Sterling Bancorp (STL) Receives “Buy” Rating from Jefferies Group LLC
Sterling Bancorp (NYSE:STL)‘s stock had its “buy” rating reaffirmed by equities researchers at Jefferies Group LLC in a research note issued to investors on Friday. They presently have a $28.00 price objective on the financial services provider’s stock. Jefferies Group LLC’s price target indicates a potential upside of 28.44% from the company’s current price.
Several other research firms have also weighed in on STL. Keefe, Bruyette & Woods restated a “buy” rating and set a $29.00 price objective on shares of Sterling Bancorp in a research report on Monday, March 13th. Sandler O’Neill upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, March 9th. TheStreet upgraded shares of Sterling Bancorp from a “c” rating to a “b-” rating in a report on Tuesday, January 24th. Zacks Investment Research upgraded shares of Sterling Bancorp from a “sell” rating to a “buy” rating and set a $27.00 target price for the company in a report on Saturday, January 28th. Finally, FBR & Co reiterated a “hold” rating on shares of Sterling Bancorp in a report on Wednesday, April 26th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $27.36.
Shares of Sterling Bancorp (NYSE:STL) opened at 21.75 on Friday. Sterling Bancorp has a 12-month low of $14.55 and a 12-month high of $25.85. The stock has a market cap of $2.95 billion, a P/E ratio of 18.48 and a beta of 1.05. The company’s 50-day moving average is $23.09 and its 200-day moving average is $23.29.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.31 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.31. Sterling Bancorp had a net margin of 26.28% and a return on equity of 8.05%. The company had revenue of $121.63 million during the quarter, compared to analyst estimates of $127.81 million. On average, analysts expect that Sterling Bancorp will post $0.69 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, May 22nd. Shareholders of record on Monday, May 8th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.28%. The ex-dividend date is Thursday, May 4th. Sterling Bancorp’s payout ratio is 26.17%.
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In other Sterling Bancorp news, Director Craig S. Thompson sold 3,500 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $22.75, for a total value of $79,625.00. Following the completion of the transaction, the director now directly owns 225,395 shares in the company, valued at $5,127,736.25. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John C. Millman sold 15,000 shares of the firm’s stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $25.01, for a total transaction of $375,150.00. Following the completion of the transaction, the director now owns 348,293 shares of the company’s stock, valued at $8,710,807.93. The disclosure for this sale can be found here. Over the last quarter, insiders sold 233,374 shares of company stock valued at $5,428,369. Corporate insiders own 4.04% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in Sterling Bancorp by 50,894.8% in the first quarter. BlackRock Inc. now owns 15,992,998 shares of the financial services provider’s stock valued at $379,033,000 after buying an additional 15,961,636 shares in the last quarter. Wellington Management Group LLP boosted its stake in 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 in the last quarter. Wells Fargo & Company MN boosted its stake in Sterling Bancorp by 189.8% in the fourth quarter. Wells Fargo & Company MN now owns 2,911,672 shares of the financial services provider’s stock valued at $47,227,000 after buying an additional 1,907,092 shares in the last quarter. Systematic Financial Management LP boosted its stake in 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 valued at $74,827,000 after buying an additional 1,759,939 shares in the last quarter. Finally, State Street Corp boosted its stake in Sterling Bancorp by 26.9% in the first quarter. State Street Corp now owns 5,931,005 shares of the financial services provider’s stock valued at $140,564,000 after buying an additional 1,257,312 shares in the last quarter. Institutional investors own 73.52% of the company’s stock.
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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