Sterling Bancorp (NYSE:STL) Sees Unusually-High Trading Volume


Share on StockTwits

Sterling Bancorp (NYSE:STL) shares saw unusually-strong trading volume on Tuesday . Approximately 171,309 shares changed hands during mid-day trading, a decline of 96% from the previous session’s volume of 3,919,623 shares.The stock last traded at $23.32 and had previously closed at $23.18.

A number of equities research analysts have recently weighed in on STL shares. Royal Bank of Canada lifted their price target on shares of Sterling Bancorp from $22.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday, January 22nd. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research report on Wednesday, March 31st. Hovde Group upgraded shares of Sterling Bancorp from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $18.00 to $24.00 in a research report on Friday, January 22nd. TheStreet upgraded shares of Sterling Bancorp from a “c+” rating to a “b-” rating in a research report on Monday, December 28th. Finally, B. Riley boosted their price objective on shares of Sterling Bancorp from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, January 7th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $22.57.

The business’s 50 day simple moving average is $23.07 and its two-hundred day simple moving average is $17.92. The stock has a market cap of $4.48 billion, a P/E ratio of 18.37 and a beta of 1.68. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.22.

Sterling Bancorp (NYSE:STL) last posted its earnings results on Tuesday, January 19th. The financial services provider reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.03. The firm had revenue of $256.07 million for the quarter, compared to analysts’ expectations of $247.27 million. Sterling Bancorp had a net margin of 21.32% and a return on equity of 5.83%. The company’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.54 earnings per share. As a group, research analysts forecast that Sterling Bancorp will post 1.2 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 16th. Shareholders of record on Monday, February 1st were paid a dividend of $0.07 per share. The ex-dividend date was Friday, January 29th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.21%. Sterling Bancorp’s payout ratio is presently 13.53%.

In related news, insider Thomas X. Geisel sold 8,452 shares of the business’s stock in a transaction on Friday, March 5th. The shares were sold at an average price of $22.72, for a total value of $192,029.44. Also, insider Javier L. Evan sold 3,000 shares of the business’s stock in a transaction on Thursday, March 11th. The stock was sold at an average price of $23.84, for a total transaction of $71,520.00. Following the completion of the sale, the insider now directly owns 27,104 shares in the company, valued at approximately $646,159.36. The disclosure for this sale can be found here. Insiders own 0.96% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. grew its stake in shares of Sterling Bancorp by 1.4% in the fourth quarter. BlackRock Inc. now owns 16,036,924 shares of the financial services provider’s stock worth $288,344,000 after purchasing an additional 221,143 shares during the last quarter. Diamond Hill Capital Management Inc. grew its stake in shares of Sterling Bancorp by 2.1% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 8,567,524 shares of the financial services provider’s stock worth $154,044,000 after purchasing an additional 174,524 shares during the last quarter. Alliancebernstein L.P. boosted its position in Sterling Bancorp by 10.3% during the fourth quarter. Alliancebernstein L.P. now owns 8,034,155 shares of the financial services provider’s stock valued at $144,454,000 after acquiring an additional 750,861 shares during the last quarter. Principal Financial Group Inc. boosted its position in Sterling Bancorp by 31.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,780,918 shares of the financial services provider’s stock valued at $50,001,000 after acquiring an additional 669,877 shares during the last quarter. Finally, Norges Bank bought a new stake in Sterling Bancorp during the fourth quarter valued at $44,872,000. 81.24% of the stock is currently owned by institutional investors.

Sterling Bancorp Company Profile (NYSE:STL)

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including interest and non-interest checking, savings, money market, time, and demand deposits, as well as certificates of deposit.

See Also: Circuit Breakers

Receive News & Ratings for Sterling Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sterling Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.