The Hovde Group Initiates Coverage on Sterling Bancorp (STL)

The Hovde Group Initiates Coverage on Sterling Bancorp (STL)

Research analysts at Hovde Group assumed coverage on shares of Sterling Bancorp (NYSE:STL) in a report issued on Monday. The firm set an “outperform” rating and a $20.00 price target on the financial services provider’s stock. Hovde Group’s target price would suggest a potential upside of 13.64% from the company’s current price.

STL has been the topic of a number of other reports. Jefferies Group restated a “buy” rating and issued a $18.50 price objective on shares of Sterling Bancorp in a research note on Thursday, July 7th. Zacks Investment Research cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, September 28th. Keefe, Bruyette & Woods boosted their price objective on Sterling Bancorp from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, July 28th. FIG Partners restated an “outperform” rating on shares of Sterling Bancorp in a research note on Wednesday, August 31st. Finally, Maxim Group assumed coverage on Sterling Bancorp in a research note on Wednesday, June 22nd. They issued a “buy” rating and a $19.00 price objective on the stock. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $19.10.

Shares of Sterling Bancorp (NYSE:STL) opened at 17.60 on Monday. The firm has a market capitalization of $2.30 billion, a P/E ratio of 19.38 and a beta of 1.19. Sterling Bancorp has a 1-year low of $13.44 and a 1-year high of $17.93. The stock has a 50 day moving average of $17.41 and a 200-day moving average of $16.55.

Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.01. Sterling Bancorp had a net margin of 23.68% and a return on equity of 7.89%. The firm earned $119.51 million during the quarter, compared to the consensus estimate of $34.78 million. On average, equities analysts expect that Sterling Bancorp will post $0.69 earnings per share for the current year.

In other news, Director Robert Abrams sold 1,835 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $17.00, for a total transaction of $31,195.00. Following the sale, the director now directly owns 53,396 shares in the company, valued at $907,732. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Craig S. Thompson sold 2,000 shares of the company’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $16.98, for a total value of $33,960.00. Following the sale, the director now owns 259,100 shares in the company, valued at $4,399,518. The disclosure for this sale can be found here. Insiders own 4.04% of the company’s stock.

Several large investors have recently made changes to their positions in STL. Strs Ohio boosted its position in 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. BlackRock Inc. boosted its position in Sterling Bancorp by 126.8% in the first quarter. BlackRock Inc. now owns 8,030 shares of the financial services provider’s stock valued at $129,000 after buying an additional 4,489 shares during the period. Tower Research Capital LLC TRC boosted its position in Sterling Bancorp by 5,196.4% in the second quarter. Tower Research Capital LLC TRC now owns 8,898 shares of the financial services provider’s stock valued at $140,000 after buying an additional 8,730 shares during the period. Sei Investments Co. boosted its position in Sterling Bancorp by 139.9% in the second quarter. Sei Investments Co. now owns 9,312 shares of the financial services provider’s stock valued at $146,000 after buying an additional 5,430 shares during the period. Finally, Huntington Asset Advisors Inc. bought a new position in Sterling Bancorp during the first quarter valued at $155,000. Hedge funds and other institutional investors own 77.83% of the company’s stock.

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