Sterling Bancorp (STL) Upgraded by Zacks Investment Research to Strong-Buy
Sterling Bancorp (NYSE:STL) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $28.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.68% 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. “
Several other equities research analysts have also recently commented on STL. BidaskClub cut Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Maxim Group reissued a “buy” rating and issued a $30.00 target price on shares of Sterling Bancorp in a research note on Wednesday, July 26th. Keefe, Bruyette & Woods reissued a “buy” rating on shares of Sterling Bancorp in a research note on Thursday, September 7th. ValuEngine cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Finally, Royal Bank Of Canada lowered their target price on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a research note on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $27.69.
Shares of Sterling Bancorp (NYSE:STL) traded down 0.60% on Wednesday, reaching $24.85. The company had a trading volume of 1,119,634 shares. Sterling Bancorp has a one year low of $16.75 and a one year high of $25.85. The company has a 50-day moving average price of $23.13 and a 200-day moving average price of $22.97. The firm has a market cap of $3.37 billion, a P/E ratio of 20.73 and a beta of 1.07.
Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.33 EPS for the quarter, meeting the Thomson Reuters’ 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 return on equity of 8.62% and a net margin of 28.40%. 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 Burt Steinberg acquired 10,000 shares of the firm’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 completion of the purchase, the director now directly owns 135,146 shares in the company, valued at $2,956,994.48. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard L. O’toole acquired 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The shares were bought at an average cost of $22.60 per share, with a total value of $90,400.00. Following the completion of the purchase, the director now owns 21,291 shares of the company’s stock, valued at $481,176.60. The disclosure for this purchase can be found here. 3.74% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. Colony Group LLC bought a new position in Sterling Bancorp during the second quarter worth about $2,077,000. Verition Fund Management LLC lifted its holdings in Sterling Bancorp by 48.2% during the second quarter. Verition Fund Management LLC now owns 19,673 shares of the financial services provider’s stock worth $457,000 after acquiring an additional 6,401 shares in the last quarter. Piedmont Investment Advisors LLC bought a new position in Sterling Bancorp during the second quarter worth about $682,000. Ameritas Investment Partners Inc. lifted its holdings in Sterling Bancorp by 5.7% during the second quarter. Ameritas Investment Partners Inc. now owns 11,575 shares of the financial services provider’s stock worth $269,000 after acquiring an additional 626 shares in the last quarter. Finally, Susquehanna International Group LLP lifted its holdings in Sterling Bancorp by 224.0% during the second quarter. Susquehanna International Group LLP now owns 121,729 shares of the financial services provider’s stock worth $2,830,000 after acquiring an additional 84,163 shares in the last quarter. 90.91% of the stock is owned by institutional investors and hedge funds.
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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