First Mercantile Trust Co Lowers stake in Sterling Bancorp (STL)

Sterling Bancorp (STL) : First Mercantile Trust Co reduced its stake in Sterling Bancorp by 11.94% during the most recent quarter end. The investment management company now holds a total of 33,920 shares of Sterling Bancorp which is valued at $595,635 after selling 4,600 shares in Sterling Bancorp , the firm said in a disclosure report filed with the SEC on Oct 7, 2016.Sterling Bancorp makes up approximately 0.08% of First Mercantile Trust Co’s portfolio.

Other Hedge Funds, Including , Simplex Trading added STL to its portfolio by purchasing 6,778 company shares during the most recent quarter which is valued at $119,022. Sterling Bancorp makes up approx 0.02% of Simplex Trading’s portfolio.Bnp Paribas Arbitrage Sa reduced its stake in STL by selling 18,681 shares or 47.99% in the most recent quarter. The Hedge Fund company now holds 20,243 shares of STL which is valued at $357,087. Independent Portfolio Consultants sold out all of its stake in STL during the most recent quarter. The investment firm sold 9,800 shares of STL which is valued $172,872.

Sterling Bancorp (STL) witnessed a volatile trading activity on Friday , and eventually ended flat at 0.00% or 0 points without letting the bulls or bears take much advantage. The trading began at $17.52 and reached the intraday high at $17.58. The bulls started the profit booking and pushed the shares to intraday low of $17.25. The trading session was marked by a volume range of 6,84,942 shares exchanging hands. The 52-week high of the shares is $17.9 and the 52-week low is $13.44. The market cap of the company stands at $2,294 M and there are 13,06,55,998 shares in public circulation.

Many Wall Street Analysts have commented on Sterling Bancorp. Hovde Group Initiated Sterling Bancorp on Oct 10, 2016 to “Outperform”, Price Target of the shares are set at $20.

Sterling Bancorp formerly Provident New York Bancorp is a holding company. The Company operates through its subsidiary Sterling National Bank (SNB) which specializes in the delivery of service and solutions to business owners their families and consumers. SNB offers a range of commercial business and consumer banking products and services. The Bank primarily originates commercial real estate loans and commercial and industrial loans. It also originates residential mortgage loans and consumer loans such as home equity lines of credit homeowner loans and personal loans in market area. The Bank invests in government and agency securities State and municipal securities equities and mortgage-backed securities. SNB offers a range of deposit accounts with a range of interest rates and terms. As of September 30 2014 the Company had over $7.3 billion in assets.

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