Kahn Brothers Buys Sterling Bancorp, SLM, IDT; Reduces New York Times

Kahn Brothers Buys Sterling Bancorp, SLM, IDT; Reduces New York Times
Source: Made with Photoshop

Kahn Brothers & Company’s portfolio in the fourth quarter showed that its assets under management was $581,043,298 based on its 13F filing with the Securities and Exchange Commission (SEC).

During the quarter, the investment management firm acquired positions in 6 corporations and added to its stake in three stocks. The firm also reduced its position across 25 equities and sold out its entire stake in two companies.

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Kahn Brothers’ top five stockholdings

Kahn Brothers’ largest stockholdings include The New York Times Company (NYSE:NYT), which represents 11.64% of its portfolio followed by Pfizer Inc. (NYSE:PFE) 10.01%, Citigroup Inc (NYSE:C) 9,63%, New York Community Bancorp, Inc. (NYSE:NYCB) 9.48%, and Old Republic International Corporation (NYSE:ORI) 7.32%.

New positions

During the quarter, the investment management firm purchased 1,132,740 shares of Sterling Bancorp (NYSE:STL). The bank holding company recently reported its financial results for its December quarter indicating a net loss of $14 million or $0.20 losses per diluted share. Excluding the impact of charges, STL Bancorp should have earned $9.4 million or $0.13 per share. The board of directors of the company declared a quarterly dividend of $0.07 per share payable in February to stockholders on record as of February 14.

Kahn Brothers acquired 979,022 shares of SLM Corp (NASDAQ:SLM), a student lender also known as Sallie Mae. Last month, the company reported that its earnings for the quarter declined 22% to $270 million or $0.60 per share.

The investment management firm also bought 485,905 shares of IDT Corporation (NYSE:IDT), 475,656 shares of Genie Energy Ltd (NYSE:GNE), 8,898 shares of Monsanto Company (NYSE:MON), and 16,297 shares of AT&T, Inc (NYSE:T).

Added positions

Kahn Brothers increased its position in Merck & Co., Inc. (NYSE:MRK) by 1,296,843 shares to 2,525,376 shares, BP Plc (NYSE:BP) (LON:BP) by 31,490 shares to 520,745 shares, and Trinity PL Hldngs Inc (OTCMKTS:TPHS) by 575,171 shares to 1,018,013 shares.

Reduced positions

During the period, the investment management firm sold 1,178,200 shares of The New York Times (NYSE:NYT) and 1 million shares of Nam Tai Electronics, Inc. (NYSE:NTE). Kahn Brothers also cut its stake in New York Community Bancorp, Inc (NYSE:NYCB) by 877,620 shares, Old Republic International Corp (NYSE:ORI) by 963,218 shares, and MBIA Inc. (NYSE:MBI) by 849,550 shares.

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