Zacks Investment Research downgraded shares of Sterling Bancorp (NYSE:STL) from a hold rating to a sell rating in a research report released on Saturday 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. “
Several other research analysts also recently issued reports on the stock. Jefferies Group reissued a buy rating and set a $18.50 price objective on shares of Sterling Bancorp in a research report on Thursday, July 7th. Maxim Group initiated coverage on shares of Sterling Bancorp in a report on Wednesday, June 22nd. They issued a buy rating and a $19.00 target price on the stock. Hovde Group initiated coverage on shares of Sterling Bancorp in a report on Monday, October 10th. They issued an outperform rating and a $20.00 target price on the stock. FIG Partners reaffirmed an outperform rating on shares of Sterling Bancorp in a report on Wednesday, August 31st. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Sterling Bancorp from $18.00 to $19.00 and gave the company an outperform rating in a report on Thursday, July 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $19.10.
Sterling Bancorp (NYSE:STL) opened at 17.30 on Friday. Sterling Bancorp has a 12 month low of $13.44 and a 12 month high of $17.93. The firm has a 50 day moving average of $17.43 and a 200-day moving average of $16.58. The firm has a market cap of $2.26 billion, a P/E ratio of 19.05 and a beta of 1.19.
Sterling Bancorp (NYSE:STL) last posted its earnings results on Tuesday, July 26th. The financial services provider reported $0.27 EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.01. The company earned $119.51 million during the quarter, compared to analysts’ expectations of $34.78 million. Sterling Bancorp had a net margin of 23.68% and a return on equity of 7.89%. On average, equities research analysts forecast that Sterling Bancorp will post $0.69 earnings per share for the current year.
In related news, Director Robert Abrams sold 1,835 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $17.00, for a total value of $31,195.00. Following the completion of the sale, the director now owns 53,396 shares in the company, valued at $907,732. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Craig S. Thompson sold 3,000 shares of the firm’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $16.96, for a total transaction of $50,880.00. Following the completion of the sale, the director now owns 259,100 shares of the company’s stock, valued at approximately $4,394,336. The disclosure for this sale can be found here. 4.04% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its position in shares of Sterling Bancorp by 68.6% in the first quarter. Wellington Management Group LLP now owns 5,580,851 shares of the financial services provider’s stock worth $88,903,000 after buying an additional 2,269,760 shares during the last quarter. Systematic Financial Management LP boosted its position in shares of Sterling Bancorp by 58.5% in the second quarter. Systematic Financial Management LP now owns 4,766,082 shares of the financial services provider’s stock worth $74,827,000 after buying an additional 1,759,939 shares during the last quarter. Bank of Montreal Can acquired a new position in shares of Sterling Bancorp during the second quarter worth about $12,643,000. Emerald Acquisition Ltd. acquired a new position in shares of Sterling Bancorp during the second quarter worth about $11,282,000. Finally, Hillcrest Asset Management LLC acquired a new position in shares of Sterling Bancorp during the first quarter worth about $8,491,000. Hedge funds and other institutional investors own 77.83% 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.