Hovde Group Begins Coverage on Sterling Bancorp (STL)
Research analysts at Hovde Group began coverage on shares of Sterling Bancorp (NYSE:STL) in a research report issued on Monday. The brokerage set an “outperform” rating and a $20.00 price target on the financial services provider’s stock. Hovde Group’s price objective suggests a potential upside of 13.90% from the stock’s previous close.
A number of other research analysts also recently issued reports on the company. Maxim Group assumed coverage on Sterling Bancorp in a report on Wednesday, June 22nd. They set a “buy” rating and a $19.00 price target on the stock. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a report on Saturday, July 30th. Jefferies Group restated a “buy” rating and set a $18.50 price target on shares of Sterling Bancorp in a report on Thursday, July 7th. FIG Partners restated an “outperform” rating on shares of Sterling Bancorp in a report on Wednesday, August 31st. Finally, Keefe, Bruyette & Woods boosted their price target on Sterling Bancorp from $18.00 to $19.00 and gave the company an “outperform” rating in a report on Thursday, July 28th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Sterling Bancorp presently has a consensus rating of “Buy” and a consensus price target of $19.10.
Sterling Bancorp (NYSE:STL) opened at 17.56 on Monday. Sterling Bancorp has a 12-month low of $13.44 and a 12-month high of $17.90. The stock has a 50 day moving average price of $17.38 and a 200-day moving average price of $16.52. The company has a market cap of $2.29 billion, a price-to-earnings ratio of 19.34 and a beta of 1.19.
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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 analysts’ consensus estimates of $0.28 by $0.01. Sterling Bancorp had a net margin of 23.68% and a return on equity of 7.89%. The company earned $119.51 million during the quarter, compared to the consensus estimate of $34.78 million. On average, analysts predict that Sterling Bancorp will post $0.69 EPS for the current fiscal year.
In related news, Director Craig S. Thompson sold 2,000 shares of the company’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $16.98, for a total value of $33,960.00. Following the sale, the director now directly owns 259,100 shares of the company’s stock, valued at $4,399,518. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jack L. Kopnisky sold 107,526 shares of the company’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $17.19, for a total value of $1,848,371.94. Following the completion of the sale, the chief executive officer now directly owns 323,273 shares in the company, valued at $5,557,062.87. 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 modified their holdings of STL. Bank of Montreal Can purchased a new stake in shares of Sterling Bancorp during the second quarter valued at $12,643,000. Wellington Management Group LLP boosted its stake 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 valued at $88,903,000 after buying an additional 2,269,760 shares during the last quarter. Skyline Asset Management LP boosted its stake in shares of Sterling Bancorp by 4.1% in the first quarter. Skyline Asset Management LP now owns 1,925,325 shares of the financial services provider’s stock valued at $30,670,000 after buying an additional 75,400 shares during the last quarter. Barclays PLC purchased a new stake in shares of Sterling Bancorp during the first quarter valued at $664,000. Finally, Nuveen Asset Management LLC boosted its stake in shares of Sterling Bancorp by 33.5% in the first quarter. Nuveen Asset Management LLC now owns 317,365 shares of the financial services provider’s stock valued at $5,056,000 after buying an additional 79,682 shares during the last quarter. 77.83% of the stock is currently owned by institutional investors.
About Sterling Bancorp
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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