Sterling Bancorp (STL) Upgraded at Zacks Investment Research
Sterling Bancorp (NYSE:STL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The firm currently has a $25.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.36% from the company’s previous close.
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 equities research analysts have also recently issued reports on STL. Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Sterling Bancorp in a report on Thursday, September 7th. BidaskClub upgraded shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Maxim Group restated a “buy” rating and set a $30.00 price target on shares of Sterling Bancorp in a report on Wednesday, July 26th. ValuEngine cut shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. Finally, Jefferies Group LLC restated a “buy” rating and set 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 given a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $27.07.
Sterling Bancorp (STL) opened at 22.45 on Friday. The firm’s 50 day moving average price is $22.33 and its 200-day moving average price is $23.01. The firm has a market cap of $3.05 billion, a PE ratio of 18.72 and a beta of 1.07. Sterling Bancorp has a 52 week low of $16.75 and a 52 week high of $25.85.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.33. The firm 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 year.
In related news, Director Richard L. O’toole acquired 4,000 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was acquired at an average price of $22.60 per share, with a total value of $90,400.00. Following the completion of the transaction, the director now owns 21,291 shares of the company’s stock, valued at $481,176.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Burt Steinberg acquired 10,000 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were bought 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 approximately $2,956,994.48. The disclosure for this purchase can be found here. 3.74% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. First Bank & Trust raised its position in shares of Sterling Bancorp by 402.6% during the second quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock valued at $115,000 after buying an additional 3,970 shares during the last quarter. Riverhead Capital Management LLC raised its position in shares of Sterling Bancorp by 70.6% during the second quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock valued at $119,000 after buying an additional 2,119 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Sterling Bancorp by 51.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock valued at $121,000 after buying an additional 1,735 shares during the last quarter. LS Investment Advisors LLC raised its position in shares of Sterling Bancorp by 33.5% during the first quarter. LS Investment Advisors LLC now owns 6,653 shares of the financial services provider’s stock valued at $158,000 after buying an additional 1,670 shares during the last quarter. Finally, World Asset Management Inc acquired a new position in shares of Sterling Bancorp during the first quarter valued at about $203,000. 91.30% of the stock is owned by institutional investors and hedge funds.
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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