Stock analysts at DA Davidson began coverage on shares of Sterling Bancorp (NYSE:STL) in a report released on Thursday, BenzingaRatingsTable reports. The firm set a “buy” rating and a $25.00 price target on the financial services provider’s stock. DA Davidson’s price target would indicate a potential upside of 17.98% from the company’s current price.
Several other equities analysts have also weighed in on STL. ValuEngine upgraded Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Zacks Investment Research lowered Ionis Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, April 5th. Finally, FIG Partners reiterated an “outperform” rating on shares of Sterling Bancorp in a research note on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. Sterling Bancorp presently has an average rating of “Buy” and an average price target of $25.20.
Shares of NYSE:STL traded up $0.10 during midday trading on Thursday, hitting $21.19. 882,341 shares of the stock were exchanged, compared to its average volume of 2,333,867. The company has a quick ratio of 0.95, a current ratio of 0.97 and a debt-to-equity ratio of 0.87. Sterling Bancorp has a 52-week low of $15.62 and a 52-week high of $23.90. The stock’s fifty day moving average is $20.55. The company has a market cap of $4.45 billion, a P/E ratio of 10.60 and a beta of 1.34.
Sterling Bancorp (NYSE:STL) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $0.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.01. Sterling Bancorp had a return on equity of 10.57% and a net margin of 33.40%. The company had revenue of $263.90 million for the quarter, compared to analyst estimates of $262.59 million. During the same period last year, the company earned $0.45 earnings per share. The business’s revenue was up .5% compared to the same quarter last year. On average, analysts anticipate that Sterling Bancorp will post 2.12 EPS for the current fiscal year.
In related news, insider Javier L. Evan sold 1,533 shares of Sterling Bancorp stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $20.60, for a total transaction of $31,579.80. Following the sale, the insider now directly owns 24,168 shares of the company’s stock, valued at $497,860.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Thomas X. Geisel sold 12,335 shares of Sterling Bancorp stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $21.05, for a total value of $259,651.75. Following the sale, the insider now directly owns 27,047 shares in the company, valued at $569,339.35. The disclosure for this sale can be found here. Insiders sold 143,396 shares of company stock worth $3,043,774 over the last quarter. 1.67% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in STL. First Trust Advisors LP boosted its holdings in shares of Sterling Bancorp by 32.0% in the 1st quarter. First Trust Advisors LP now owns 337,196 shares of the financial services provider’s stock worth $6,282,000 after acquiring an additional 81,732 shares in the last quarter. FMR LLC raised its position in Sterling Bancorp by 81,198.3% in the 1st quarter. FMR LLC now owns 1,713,769 shares of the financial services provider’s stock worth $31,928,000 after purchasing an additional 1,711,661 shares during the last quarter. Clearbridge Investments LLC raised its position in Sterling Bancorp by 0.9% in the 1st quarter. Clearbridge Investments LLC now owns 3,685,737 shares of the financial services provider’s stock worth $68,665,000 after purchasing an additional 32,744 shares during the last quarter. Palouse Capital Management Inc. raised its position in Sterling Bancorp by 27.2% in the 1st quarter. Palouse Capital Management Inc. now owns 13,836 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 2,956 shares during the last quarter. Finally, M3F Inc. raised its position in Sterling Bancorp by 69.4% in the 1st quarter. M3F Inc. now owns 305,000 shares of the financial services provider’s stock worth $5,682,000 after purchasing an additional 125,000 shares during the last quarter. 93.92% of the stock is currently owned by institutional investors and hedge funds.
About Sterling Bancorp
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
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