Sterling Bancorp (STL) Receives Buy Rating from Keefe, Bruyette & Woods
Sterling Bancorp (NYSE:STL)‘s stock had its “buy” rating reiterated by analysts at Keefe, Bruyette & Woods in a research report issued on Thursday. They presently have a $29.00 price objective on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 16.70% from the company’s previous close.
Several other brokerages have also recently commented on STL. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 target price for the company in a report on Wednesday. Royal Bank Of Canada cut their price target on shares of Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a research note on Tuesday, October 3rd. Maxim Group reiterated a “buy” rating and issued a $30.00 price target on shares of Sterling Bancorp in a research note on Wednesday, July 26th. Finally, BidaskClub upgraded shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $27.69.
Shares of Sterling Bancorp (NYSE STL) opened at 24.85 on Thursday. Sterling Bancorp has a 1-year low of $16.75 and a 1-year high of $25.85. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of 20.73 and a beta of 1.07. The company has a 50 day moving average of $23.21 and a 200 day moving average of $22.98.
Sterling Bancorp (NYSE:STL) last announced its earnings results on Tuesday, July 25th. The financial services provider reported $0.33 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.33. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. The business had revenue of $126.88 million during the quarter, compared to analysts’ expectations of $133.85 million. On average, equities analysts forecast that Sterling Bancorp will post $0.69 earnings per share for the current fiscal year.
In other news, Director Richard L. O’toole purchased 4,000 shares of the business’s stock in a transaction on Thursday, July 27th. The stock was purchased at an average price of $22.60 per share, for a total transaction of $90,400.00. Following the completion of the purchase, the director now directly owns 21,291 shares in the company, valued at approximately $481,176.60. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Burt Steinberg purchased 10,000 shares of the business’s stock in a transaction on Friday, August 11th. The stock was purchased at an average price of $21.88 per share, with a total value of $218,800.00. Following the purchase, the director now owns 135,146 shares of the company’s stock, 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.
Institutional investors and hedge funds have recently modified their holdings of the company. First Bank & Trust raised its position in shares of Sterling Bancorp by 402.6% in the second quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 3,970 shares during the period. Riverhead Capital Management LLC raised its position in shares of Sterling Bancorp by 70.6% in the second quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock valued at $119,000 after purchasing an additional 2,119 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Sterling Bancorp by 8.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,504 shares of the financial services provider’s stock valued at $128,000 after purchasing an additional 415 shares during the period. M&T Bank Corp bought a new position in shares of Sterling Bancorp in the second quarter valued at about $205,000. Finally, World Asset Management Inc raised its position in shares of Sterling Bancorp by 3.0% in the second quarter. World Asset Management Inc now owns 8,842 shares of the financial services provider’s stock valued at $206,000 after purchasing an additional 261 shares during the period. 90.91% of the stock is currently owned by institutional investors.
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.
Receive News & Ratings for Sterling Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sterling Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.