Sterling Bancorp (NYSE:STL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.
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. “
A number of other analysts have also recently commented on STL. BidaskClub raised shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Maxim Group upped their price target on shares of Sterling Bancorp from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, March 8th. FBR & Co assumed coverage on shares of Sterling Bancorp in a research report on Tuesday, April 11th. They set a “mkt perform” rating and a $25.00 price target on the stock. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $29.00 price target on shares of Sterling Bancorp in a research report on Wednesday, April 12th. Finally, Sandler O’Neill raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, March 9th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $27.36.
Sterling Bancorp (NYSE STL) opened at 23.45 on Friday. The firm’s 50-day moving average price is $22.72 and its 200 day moving average price is $23.53. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of 19.92 and a beta of 1.04. Sterling Bancorp has a 12-month low of $14.55 and a 12-month high of $25.85.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.31 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.31. The business had revenue of $121.63 million for the quarter, compared to analysts’ expectations of $127.81 million. Sterling Bancorp had a net margin of 28.23% and a return on equity of 8.36%. On average, analysts expect that Sterling Bancorp will post $0.69 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, May 22nd. Stockholders of record on Monday, May 8th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, May 4th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.19%. Sterling Bancorp’s dividend payout ratio (DPR) is presently 23.73%.
In other news, Director James F. Deutsch sold 200,000 shares of the stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $23.05, for a total transaction of $4,610,000.00. Following the transaction, the director now owns 500 shares of the company’s stock, valued at approximately $11,525. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel James P. Blose sold 3,000 shares of the stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $24.00, for a total transaction of $72,000.00. Following the transaction, the general counsel now directly owns 18,433 shares in the company, valued at approximately $442,392. The disclosure for this sale can be found here. Insiders have sold a total of 209,500 shares of company stock worth $4,828,735 in the last three months. Insiders own 3.74% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in STL. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Sterling Bancorp by 51.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock worth $121,000 after buying an additional 1,735 shares during the period. Tyers Asset Management LLC bought a new position in Sterling Bancorp during the fourth quarter worth about $121,000. LS Investment Advisors LLC boosted its position in Sterling Bancorp by 33.5% in the first quarter. LS Investment Advisors LLC now owns 6,653 shares of the financial services provider’s stock worth $158,000 after buying an additional 1,670 shares during the period. Elkfork Partners LLC bought a new position in Sterling Bancorp during the fourth quarter worth about $167,000. Finally, World Asset Management Inc bought a new position in Sterling Bancorp during the first quarter worth about $203,000. 86.44% 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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