Sterling Bancorp (STL) Downgraded to Hold at Zacks Investment Research

Sterling Bancorp (NYSE:STL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.

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. “

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STL has been the subject of several other reports. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $33.50 price objective on shares of Sterling Bancorp in a research report on Tuesday, February 27th. Jefferies Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research report on Thursday, January 25th. Finally, Maxim Group increased their price objective on Sterling Bancorp from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. Sterling Bancorp has an average rating of “Hold” and a consensus target price of $28.76.

NYSE:STL opened at $22.55 on Friday. Sterling Bancorp has a one year low of $21.00 and a one year high of $26.50. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $5,068.86, a P/E ratio of 16.11 and a beta of 1.09.

Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Sterling Bancorp had a return on equity of 8.93% and a net margin of 12.46%. The firm had revenue of $265.00 million during the quarter, compared to analysts’ expectations of $267.08 million. The business’s quarterly revenue was up 115.3% on a year-over-year basis. equities research analysts anticipate that Sterling Bancorp will post 1.88 earnings per share for the current year.

In related news, Director James F. Deutsch sold 200,000 shares of the stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $25.22, for a total value of $5,044,000.00. Following the completion of the transaction, the director now directly owns 500 shares in the company, valued at $12,610. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.74% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Xact Kapitalforvaltning AB purchased a new position in shares of Sterling Bancorp during the fourth quarter worth $445,000. Envestnet Asset Management Inc. boosted its position in shares of Sterling Bancorp by 79.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 14,092 shares of the financial services provider’s stock worth $346,000 after buying an additional 6,247 shares during the period. Hilton Capital Management LLC purchased a new position in shares of Sterling Bancorp during the fourth quarter worth $15,537,000. William Blair Investment Management LLC boosted its position in shares of Sterling Bancorp by 48.0% during the fourth quarter. William Blair Investment Management LLC now owns 1,229,934 shares of the financial services provider’s stock worth $30,256,000 after buying an additional 398,890 shares during the period. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in shares of Sterling Bancorp during the fourth quarter worth $898,000. Institutional investors own 88.74% of the company’s stock.

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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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