Argent Capital Management LLC raised its holdings in Sterling Bancorp (NYSE:STL) by 18.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 208,485 shares of the financial services provider’s stock after purchasing an additional 31,795 shares during the quarter. Argent Capital Management LLC owned 0.10% of Sterling Bancorp worth $4,437,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Smith Asset Management Group LP bought a new position in shares of Sterling Bancorp during the 2nd quarter worth $29,000. Bremer Bank National Association bought a new position in shares of Sterling Bancorp during the 1st quarter worth $46,000. Pinebridge Investments L.P. bought a new position in shares of Sterling Bancorp during the 2nd quarter worth $62,000. BNP Paribas Arbitrage SA grew its stake in shares of 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 worth $96,000 after acquiring an additional 4,106 shares during the period. Finally, CSat Investment Advisory L.P. bought a new position in shares of Sterling Bancorp during the 2nd quarter worth $116,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.
Shares of NYSE:STL traded down $0.18 on Friday, hitting $20.28. The company’s stock had a trading volume of 2,129,149 shares, compared to its average volume of 1,211,233. The company has a 50-day simple moving average of $19.58 and a 200 day simple moving average of $20.23. Sterling Bancorp has a 1 year low of $15.62 and a 1 year high of $23.25. The company has a market capitalization of $4.20 billion, a PE ratio of 10.14 and a beta of 1.37. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.99 and a quick ratio of 0.99.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). The firm had revenue of $263.26 million for the quarter, compared to the consensus estimate of $262.02 million. Sterling Bancorp had a net margin of 32.55% and a return on equity of 10.37%. Sterling Bancorp’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.50 earnings per share. On average, equities research analysts expect that Sterling Bancorp will post 2.1 earnings per share for the current fiscal year.
A number of analysts recently issued reports on the company. B. Riley assumed coverage on Sterling Bancorp in a report on Tuesday, July 16th. They set a “buy” rating and a $26.00 price objective on the stock. DA Davidson reaffirmed a “buy” rating on shares of Sterling Bancorp in a report on Monday, July 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $26.00 price target (up previously from $24.00) on shares of Sterling Bancorp in a report on Friday, July 12th. Piper Jaffray Companies set a $26.00 price target on Sterling Bancorp and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Maxim Group reaffirmed a “buy” rating and issued a $30.00 price target (down previously from $36.00) on shares of Sterling Bancorp in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company’s stock. Sterling Bancorp currently has a consensus rating of “Buy” and a consensus 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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