Sterling Bancorp (STL) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Sterling Bancorp (NYSE:STL) from a buy rating to a hold rating in a research 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. “
Other equities analysts have also issued reports about the company. Keefe, Bruyette & Woods restated a buy rating and set a $29.00 price target on shares of Sterling Bancorp in a research note on Monday, March 13th. Maxim Group boosted their price target on Sterling Bancorp from $28.00 to $30.00 and gave the company a buy rating in a research note on Wednesday, March 8th. Hovde Group upgraded Sterling Bancorp from a market perform rating to an outperform rating and set a $27.00 price target on the stock in a research note on Wednesday, March 8th. Sandler O’Neill upgraded Sterling Bancorp from a hold rating to a buy rating in a research note on Thursday, March 9th. Finally, FBR & Co set a $25.00 price target on Sterling Bancorp and gave the company a hold rating in a research note on Thursday, May 4th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock 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. Sterling Bancorp has a 12-month low of $14.55 and a 12-month high of $25.85. 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 cap of $3.18 billion, a P/E ratio of 19.92 and a beta of 1.04.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.31 EPS for the quarter, hitting analysts’ consensus estimates of $0.31. The business had revenue of $121.63 million for the quarter, compared to analyst estimates of $127.81 million. Sterling Bancorp had a return on equity of 8.36% and a net margin of 28.23%. Analysts expect that Sterling Bancorp will post $0.69 EPS for the current year.
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The company also recently declared a quarterly dividend, which was paid on Monday, May 22nd. Investors of record on Monday, May 8th were paid a dividend of $0.07 per share. The ex-dividend date was Thursday, May 4th. This represents a $0.28 annualized dividend and a yield of 1.19%. Sterling Bancorp’s dividend payout ratio is 23.73%.
In other Sterling Bancorp news, Director Craig S. Thompson sold 3,500 shares of Sterling Bancorp stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $22.75, for a total transaction of $79,625.00. Following the sale, the director now directly owns 225,395 shares of the company’s stock, valued at $5,127,736.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James F. Deutsch sold 200,000 shares of Sterling Bancorp stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $23.05, for a total value of $4,610,000.00. Following the sale, the director now directly owns 500 shares in the company, valued at $11,525. The disclosure for this sale can be found here. Insiders have sold 209,500 shares of company stock worth $4,828,735 over the last 90 days. Corporate insiders own 3.74% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Ronna Sue Cohen increased its stake in Sterling Bancorp by 0.3% in the first quarter. Ronna Sue Cohen now owns 10,212 shares of the financial services provider’s stock worth $242,000 after buying an additional 29 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its stake in Sterling Bancorp by 0.8% in the first quarter. Municipal Employees Retirement System of Michigan now owns 34,570 shares of the financial services provider’s stock worth $819,000 after buying an additional 260 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Sterling Bancorp by 3.4% in the first quarter. Teacher Retirement System of Texas now owns 10,130 shares of the financial services provider’s stock worth $240,000 after buying an additional 333 shares during the last quarter. Suntrust Banks Inc. increased its stake in Sterling Bancorp by 1.6% in the first quarter. Suntrust Banks Inc. now owns 27,208 shares of the financial services provider’s stock worth $644,000 after buying an additional 423 shares during the last quarter. Finally, 10 15 Associates Inc. increased its stake in Sterling Bancorp by 5.9% in the first quarter. 10 15 Associates Inc. now owns 10,454 shares of the financial services provider’s stock worth $247,000 after buying an additional 586 shares during the last quarter. 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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