Sterling Bancorp (STL) Rating Lowered to Hold at Zacks Investment Research
Sterling Bancorp (NYSE:STL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
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. “
STL has been the topic of a number of other research reports. BidaskClub raised Sterling Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Maxim Group reaffirmed a “buy” rating and set a $30.00 target price on shares of Sterling Bancorp in a report on Wednesday, July 26th. Keefe, Bruyette & Woods reaffirmed a “buy” rating on shares of Sterling Bancorp in a report on Thursday, September 7th. ValuEngine downgraded Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $28.00 price target on shares of Sterling Bancorp in a report on Friday, May 19th. 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 company’s stock. Sterling Bancorp has an average rating of “Buy” and a consensus price target of $27.07.
Sterling Bancorp (NYSE:STL) traded up 0.90% on Thursday, reaching $22.45. The company’s stock had a trading volume of 3,958,643 shares. Sterling Bancorp has a 52 week low of $16.75 and a 52 week high of $25.85. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 18.72 and a beta of 1.07. The firm’s 50 day moving average price is $22.33 and its 200-day moving average price is $23.01.
Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. The company had revenue of $126.88 million for the quarter, compared to the consensus estimate of $133.85 million. On average, equities analysts predict that Sterling Bancorp will post $0.69 EPS for the current year.
In other Sterling Bancorp news, Director Richard L. O’toole bought 4,000 shares of the stock in a transaction that occurred on Thursday, July 27th. The shares were purchased at an average cost of $22.60 per share, for a total transaction of $90,400.00. Following the transaction, the director now directly owns 21,291 shares in the company, valued at $481,176.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Burt Steinberg bought 10,000 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was acquired at an average price of $21.88 per share, for a total transaction of $218,800.00. Following the completion of the transaction, 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. 3.74% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of STL. Waldron LP increased its position in shares of Sterling Bancorp by 15.4% during the 1st quarter. Waldron LP now owns 40,433 shares of the financial services provider’s stock valued at $958,000 after purchasing an additional 5,385 shares during the period. Russell Investments Group Ltd. increased its position in shares of Sterling Bancorp by 9.7% during the 1st quarter. Russell Investments Group Ltd. now owns 425,389 shares of the financial services provider’s stock valued at $10,082,000 after purchasing an additional 37,736 shares during the period. Great West Life Assurance Co. Can increased its position in shares of Sterling Bancorp by 10.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 187,503 shares of the financial services provider’s stock valued at $4,434,000 after purchasing an additional 17,037 shares during the period. First Trust Advisors LP acquired a new position in shares of Sterling Bancorp during the 1st quarter valued at $1,653,000. Finally, US Bancorp DE increased its position in shares of Sterling Bancorp by 10.7% during the 1st quarter. US Bancorp DE now owns 19,101 shares of the financial services provider’s stock valued at $452,000 after purchasing an additional 1,842 shares during the period. Hedge funds and other institutional investors own 91.30% of the company’s stock.
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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