Sterling Bancorp (NYSE:STL) Given Outperform Rating at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Sterling Bancorp (NYSE:STL) in a research report report published on Friday morning, Briefing.com Automated Import reports. The brokerage currently has a $26.00 price objective on the financial services provider’s stock, up from their previous price objective of $24.00.

A number of other equities analysts have also recently issued reports on STL. FIG Partners reaffirmed an outperform rating on shares of Sterling Bancorp in a report on Monday, April 29th. ValuEngine raised Zynerba Pharmaceuticals from a sell rating to a hold rating in a report on Monday, April 1st. DA Davidson initiated coverage on Western New England Bancorp in a report on Thursday, July 11th. They issued a neutral rating and a $10.00 target price for the company. Finally, Zacks Investment Research cut Ionis Pharmaceuticals from a buy rating to a hold rating in a report on Friday, April 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. Sterling Bancorp currently has an average rating of Buy and an average price target of $25.33.

Shares of STL opened at $21.20 on Friday. Sterling Bancorp has a 12-month low of $15.62 and a 12-month high of $23.50. The stock has a 50-day moving average price of $20.65. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.87. The firm has a market cap of $4.52 billion, a PE ratio of 10.60 and a beta of 1.34.

Sterling Bancorp (NYSE:STL) last issued its earnings results on Wednesday, April 24th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. Sterling Bancorp had a return on equity of 10.57% and a net margin of 33.40%. The business had revenue of $263.90 million during the quarter, compared to analysts’ expectations of $262.59 million. During the same quarter in the prior year, the firm earned $0.45 EPS. The business’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, equities analysts forecast that Sterling Bancorp will post 2.12 earnings per share for the current fiscal year.

In other news, insider Javier L. Evan sold 1,533 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $20.60, for a total value of $31,579.80. Following the completion of the sale, the insider now owns 24,168 shares of the company’s stock, valued at $497,860.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jack L. Kopnisky sold 75,000 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $21.44, for a total value of $1,608,000.00. Following the completion of the sale, the chief executive officer now directly owns 545,790 shares of the company’s stock, valued at approximately $11,701,737.60. The disclosure for this sale can be found here. In the last three months, insiders sold 143,396 shares of company stock valued at $3,043,774. Insiders own 1.67% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in shares of Sterling Bancorp by 3.5% during the fourth quarter. Bank of New York Mellon Corp now owns 2,491,796 shares of the financial services provider’s stock worth $41,140,000 after purchasing an additional 85,139 shares in the last quarter. Citigroup Inc. lifted its position in shares of Sterling Bancorp by 34.2% during the fourth quarter. Citigroup Inc. now owns 33,066 shares of the financial services provider’s stock worth $546,000 after purchasing an additional 8,423 shares in the last quarter. Northern Trust Corp lifted its position in shares of Sterling Bancorp by 0.7% during the fourth quarter. Northern Trust Corp now owns 1,736,291 shares of the financial services provider’s stock worth $28,666,000 after purchasing an additional 12,779 shares in the last quarter. Great West Life Assurance Co. Can lifted its position in shares of Sterling Bancorp by 6.9% during the fourth quarter. Great West Life Assurance Co. Can now owns 134,442 shares of the financial services provider’s stock worth $2,060,000 after purchasing an additional 8,724 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Sterling Bancorp by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 2,189,427 shares of the financial services provider’s stock worth $36,147,000 after purchasing an additional 128,612 shares in the last quarter. 93.91% of the stock is owned by institutional investors.

About Sterling Bancorp

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.

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Analyst Recommendations for Sterling Bancorp (NYSE:STL)

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