Sterling Bancorp (NYSE:STL) Receives Buy Rating from Maxim Group
Maxim Group reiterated their buy rating on shares of Sterling Bancorp (NYSE:STL) in a research report report published on Wednesday. Maxim Group currently has a $30.00 price objective on the financial services provider’s stock.
“2Q17 core EPS of $0.33 matched consensus, with strong growth in loans (up 4.8% linked-quarter) and net interest income (up 4.0%, in spite of a narrower NIM), flat core expenses (producing a low 42% core efficiency ratio), and continued solid credit quality.”,” Maxim Group’s analyst commented.
Other analysts have also recently issued reports about the company. Zacks Investment Research cut Sterling Bancorp from a buy rating to a hold rating in a report on Tuesday, May 23rd. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $29.00 price objective on shares of Sterling Bancorp in a report on Wednesday, April 12th. BidaskClub raised Sterling Bancorp from a sell rating to a hold rating in a report on Saturday, June 10th. FBR & Co began coverage on Sterling Bancorp in a report on Tuesday, April 11th. They set a mkt perform rating and a $25.00 price objective on the stock. Finally, Jefferies Group LLC reaffirmed a buy rating and set a $28.00 price objective on shares of Sterling Bancorp in a report on Friday, May 19th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have given a buy rating to the company. Sterling Bancorp currently has an average rating of Buy and a consensus target price of $27.07.
Shares of Sterling Bancorp (STL) remained flat at $22.70 during midday trading on Wednesday. 902,776 shares of the company were exchanged. The firm has a market cap of $3.08 billion, a PE ratio of 18.93 and a beta of 1.08. The company has a 50-day moving average price of $23.19 and a 200 day moving average price of $23.42. Sterling Bancorp has a 52 week low of $16.62 and a 52 week high of $25.85.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.33 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.33. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. The company had revenue of $126.88 million for the quarter, compared to analysts’ expectations of $133.85 million. On average, equities research analysts anticipate that Sterling Bancorp will post $0.69 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 7th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $0.28 annualized dividend and a dividend yield of 1.23%. Sterling Bancorp’s dividend payout ratio (DPR) is 23.33%.
In related news, Director Craig S. Thompson sold 2,000 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $21.62, for a total transaction of $43,240.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Craig S. Thompson sold 3,500 shares of the stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $22.75, for a total value of $79,625.00. Following the sale, the director now owns 225,395 shares in the company, valued at approximately $5,127,736.25. The disclosure for this sale can be found here. Insiders have sold a total of 210,500 shares of company stock worth $4,851,925 over the last ninety days. Insiders own 3.74% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Sterling Bancorp by 50,894.8% in the first quarter. BlackRock Inc. now owns 15,992,998 shares of the financial services provider’s stock valued at $379,033,000 after buying an additional 15,961,636 shares during the last quarter. State Street Corp raised its stake in Sterling Bancorp by 26.9% in the first quarter. State Street Corp now owns 5,931,005 shares of the financial services provider’s stock valued at $140,564,000 after buying an additional 1,257,312 shares during the last quarter. OppenheimerFunds Inc. raised its stake in Sterling Bancorp by 229.3% in the first quarter. OppenheimerFunds Inc. now owns 1,697,911 shares of the financial services provider’s stock valued at $40,240,000 after buying an additional 1,182,263 shares during the last quarter. Hermes Investment Management Ltd. bought a new stake in Sterling Bancorp during the first quarter valued at $24,308,000. Finally, Norges Bank bought a new stake in Sterling Bancorp during the fourth quarter valued at $21,697,000. Institutional investors own 86.60% of the company’s stock.
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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