Trade Report: Today, Brokerages Set Sterling Bancorp (NYSE:STL) PT at $18.83

Today, Brokerages Set Sterling Bancorp (NYSE:STL) PT at $18.83

Shares of Sterling Bancorp (NYSE:STL) have been given an average recommendation of “Buy” by the six analysts that are covering the stock. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $18.83.

Several equities analysts have recently weighed in on the company. FIG Partners restated an “outperform” rating on shares of Sterling Bancorp in a research report on Wednesday, August 31st. Keefe, Bruyette & Woods raised their target price on Sterling Bancorp from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, July 28th. Jefferies Group restated a “buy” rating and issued a $18.50 target price on shares of Sterling Bancorp in a research report on Thursday, July 7th. Maxim Group started coverage on Sterling Bancorp in a research report on Wednesday, June 22nd. They issued a “buy” rating and a $19.00 target price on the stock. Finally, Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a report on Saturday, July 30th.

Shares of Sterling Bancorp (NYSE:STL) opened at 17.56 on Tuesday. Sterling Bancorp has a one year low of $13.44 and a one year high of $17.90. The stock has a market capitalization of $2.29 billion, a PE ratio of 19.34 and a beta of 1.19. The firm has a 50 day moving average price of $17.38 and a 200 day moving average price of $16.51.

Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, July 26th. The financial services provider reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by $0.01. The firm 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%. Analysts predict that Sterling Bancorp will post $0.69 earnings per share for the current fiscal year.

In other Sterling Bancorp news, Director Craig S. Thompson sold 3,000 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was 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 $4,394,336. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Robert Abrams sold 1,835 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $17.00, for a total value of $31,195.00. Following the sale, the director now directly owns 53,396 shares of the company’s stock, valued at approximately $907,732. The disclosure for this sale can be found here. 4.04% of the stock is owned by corporate insiders.

A number of large investors have recently bought and sold shares of the company. Macquarie Group Ltd. boosted its stake in Sterling Bancorp by 16.3% in the second quarter. Macquarie Group Ltd. now owns 1,335,742 shares of the financial services provider’s stock valued at $20,971,000 after buying an additional 187,197 shares during the period. Mason Street Advisors LLC acquired a new stake in Sterling Bancorp during the second quarter valued at about $369,000. Schwab Charles Investment Management Inc. boosted its stake in Sterling Bancorp by 6.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 412,734 shares of the financial services provider’s stock valued at $6,480,000 after buying an additional 25,444 shares during the period. Amalgamated Bank boosted its stake in Sterling Bancorp by 16.7% in the second quarter. Amalgamated Bank now owns 15,022 shares of the financial services provider’s stock valued at $257,000 after buying an additional 2,151 shares during the period. Finally, Legal & General Group Plc boosted its stake in Sterling Bancorp by 1.4% in the second quarter. Legal & General Group Plc now owns 27,437 shares of the financial services provider’s stock valued at $425,000 after buying an additional 382 shares during the period. 77.83% of the stock is owned by institutional investors.

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