Wellington Management Co. LLP recently announced the acquisition of new stake in Sterling Bancorp (NYSE:STL). The institutional investor has increased its shareholding in the Financial company by 20.51% to 19.6 million shares with purchase of 3.34 million shares. This fresh investment now brings its stake to 10.08% valued currently at $229.77 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.27 million to 18.69 million shares. And Dimensional Fund Advisors LP has lifted its position by 4.51% or 0.47 million shares – to 10.9 million shares.
With over 1.67 million Sterling Bancorp (STL) shares trading Monday and a closing price of $11.19 on the day, the dollar volume was approximately $18.71 million. The shares have shown a negative weekly performance of -3.12% and its price on 08/03/20 lost nearly -0.53%. Currently, there are 193.48M common shares owned by the public and among those 192.52M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for STL have a consensus price objective of $15.36. The analysts have set the share’s price value over the next 12 months at a high of $20.00 and a low of $14.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Sterling Bancorp stock is 1.80 for the next 12 months. The average price target is 27.01% above its last price level and an upside to the estimated low will see the stock gain 20.07% over that period. But an upside of 44.05% will see the stock hit the forecast high price target while mean target price for the stock is $15.00.
Insiders at the company have transacted a total of 86 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 50 of these insider trades were purchases, accounting for 249,244 shares. Insider sales of the common stock occurred on 36 occasions, with total insider shares sold totaling 122,025 shares.
The top 3 mutual fund holders in Sterling Bancorp are Vanguard Total Stock Market Index, iShares Core S&P Mid Cap ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market Index owns 5.56 million shares of the company’s stock, all valued at over $65.22 million. The company sold -0.26 million shares recently to bring their total holdings to about 2.86% of the shares outstanding. Vanguard Small Cap Index Fund sold -0.36 million shares to bring its total holdings to over 4.86 million shares at a value of $56.96 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.50% of the shares outstanding.
Shares of Sterling Bancorp (NYSE: STL) opened at $11.29, up $0.04 from a prior closing price of $11.25. However, the script later closed the day at $11.19, down -0.53%. The company’s stock has a 5-day price change of -3.12% and -3.28% over the past three months. STL shares are trading -46.92% year to date (YTD), with the 12-month market performance down to -44.99% lower. It has a 12-month low price of $7.01 and touched a high of $21.94 over the same period. Currently, 1.67 million shares have been traded, compared to an average intraday trading volume of 2.61 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.46%, -5.00%, and -28.40% respectively.
Institutional ownership of Sterling Bancorp (NYSE: STL) shares accounts for 86.90% of the company’s 193.48M shares outstanding. Mutual fund holders own 4.77%, while other institutional holders and individual stakeholders account for 48.59% and 36.06% respectively.
It has a market capitalization of $2.24B and a beta (3y monthly) value of 1.66. The stock’s trailing 12-month PE ratio is 7.83, while the earnings-per-share (ttm) stands at $1.43. The company has a PEG of 1.57 and the debt-to-equity ratio at 0.23. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.96% over the week and 5.22% over the month.
Analysts forecast that Sterling Bancorp (STL) will achieve an EPS of $0.38 for the current quarter, $0.38 for the next quarter and $1.51 for 2021. The lowest estimate earnings-per-share for the quarter is $0.25 while analysts give the company a high EPS estimate of $0.47. Comparatively, EPS for the current quarter was $0.52 a year ago. Earnings per share for the fiscal year are expected to increase by 4.10%, and 42.87% over the next financial year. EPS should shrink at an annualized rate of 5.00% over the next five years, compared to 58.70% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Sterling Bancorp (STL) as a “Strong Buy” at a consensus score of 1.80. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 1 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the STL, a number of firms have released research notes about the stock. Stephens stated their Overweight rating for the stock in a research note on October 29, 2019, with the firm’s price target at. Maxim Group coverage for the Sterling Bancorp (STL) stock in a research note released on July 26, 2019 offered a Buy rating with a price target of $30. B. Riley FBR was of a view on July 16, 2019 that the stock is Buy, while RBC Capital Mkts gave the stock Outperform rating on July 12, 2019, issuing a price target of $24- $26. DA Davidson on their part issued Buy rating on July 12, 2019.