JMP Securities began coverage on shares of Sterling Bancorp (NYSE:STL) in a research note published on Monday morning. The firm issued a market perform rating and a $25.85 price objective on the financial services provider’s stock.
A number of other analysts have also recently commented on the company. Maxim Group restated a buy rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, October 25th. Keefe, Bruyette & Woods restated a buy rating and issued a $29.00 price objective on shares of Sterling Bancorp in a research report on Thursday, October 12th. Zacks Investment Research upgraded Sterling Bancorp from a hold rating to a strong-buy rating and set a $28.00 price objective for the company in a research report on Wednesday, October 11th. Royal Bank Of Canada dropped their price target on Sterling Bancorp from $30.00 to $29.00 and set an outperform rating for the company in a research report on Tuesday, October 3rd. Finally, ValuEngine cut Sterling Bancorp from a buy rating to a hold rating in a research report on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Sterling Bancorp currently has a consensus rating of Buy and an average target price of $27.48.
Shares of Sterling Bancorp (STL) opened at $24.20 on Monday. The company has a market capitalization of $5,370.50, a P/E ratio of 18.53 and a beta of 1.05. Sterling Bancorp has a 12-month low of $21.00 and a 12-month high of $25.85. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.99 and a quick ratio of 0.99.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.01). The business had revenue of $134.06 million during the quarter, compared to analysts’ expectations of $135.09 million. Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.29 earnings per share. sell-side analysts anticipate that Sterling Bancorp will post 1.39 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Monday, November 20th. Investors of record on Monday, November 6th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.16%. The ex-dividend date of this dividend was Friday, November 3rd. Sterling Bancorp’s payout ratio is 22.58%.
In other Sterling Bancorp news, EVP Michael E. Finn sold 4,535 shares of the business’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $24.05, for a total transaction of $109,066.75. Following the transaction, the executive vice president now owns 35,288 shares of the company’s stock, valued at $848,676.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James F. Deutsch sold 300,000 shares of the business’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $25.31, for a total value of $7,593,000.00. Following the transaction, the director now directly owns 500 shares in the company, valued at approximately $12,655. The disclosure for this sale can be found here. Insiders have sold 489,135 shares of company stock worth $12,259,133 in the last three months. 3.74% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio acquired a new position in Sterling Bancorp during the third quarter worth $1,812,000. GSA Capital Partners LLP boosted its stake in Sterling Bancorp by 75.8% during the third quarter. GSA Capital Partners LLP now owns 61,284 shares of the financial services provider’s stock worth $1,511,000 after buying an additional 26,422 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Sterling Bancorp during the third quarter worth $325,000. First Republic Investment Management Inc. boosted its stake in Sterling Bancorp by 38.7% during the third quarter. First Republic Investment Management Inc. now owns 266,227 shares of the financial services provider’s stock worth $6,563,000 after buying an additional 74,340 shares during the last quarter. Finally, Waterstone Capital Management L.P. acquired a new position in Sterling Bancorp during the third quarter worth $343,000. 91.70% of the stock is currently owned by 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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