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Is it a Good Idea to Sell Sterling Bancorp (SBT) Now?

Soumya Eswaran
·2 分鐘文章

Wasatch Global Investors, an investment management firm, released its “Wasatch Micro Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark during the quarter. The quality-oriented positioning was the main reason for the strategy’s outperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Wasatch Micro Cap Growth Strategy highlighted stocks like Sterling Bancorp, Inc. (NASDAQ:SBT) in the third quarter 2023 investor letter. Headquartered in Southfield, Michigan, Sterling Bancorp, Inc. (NASDAQ:SBT) is a unitary thrift holding company for Sterling Bank and Trust, F.S.B. On December 22, 2023, Sterling Bancorp, Inc. (NASDAQ:SBT) stock closed at $5.76 per share. One-month return of Sterling Bancorp, Inc. (NASDAQ:SBT) was -1.03%, and its shares lost 6.95% of their value over the last 52 weeks. Sterling Bancorp, Inc. (NASDAQ:SBT) has a market capitalization of $299.938 million.

Wasatch Micro Cap Growth Strategy made the following comment about Sterling Bancorp, Inc. (NASDAQ:SBT) in its Q3 2023 investor letter:

"Sterling Bancorp, Inc. (NASDAQ:SBT) was another name that left the strategy. Sterling provides retail and institutional banking services and wealth management in Michigan, California and New York. We had thought that Sterling was undervalued due to a regulatory issue. And our assessment was that the issue would be resolved with only minor consequences. Although we were correct in our assessment, Sterling has failed to gain the traction we had expected. As a result, we decided to move on from our investment."

A customer using internet banking on a laptop at a cafe, demonstrating the convenience of the service.

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Sterling Bancorp, Inc. (NASDAQ:SBT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 3 hedge fund portfolios held Sterling Bancorp, Inc. (NASDAQ:SBT) at the end of third quarter which was 2 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.