Zacks Investment Research Lowers Sterling Bancorp (STL) to Hold
Sterling Bancorp (NYSE:STL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
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. “
A number of other brokerages also recently commented on STL. Royal Bank Of Canada restated a “buy” rating on shares of Sterling Bancorp in a research report on Tuesday, May 30th. BidaskClub upgraded shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, July 3rd. Jefferies Group LLC restated a “buy” rating and set a $28.00 price objective on shares of Sterling Bancorp in a research report on Friday, May 19th. ValuEngine upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, May 20th. Finally, Maxim Group restated a “buy” rating and set a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $27.07.
Shares of Sterling Bancorp (NYSE:STL) opened at 22.45 on Friday. The company’s 50-day moving average is $22.59 and its 200 day moving average is $23.21. Sterling Bancorp has a 52-week low of $16.75 and a 52-week high of $25.85. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of 18.72 and a beta of 1.07.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.33 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.33. The company had revenue of $126.88 million during the quarter, compared to the consensus estimate of $133.85 million. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. On average, analysts expect that Sterling Bancorp will post $0.69 earnings per share for the current fiscal year.
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In related news, Director Richard L. O’toole purchased 4,000 shares of the stock in a transaction dated Thursday, July 27th. The shares were acquired at an average cost of $22.60 per share, with a total value of $90,400.00. Following the purchase, the director now directly owns 21,291 shares in the company, valued at approximately $481,176.60. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Burt Steinberg purchased 10,000 shares of the stock in a transaction dated Friday, August 11th. The shares were bought at an average cost of $21.88 per share, for a total transaction of $218,800.00. Following the completion of the purchase, the director now owns 135,146 shares in the company, valued at $2,956,994.48. The disclosure for this purchase can be found here. Corporate insiders own 3.74% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. BlackRock Inc. boosted its stake in shares of Sterling Bancorp by 0.7% in the second quarter. BlackRock Inc. now owns 16,098,764 shares of the financial services provider’s stock worth $374,296,000 after buying an additional 105,766 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Sterling Bancorp by 5.1% in the first quarter. Vanguard Group Inc. now owns 11,689,095 shares of the financial services provider’s stock worth $277,031,000 after buying an additional 566,776 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Sterling Bancorp by 7.3% in the first quarter. Wellington Management Group LLP now owns 11,034,467 shares of the financial services provider’s stock worth $261,517,000 after buying an additional 751,740 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of Sterling Bancorp by 14.3% in the third quarter. BlackRock Fund Advisors now owns 8,942,549 shares of the financial services provider’s stock worth $156,495,000 after buying an additional 1,120,306 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Sterling Bancorp by 38.2% in the second quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock worth $190,624,000 after buying an additional 2,267,814 shares during the last quarter. 91.31% of the stock is currently owned by hedge funds and other 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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