Sterling Bancorp (NYSE:STL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “Sterling Bancorp is the holding company for Sterling National Bank, a financial services firm. Sterling National Bank provides various banking and financial products and services primarily in New York, New Jersey, and Connecticut. It provides depository and cash management services and a broad portfolio of financing solutions-including working capital lines, accounts receivable and inventory financing, factoring, trade financing, payroll funding and processing, equipment financing, commercial and residential mortgages and mortgage warehouse lines of credit. Sterling Bancorp, formerly known as Provident New York Bancorp, is headquartered in New York. “
A number of other equities analysts have also weighed in on STL. Jefferies Group LLC reiterated a “buy” rating and issued a $28.00 price target on shares of Sterling Bancorp in a report on Friday, May 19th. ValuEngine upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, May 20th. Royal Bank Of Canada reiterated a “buy” rating on shares of Sterling Bancorp in a report on Tuesday, May 30th. BidaskClub upgraded shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Finally, Maxim Group reiterated a “buy” rating and issued a $30.00 price target on shares of Sterling Bancorp in a report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $27.07.
Shares of Sterling Bancorp (STL) opened at 22.45 on Thursday. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of 18.72 and a beta of 1.07. Sterling Bancorp has a 12 month low of $16.75 and a 12 month high of $25.85. The firm has a 50-day moving average price of $22.33 and a 200-day moving average price of $23.01.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.33. The company had revenue of $126.88 million for the quarter, compared to analyst estimates of $133.85 million. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. Equities analysts expect that Sterling Bancorp will post $0.69 EPS for the current fiscal year.
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In other Sterling Bancorp news, Director Burt Steinberg bought 10,000 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were acquired at an average price of $21.88 per share, with a total value of $218,800.00. Following the purchase, the director now owns 135,146 shares in the company, valued at approximately $2,956,994.48. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Richard L. O’toole bought 4,000 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was acquired at an average cost of $22.60 per share, for a total transaction of $90,400.00. Following the purchase, the director now owns 21,291 shares in the company, valued at approximately $481,176.60. The disclosure for this purchase can be found here. Company insiders own 3.74% of the company’s stock.
Hedge funds have recently modified their holdings of the company. First Bank & Trust raised its stake in shares of Sterling Bancorp by 402.6% in the 2nd quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock valued at $115,000 after acquiring an additional 3,970 shares during the period. Riverhead Capital Management LLC increased its stake in Sterling Bancorp by 70.6% during the 2nd quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock worth $119,000 after buying an additional 2,119 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Sterling Bancorp by 51.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock worth $121,000 after buying an additional 1,735 shares during the period. LS Investment Advisors LLC increased its stake in Sterling Bancorp by 33.5% during the 1st quarter. LS Investment Advisors LLC now owns 6,653 shares of the financial services provider’s stock worth $158,000 after buying an additional 1,670 shares during the period. Finally, World Asset Management Inc purchased a new stake in Sterling Bancorp during the 1st quarter worth $203,000. 91.30% of the stock is currently owned by institutional investors and hedge funds.
About Sterling Bancorp
Sterling Bancorp is a financial holding company. The Company is a bank holding company that owns the Sterling National Bank (the Bank). The Bank specializes in the delivery of services and solutions to business owners, their families and consumers within the communities it serves. The Bank offers a line of commercial, business, and consumer banking products and services.
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