Zacks Investment Research upgraded shares of Sterling Bancorp (NYSE:STL) from a hold rating to a strong-buy rating in a research report released on Wednesday morning. The firm currently has $28.00 price objective 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. “
Other research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods reaffirmed a buy rating on shares of Sterling Bancorp in a research report on Thursday, September 7th. Maxim Group reaffirmed a buy rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, July 26th. BidaskClub raised shares of Sterling Bancorp from a sell rating to a hold rating in a research report on Monday, July 3rd. ValuEngine downgraded shares of Sterling Bancorp from a buy rating to a hold rating in a research report on Thursday, September 7th. Finally, Royal Bank Of Canada cut their price objective on shares of Sterling Bancorp from $30.00 to $29.00 and set an outperform rating on the stock in a research report on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $27.69.
Shares of Sterling Bancorp (NYSE STL) traded down 1.81% during midday trading on Wednesday, reaching $24.40. 1,423,438 shares of the company’s stock were exchanged. The company has a market cap of $3.31 billion, a price-to-earnings ratio of 20.35 and a beta of 1.07. Sterling Bancorp has a 12-month low of $16.75 and a 12-month high of $25.85. The stock’s 50 day moving average price is $23.21 and its 200 day moving average price is $22.98.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. The firm had revenue of $126.88 million for the quarter, compared to the consensus estimate of $133.85 million. Equities analysts anticipate that Sterling Bancorp will post $0.69 earnings per share for the current fiscal year.
In related news, Director Richard L. O’toole bought 4,000 shares of the company’s stock in a transaction on Thursday, July 27th. The shares were bought at an average price of $22.60 per share, with a total value of $90,400.00. Following the transaction, the director now owns 21,291 shares in the company, valued at $481,176.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Burt Steinberg bought 10,000 shares of the company’s stock in a transaction on Friday, August 11th. The shares were bought at an average cost of $21.88 per share, for a total transaction of $218,800.00. Following the transaction, the director now owns 135,146 shares in the company, valued at approximately $2,956,994.48. The disclosure for this purchase can be found here. 3.74% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the business. Colony Group LLC purchased a new stake in Sterling Bancorp during the 2nd quarter worth approximately $2,077,000. Verition Fund Management LLC grew its position in Sterling Bancorp by 48.2% during the 2nd quarter. Verition Fund Management LLC now owns 19,673 shares of the financial services provider’s stock worth $457,000 after purchasing an additional 6,401 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new stake in Sterling Bancorp during the 2nd quarter worth approximately $682,000. Ameritas Investment Partners Inc. grew its position in Sterling Bancorp by 5.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 11,575 shares of the financial services provider’s stock worth $269,000 after purchasing an additional 626 shares during the last quarter. Finally, Susquehanna International Group LLP grew its position in Sterling Bancorp by 224.0% during the 2nd quarter. Susquehanna International Group LLP now owns 121,729 shares of the financial services provider’s stock worth $2,830,000 after purchasing an additional 84,163 shares during the last quarter. 90.91% of the stock is currently owned by institutional investors.
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.
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