Keefe, Bruyette & Woods Reaffirms Buy Rating for Sterling Bancorp (STL)
Sterling Bancorp (NYSE:STL)‘s stock had its “buy” rating restated by research analysts at Keefe, Bruyette & Woods in a research report issued to clients and investors on Thursday.
STL has been the topic of a number of other research reports. Zacks Investment Research downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, June 17th. BidaskClub raised shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Maxim Group reaffirmed a “buy” rating and set a $30.00 price target on shares of Sterling Bancorp in a research note on Wednesday, July 26th. Finally, ValuEngine raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, May 20th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $27.07.
Sterling Bancorp (STL) traded down 2.76% during mid-day trading on Thursday, hitting $21.15. 1,861,918 shares of the stock traded hands. The stock’s 50 day moving average is $22.49 and its 200-day moving average is $23.13. The company has a market cap of $2.87 billion, a price-to-earnings ratio of 17.64 and a beta of 1.07. Sterling Bancorp has a 12 month low of $16.75 and a 12 month high of $25.85.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.33. The company had revenue of $126.88 million for 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, equities research analysts anticipate that Sterling Bancorp will post $0.69 EPS for the current year.
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In other news, Director Richard L. O’toole purchased 4,000 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The shares were purchased at an average price of $22.60 per share, with a total value of $90,400.00. Following the purchase, the director now directly owns 21,291 shares of the company’s stock, valued at approximately $481,176.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Burt Steinberg purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The shares were purchased at an average cost of $21.88 per share, for a total transaction of $218,800.00. Following the purchase, the director now directly owns 135,146 shares in the company, valued at $2,956,994.48. The disclosure for this purchase can be found here. Company insiders own 3.74% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Colony Group LLC purchased a new stake in Sterling Bancorp during the 2nd quarter worth $2,077,000. Verition Fund Management LLC increased its stake in Sterling Bancorp by 48.2% during the 2nd quarter. Verition Fund Management LLC now owns 19,673 shares of the financial services provider’s stock worth $457,000 after buying an additional 6,401 shares during the period. Piedmont Investment Advisors LLC purchased a new stake in Sterling Bancorp during the 2nd quarter worth $682,000. Ameritas Investment Partners Inc. increased its stake in Sterling Bancorp by 5.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 11,575 shares of the financial services provider’s stock worth $269,000 after buying an additional 626 shares during the period. Finally, Susquehanna International Group LLP increased its stake in Sterling Bancorp by 224.0% during the 2nd quarter. Susquehanna International Group LLP now owns 121,729 shares of the financial services provider’s stock worth $2,830,000 after buying an additional 84,163 shares during the period. 91.30% of the stock is currently owned by hedge funds and other institutional investors.
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.
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