Sterling Bancorp (NASDAQ:SBT) Sees Significant Increase in Short Interest

Sterling Bancorp (NASDAQ:SBT) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 226,600 shares, a growth of 27.4% from the August 31st total of 177,800 shares. Currently, 1.3% of the company’s shares are short sold. Based on an average trading volume of 45,000 shares, the short-interest ratio is currently 5.0 days.

Sterling Bancorp Price Performance

NASDAQ:SBT remained flat at $4.62 during trading hours on Friday. The company’s stock had a trading volume of 23,502 shares, compared to its average volume of 51,300. Sterling Bancorp has a one year low of $4.52 and a one year high of $6.01. The stock has a fifty day simple moving average of $5.47 and a 200-day simple moving average of $5.19. The stock has a market cap of $241.76 million, a P/E ratio of 28.88 and a beta of 0.53.

Sterling Bancorp (NASDAQ:SBT) last posted its earnings results on Wednesday, July 24th. The company reported $0.03 earnings per share (EPS) for the quarter. The firm had revenue of $34.28 million for the quarter. Sterling Bancorp had a return on equity of 2.00% and a net margin of 4.84%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SBT. Koss Olinger Consulting LLC purchased a new position in Sterling Bancorp in the first quarter valued at $68,000. BNP Paribas Financial Markets grew its position in shares of Sterling Bancorp by 883.5% during the first quarter. BNP Paribas Financial Markets now owns 74,696 shares of the company’s stock worth $385,000 after buying an additional 67,101 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Sterling Bancorp by 0.6% during the first quarter. Vanguard Group Inc. now owns 1,461,987 shares of the company’s stock worth $7,544,000 after buying an additional 8,077 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Sterling Bancorp by 2.7% during the second quarter. Bank of New York Mellon Corp now owns 89,085 shares of the company’s stock worth $466,000 after buying an additional 2,357 shares during the period. Finally, Princeton Capital Management LLC raised its holdings in Sterling Bancorp by 60.6% in the second quarter. Princeton Capital Management LLC now owns 26,511 shares of the company’s stock valued at $139,000 after acquiring an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 26.37% of the company’s stock.

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.