200 shares of the financial services provider’s stock after acquiring an additional 40,000 shares during the quarter. Sterling Bancorp comprises 4.0% of Second Curve Capital LLC’s holdings, making the stock its 10th largest holding. Second Curve Capital LLC owned approximately 0.13% of Sterling Bancorp worth $5,771,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Stevens Capital Management LP acquired a new stake in Sterling Bancorp during the second quarter worth $1,448,000. First Trust Advisors LP increased its stake in Sterling Bancorp by 106.9% during the second quarter. First Trust Advisors LP now owns 697,792 shares of the financial services provider’s stock worth $14,849,000 after acquiring an additional 360,596 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in Sterling Bancorp during the second quarter worth $200,000. Swiss National Bank increased its stake in Sterling Bancorp by 3.6% during the second quarter. Swiss National Bank now owns 402,364 shares of the financial services provider’s stock worth $8,562,000 after acquiring an additional 13,800 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in Sterling Bancorp by 1,069.3% during the second quarter. BNP Paribas Arbitrage SA now owns 4,490 shares of the financial services provider’s stock worth $96,000 after acquiring an additional 4,106 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

NYSE STL traded down $0.30 during trading on Tuesday, reaching $20.62. 24,486 shares of the company’s stock were exchanged, compared to its average volume of 1,229,331. The stock has a market cap of $4.30 billion, a P/E ratio of 10.30 and a beta of 1.37. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.99 and a current ratio of 0.99. The company has a 50 day moving average price of $19.69 and a two-hundred day moving average price of $20.23. Sterling Bancorp has a 1 year low of $15.62 and a 1 year high of $23.40.

Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.01). The business had revenue of $263.26 million for the quarter, compared to analysts’ expectations of $262.02 million. Sterling Bancorp had a return on equity of 10.37% and a net margin of 32.55%. The firm’s quarterly revenue was down 4.9% on a year-over-year basis. During the same period last year, the firm earned $0.50 earnings per share. Research analysts forecast that Sterling Bancorp will post 2.11 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date was Friday, August 2nd. Sterling Bancorp’s dividend payout ratio (DPR) is 14.00%.

Several research firms have issued reports on STL. Piper Jaffray Companies set a $26.00 target price on Sterling Bancorp and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Maxim Group reaffirmed a “buy” rating and issued a $30.00 price objective (down from $36.00) on shares of Sterling Bancorp in a research note on Friday, July 26th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $26.00 price objective (up from $24.00) on shares of Sterling Bancorp in a research note on Friday, July 12th. B. Riley assumed coverage on Sterling Bancorp in a research note on Tuesday, July 16th. They issued a “buy” rating and a $26.00 price objective for the company. Finally, DA Davidson reaffirmed a “buy” rating on shares of Sterling Bancorp in a research note on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $24.75.

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.

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

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