Sterling Bancorp (STL) Given Consensus Rating of “Buy” by Brokerages
Shares of Sterling Bancorp (NYSE:STL) have received a consensus recommendation of “Buy” from the thirteen brokerages that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $27.69.
STL has been the topic of several research analyst reports. BidaskClub lowered Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Maxim Group reissued a “buy” rating and set a $30.00 price target on shares of Sterling Bancorp in a research note on Wednesday, July 26th. Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research note on Saturday, July 29th. Keefe, Bruyette & Woods reissued a “buy” rating on shares of Sterling Bancorp in a research note on Thursday, September 7th. Finally, ValuEngine downgraded Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.01). The firm had revenue of $134.06 million for the quarter, compared to analysts’ expectations of $135.09 million. Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. Sterling Bancorp’s revenue was up 9.7% compared to the same quarter last year. During the same period last year, the firm earned $0.29 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Shareholders of record on Monday, November 6th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $0.28 annualized dividend and a yield of 1.12%. Sterling Bancorp’s dividend payout ratio (DPR) is presently 22.58%.
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In other news, CEO Jack L. Kopnisky sold 54,100 shares of the business’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $24.71, for a total transaction of $1,336,811.00. Following the completion of the sale, the chief executive officer now directly owns 231,765 shares of the company’s stock, valued at approximately $5,726,913.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Burt Steinberg acquired 10,000 shares of the 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 completion of the purchase, the director now directly owns 135,146 shares in the company, valued at $2,956,994.48. The disclosure for this purchase can be found here. Insiders sold a total of 454,600 shares of company stock valued at $11,439,366 over the last quarter. 3.74% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Sterling Bancorp by 0.7% during the 2nd quarter. BlackRock Inc. now owns 16,098,764 shares of the financial services provider’s stock valued at $374,296,000 after buying an additional 105,766 shares during the period. Vanguard Group Inc. grew its stake in shares of Sterling Bancorp by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 11,689,095 shares of the financial services provider’s stock valued at $277,031,000 after buying an additional 566,776 shares during the period. State Street Corp grew its stake in shares of Sterling Bancorp by 38.2% during the 2nd quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock valued at $190,624,000 after buying an additional 2,267,814 shares during the period. Alliancebernstein L.P. grew its stake in shares of Sterling Bancorp by 16.3% during the 2nd quarter. Alliancebernstein L.P. now owns 3,312,473 shares of the financial services provider’s stock valued at $77,015,000 after buying an additional 463,922 shares during the period. Finally, Victory Capital Management Inc. grew its stake in shares of Sterling Bancorp by 2.2% during the 3rd quarter. Victory Capital Management Inc. now owns 3,264,660 shares of the financial services provider’s stock valued at $80,474,000 after buying an additional 69,900 shares during the period. 91.18% of the stock is owned by 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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