Zacks Investment Research lowered shares of Sterling Bancorp (NYSE:STL) from a buy rating to a hold rating in a report published on Tuesday morning.
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 brokerages also recently weighed in on STL. FIG Partners reiterated an outperform rating on shares of Sterling Bancorp in a report on Wednesday, August 31st. Piper Jaffray Cos. downgraded Sterling Bancorp from an overweight rating to a neutral rating and set a $20.00 price objective for the company. in a research note on Wednesday, November 16th. Jefferies Group restated a buy rating and set a $21.00 price objective on shares of Sterling Bancorp in a research note on Tuesday, November 1st. Keefe, Bruyette & Woods upped their price objective on Sterling Bancorp from $18.00 to $19.00 and gave the stock an outperform rating in a research note on Thursday, July 28th. Finally, Hovde Group started coverage on Sterling Bancorp in a research note on Monday, October 10th. They set an outperform rating and a $20.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Sterling Bancorp has a consensus rating of Buy and a consensus target price of $19.83.
Sterling Bancorp (NYSE:STL) opened at 23.50 on Tuesday. The stock has a market cap of $3.07 billion, a PE ratio of 23.27 and a beta of 1.06. Sterling Bancorp has a 12 month low of $13.44 and a 12 month high of $23.55. The stock has a 50 day moving average price of $18.92 and a 200-day moving average price of $17.21.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings results on Tuesday, October 25th. The financial services provider reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.01. Sterling Bancorp had a return on equity of 7.90% and a net margin of 25.55%. The business earned $112.20 million during the quarter, compared to the consensus estimate of $122.20 million. On average, analysts expect that Sterling Bancorp will post $0.69 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, November 21st. Shareholders of record on Monday, November 7th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, November 3rd. This represents a $0.28 dividend on an annualized basis and a yield of 1.19%. Sterling Bancorp’s dividend payout ratio (DPR) is presently 27.72%.
In other Sterling Bancorp news, Director Craig S. Thompson sold 3,500 shares of the business’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $22.05, for a total transaction of $77,175.00. Following the completion of the transaction, the director now owns 250,200 shares in the company, valued at approximately $5,516,910. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James F. Deutsch sold 100,000 shares of the business’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $17.58, for a total value of $1,758,000.00. Following the transaction, the director now owns 500 shares of the company’s stock, valued at approximately $8,790. The disclosure for this sale can be found here. Company insiders own 4.04% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in STL. Capital Fund Management S.A. purchased a new stake in shares of Sterling Bancorp during the second quarter valued at $535,000. Hilton Capital Management LLC raised its stake in shares of Sterling Bancorp by 3.5% in the second quarter. Hilton Capital Management LLC now owns 316,676 shares of the financial services provider’s stock valued at $4,972,000 after buying an additional 10,610 shares during the period. Genesee Valley Trust Co. raised its stake in shares of Sterling Bancorp by 5.6% in the second quarter. Genesee Valley Trust Co. now owns 11,280 shares of the financial services provider’s stock valued at $177,000 after buying an additional 600 shares during the period. Strs Ohio raised its stake in shares of Sterling Bancorp by 47.2% in the second quarter. Strs Ohio now owns 7,800 shares of the financial services provider’s stock valued at $122,000 after buying an additional 2,500 shares during the period. Finally, Bank of Montreal Can purchased a new stake in shares of Sterling Bancorp during the second quarter valued at $12,643,000. Institutional investors own 79.34% of the company’s stock.
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.