Sterling Bancorp (NASDAQ:SBT) Downgraded to “Hold” at Zacks Investment Research


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Zacks Investment Research cut shares of Sterling Bancorp (NASDAQ:SBT) from a buy rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “Sterling Bancorp, Inc. is a unitary thrift holding company with its primary branch operations in San Francisco and Los Angeles, California. The company through its wholly owned bank subsidiary, Sterling Bank and Trust, F.S.B., Sterling offers loan products to the residential and commercial markets, as well as retail banking services. Sterling Bancorp, Inc. is headquartered in Southfield, Michigan. “

Separately, Hovde Group started coverage on Sterling Bancorp in a research note on Friday, January 29th. They set an outperform rating and a $6.00 price objective for the company.

Sterling Bancorp stock opened at $5.36 on Wednesday. The business has a 50-day simple moving average of $5.46 and a two-hundred day simple moving average of $4.48. The company has a market cap of $268.02 million, a P/E ratio of 4.83 and a beta of 0.81. Sterling Bancorp has a 52-week low of $2.61 and a 52-week high of $5.95. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.16.

Sterling Bancorp (NASDAQ:SBT) last announced its quarterly earnings data on Sunday, January 31st. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.24). The company had revenue of $25.74 million for the quarter, compared to the consensus estimate of $25.90 million. Sterling Bancorp had a net margin of 7.67% and a return on equity of 3.83%. Research analysts anticipate that Sterling Bancorp will post -0.03 EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the business. Rhumbline Advisers boosted its stake in Sterling Bancorp by 13.3% in the 4th quarter. Rhumbline Advisers now owns 29,291 shares of the company’s stock worth $133,000 after purchasing an additional 3,449 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Sterling Bancorp by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 103,000 shares of the company’s stock worth $311,000 after purchasing an additional 4,088 shares during the period. Wells Fargo & Company MN boosted its stake in Sterling Bancorp by 8.6% in the 4th quarter. Wells Fargo & Company MN now owns 55,266 shares of the company’s stock worth $251,000 after purchasing an additional 4,387 shares during the period. Squarepoint Ops LLC boosted its stake in Sterling Bancorp by 144.2% in the 3rd quarter. Squarepoint Ops LLC now owns 37,979 shares of the company’s stock worth $114,000 after purchasing an additional 22,425 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Sterling Bancorp by 104.8% in the 4th quarter. JPMorgan Chase & Co. now owns 69,448 shares of the company’s stock worth $315,000 after purchasing an additional 35,546 shares during the period. Institutional investors and hedge funds own 23.99% 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.

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