Sterling Bancorp (NYSE:STL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage currently has a $24.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 13.48% from the stock’s current price.

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 research analysts have also commented on the stock. BidaskClub lowered shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Sterling Bancorp in a research report on Tuesday, May 30th. Jefferies Group LLC reaffirmed a “buy” rating and set a $28.00 price objective on shares of Sterling Bancorp in a research report on Friday, May 19th. ValuEngine raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, May 20th. Finally, Maxim Group reaffirmed a “buy” rating and set a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, July 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $26.93.

Shares of Sterling Bancorp (STL) opened at 21.15 on Friday. Sterling Bancorp has a one year low of $16.75 and a one year high of $25.85. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 17.64 and a beta of 1.07. The company has a 50-day moving average price of $22.44 and a 200 day moving average price of $23.12.

Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.33. The company had revenue of $126.88 million during the quarter, compared to analysts’ expectations of $133.85 million. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. On average, analysts forecast that Sterling Bancorp will post $0.69 EPS for the current fiscal year.

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In related news, General Counsel James P. Blose sold 3,000 shares of the stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $24.00, for a total value of $72,000.00. Following the completion of the transaction, the general counsel now owns 18,433 shares of the company’s stock, valued at $442,392. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Burt Steinberg purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was acquired at an average cost of $21.88 per share, with a total value of $218,800.00. Following the transaction, the director now directly owns 135,146 shares of the company’s stock, 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.

Large investors have recently bought and sold shares of the stock. Legal & General Group Plc raised its position in Sterling Bancorp by 3.1% in the first quarter. Legal & General Group Plc now owns 234,860 shares of the financial services provider’s stock worth $5,568,000 after purchasing an additional 6,954 shares in the last quarter. State Street Corp raised its position 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 worth $140,564,000 after purchasing an additional 1,257,312 shares in the last quarter. Principal Financial Group Inc. raised its position in Sterling Bancorp by 6.6% in the first quarter. Principal Financial Group Inc. now owns 1,137,565 shares of the financial services provider’s stock worth $26,961,000 after purchasing an additional 70,492 shares in the last quarter. Bank of America Corp DE raised its position in Sterling Bancorp by 109.5% in the first quarter. Bank of America Corp DE now owns 600,127 shares of the financial services provider’s stock worth $14,223,000 after purchasing an additional 313,689 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its position in Sterling Bancorp by 10.0% in the first quarter. Great West Life Assurance Co. Can now owns 187,503 shares of the financial services provider’s stock worth $4,434,000 after purchasing an additional 17,037 shares in the last quarter. 91.30% of the stock is 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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Analyst Recommendations for Sterling Bancorp (NYSE:STL)

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