Sterling Bancorp (STL) Stock Rating Lowered by Zacks Investment Research
Sterling Bancorp (NYSE:STL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
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. “
Other research analysts have also recently issued research reports about the stock. Jefferies Group reaffirmed a “buy” rating and issued a $18.50 target price on shares of Sterling Bancorp in a research report on Thursday, July 7th. Maxim Group began coverage on shares of Sterling Bancorp in a research report on Wednesday, June 22nd. They issued a “buy” rating and a $19.00 target price on the stock. FIG Partners reaffirmed an “outperform” rating on shares of Sterling Bancorp in a research report on Wednesday, August 31st. Finally, Keefe, Bruyette & Woods upped their target price on shares of Sterling Bancorp from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Thursday, July 28th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $18.70.
Shares of Sterling Bancorp (NYSE:STL) opened at 17.23 on Wednesday. Sterling Bancorp has a 12-month low of $13.44 and a 12-month high of $17.90. The stock has a 50 day moving average of $17.31 and a 200 day moving average of $16.43. The company has a market cap of $2.25 billion, a price-to-earnings ratio of 18.98 and a beta of 1.21.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.01. Sterling Bancorp had a net margin of 23.68% and a return on equity of 7.89%. The firm earned $119.51 million during the quarter, compared to analysts’ expectations of $34.78 million. Equities research analysts predict that Sterling Bancorp will post $0.69 earnings per share for the current fiscal year.
In other news, Director Craig S. Thompson sold 3,000 shares of the stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $16.96, for a total transaction of $50,880.00. Following the sale, the director now owns 259,100 shares of the company’s stock, valued at $4,394,336. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Craig S. Thompson sold 2,000 shares of the stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $16.98, for a total transaction of $33,960.00. Following the sale, the director now directly owns 259,100 shares in the company, valued at approximately $4,399,518. The disclosure for this sale can be found here. Insiders own 4.04% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Strs Ohio boosted its stake in shares of Sterling Bancorp by 47.2% in the second quarter. Strs Ohio now owns 7,800 shares of the financial services provider’s stock valued at $122,000 after buying an additional 2,500 shares in the last quarter. BlackRock Inc. raised its stake in Sterling Bancorp by 126.8% in the first quarter. BlackRock Inc. now owns 8,030 shares of the financial services provider’s stock worth $129,000 after buying an additional 4,489 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Sterling Bancorp by 5,196.4% in the second quarter. Tower Research Capital LLC TRC now owns 8,898 shares of the financial services provider’s stock worth $140,000 after buying an additional 8,730 shares during the last quarter. Sei Investments Co. raised its stake in Sterling Bancorp by 139.9% in the second quarter. Sei Investments Co. now owns 9,312 shares of the financial services provider’s stock worth $146,000 after buying an additional 5,430 shares during the last quarter. Finally, Huntington Asset Advisors Inc. purchased a new stake in Sterling Bancorp during the first quarter worth $155,000. 77.83% of the stock is currently 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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