Keefe, Bruyette & Woods Reaffirms Buy Rating for Sterling Bancorp (STL)

Sterling Bancorp (NYSE:STL)‘s stock had its “buy” rating restated by Keefe, Bruyette & Woods in a research note issued to investors on Thursday. They currently have a $29.00 price objective on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 16.70% from the company’s current price.

Several other research firms have also recently issued reports on STL. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research note on Wednesday. Royal Bank Of Canada lowered their target price on shares of Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 3rd. Maxim Group restated a “buy” rating and set a $30.00 target price on shares of Sterling Bancorp in a research note on Wednesday, July 26th. Finally, BidaskClub upgraded shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Sterling Bancorp currently has an average rating of “Buy” and a consensus price target of $27.69.

Shares of Sterling Bancorp (NYSE STL) opened at 24.85 on Thursday. The company has a market cap of $3.37 billion, a price-to-earnings ratio of 20.73 and a beta of 1.07. The firm has a 50-day moving average of $23.21 and a 200 day moving average of $22.98. Sterling Bancorp has a 12 month low of $16.75 and a 12 month high of $25.85.

Sterling Bancorp (NYSE:STL) last posted its earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.33. The business had revenue of $126.88 million for the quarter, compared to analysts’ expectations of $133.85 million. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. On average, analysts expect that Sterling Bancorp will post $0.69 earnings per share for the current year.

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In other Sterling Bancorp news, Director Richard L. O’toole acquired 4,000 shares of the stock in a transaction dated Thursday, July 27th. The shares were purchased at an average price of $22.60 per share, for a total transaction of $90,400.00. Following the purchase, the director now directly owns 21,291 shares of the company’s stock, valued at $481,176.60. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Burt Steinberg acquired 10,000 shares of the stock in a transaction dated Friday, August 11th. The stock was acquired at an average price of $21.88 per share, for a total transaction of $218,800.00. Following the purchase, the director now directly owns 135,146 shares in the company, valued at $2,956,994.48. The disclosure for this purchase can be found here. 3.74% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of the company. BlackRock Inc. lifted its stake in shares of Sterling Bancorp by 0.7% in the 2nd quarter. BlackRock Inc. now owns 16,098,764 shares of the financial services provider’s stock worth $374,296,000 after purchasing an additional 105,766 shares during the period. Vanguard Group Inc. lifted its stake in shares of Sterling Bancorp by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 11,689,095 shares of the financial services provider’s stock worth $277,031,000 after purchasing an additional 566,776 shares during the period. State Street Corp lifted its stake in shares of Sterling Bancorp by 38.2% in the 2nd quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock worth $190,624,000 after purchasing an additional 2,267,814 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Sterling Bancorp by 16.3% in the 2nd quarter. Alliancebernstein L.P. now owns 3,312,473 shares of the financial services provider’s stock worth $77,015,000 after purchasing an additional 463,922 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Sterling Bancorp by 4.0% in the 2nd quarter. Northern Trust Corp now owns 2,756,462 shares of the financial services provider’s stock worth $64,087,000 after purchasing an additional 106,638 shares during the period. Hedge funds and other institutional investors own 90.91% of the company’s stock.

Sterling Bancorp Company Profile

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.

Analyst Recommendations for Sterling Bancorp (NYSE:STL)

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