Short Interest in Sterling Bancorp (NASDAQ:SBT) Drops By 9.0%

Sterling Bancorp (NASDAQ:SBT) saw a large drop in short interest in August. As of August 31st, there was short interest totalling 197,800 shares, a drop of 9.0% from the July 31st total of 217,300 shares. Approximately 1.3% of the shares of the company are short sold. Based on an average daily trading volume, of 77,900 shares, the days-to-cover ratio is currently 2.5 days.

Institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA grew its stake in shares of Sterling Bancorp by 938.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 4,652 shares of the company’s stock valued at $47,000 after acquiring an additional 4,204 shares during the period. Alberta Investment Management Corp bought a new position in shares of Sterling Bancorp during the 2nd quarter valued at approximately $166,000. Susquehanna International Group LLP bought a new position in shares of Sterling Bancorp during the 2nd quarter valued at approximately $202,000. Paloma Partners Management Co bought a new position in shares of Sterling Bancorp during the 2nd quarter valued at approximately $217,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Sterling Bancorp by 360.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 25,330 shares of the company’s stock valued at $255,000 after acquiring an additional 19,826 shares during the period. Institutional investors and hedge funds own 28.14% of the company’s stock.

Shares of Sterling Bancorp stock traded up $0.14 during trading hours on Friday, reaching $10.17. 329 shares of the stock traded hands, compared to its average volume of 43,262. The company has a 50 day moving average price of $9.54 and a 200 day moving average price of $9.79. The firm has a market capitalization of $506.68 million, a price-to-earnings ratio of 8.48 and a beta of 1.33. Sterling Bancorp has a one year low of $6.65 and a one year high of $13.31. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.95.

Sterling Bancorp (NASDAQ:SBT) last released its quarterly earnings results on Monday, July 29th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.01). The firm had revenue of $32.78 million for the quarter, compared to the consensus estimate of $34.20 million. Sterling Bancorp had a net margin of 32.19% and a return on equity of 18.23%. Sell-side analysts anticipate that Sterling Bancorp will post 1.14 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 23rd were paid a dividend of $0.01 per share. The ex-dividend date was Thursday, August 22nd. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.39%. Sterling Bancorp’s dividend payout ratio is currently 3.33%.

Several equities research analysts recently commented on SBT shares. TheStreet upgraded Sterling Bancorp from a “d+” rating to a “c” rating in a report on Monday, August 26th. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating and three have issued a buy rating to the stock. Sterling Bancorp currently has a consensus rating of “Buy” and an average price target of $12.67.

About Sterling Bancorp

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.

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