Sterling Bancorp (NYSE:STL) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Sterling Bancorp (NYSE:STL) from a hold rating to a buy rating in a report released on Saturday. The brokerage currently has $25.00 price target on the financial services provider’s stock.
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. “
Several other equities research analysts also recently issued reports on STL. Stephens initiated coverage on Sterling Bancorp in a report on Wednesday, April 5th. They set an overweight rating for the company. FBR & Co initiated coverage on Sterling Bancorp in a report on Tuesday, April 11th. They set a mkt perform rating and a $25.00 price target for the company. Keefe, Bruyette & Woods reiterated a buy rating and set a $29.00 price target on shares of Sterling Bancorp in a report on Wednesday, April 12th. Jefferies Group LLC reiterated a buy rating and set a $28.00 price target on shares of Sterling Bancorp in a report on Friday, May 19th. Finally, ValuEngine upgraded Sterling Bancorp from a hold rating to a buy rating in a report on Saturday, May 20th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $27.07.
Shares of Sterling Bancorp (NYSE STL) opened at 23.10 on Friday. The firm has a market cap of $3.13 billion, a P/E ratio of 19.27 and a beta of 1.08. Sterling Bancorp has a 12-month low of $16.73 and a 12-month high of $25.85. The stock has a 50 day moving average price of $23.14 and a 200 day moving average price of $23.41.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.33. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. The business had revenue of $126.88 million during the quarter, compared to the consensus estimate of $133.85 million. On average, equities analysts expect that Sterling Bancorp will post $0.69 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 21st. Shareholders of record on Monday, August 7th will be given a $0.07 dividend. The ex-dividend date is Thursday, August 3rd. This represents a $0.28 annualized dividend and a yield of 1.21%. Sterling Bancorp’s dividend payout ratio is currently 23.33%.
In other news, Director Craig S. Thompson sold 3,500 shares of the company’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $22.75, for a total transaction of $79,625.00. Following the transaction, the director now owns 225,395 shares of the company’s stock, valued at approximately $5,127,736.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard L. O’toole purchased 4,000 shares of the company’s stock in a transaction dated Thursday, July 27th. The shares were purchased at an average cost of $22.60 per share, for a total transaction of $90,400.00. Following the transaction, the director now directly owns 21,291 shares in the company, valued at $481,176.60. The disclosure for this purchase can be found here. Insiders have sold a total of 10,500 shares of company stock worth $241,925 in the last ninety days. Insiders own 3.74% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. First Bank & Trust boosted its position in shares of Sterling Bancorp by 402.6% in the second quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock valued at $115,000 after buying an additional 3,970 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Sterling Bancorp by 51.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock valued at $121,000 after buying an additional 1,735 shares in the last quarter. LS Investment Advisors LLC boosted its position in shares of Sterling Bancorp by 33.5% in the first quarter. LS Investment Advisors LLC now owns 6,653 shares of the financial services provider’s stock valued at $158,000 after buying an additional 1,670 shares in the last quarter. World Asset Management Inc acquired a new position in shares of Sterling Bancorp during the first quarter valued at $203,000. Finally, Tocqueville Asset Management L.P. acquired a new position in shares of Sterling Bancorp during the first quarter valued at $214,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.
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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