Sterling Bancorp (STL) Now Covered by Analysts at Hovde Group
Hovde Group began coverage on shares of Sterling Bancorp (NYSE:STL) in a research note issued to investors on Monday. The brokerage issued an outperform rating and a $20.00 price objective on the financial services provider’s stock.
Other research analysts have also recently issued reports about the company. FIG Partners reaffirmed an outperform rating on shares of Sterling Bancorp in a research note on Wednesday, August 31st. Keefe, Bruyette & Woods raised their price objective on Sterling Bancorp from $18.00 to $19.00 and gave the company an outperform rating in a research note on Thursday, July 28th. Jefferies Group reaffirmed a buy rating and set a $18.50 price objective on shares of Sterling Bancorp in a research note on Thursday, July 7th. Maxim Group assumed coverage on Sterling Bancorp in a research note on Wednesday, June 22nd. They set a buy rating and a $19.00 price objective on the stock. Finally, Zacks Investment Research raised Sterling Bancorp from a hold rating to a buy rating and set a $19.00 price objective on the stock in a research note on Saturday, July 30th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $19.10.
Shares of Sterling Bancorp (NYSE:STL) remained flat at $17.75 during mid-day trading on Monday. 80,619 shares of the stock were exchanged. The firm’s 50-day moving average price is $17.40 and its 200-day moving average price is $16.55. Sterling Bancorp has a 52-week low of $13.44 and a 52-week high of $17.93. The stock has a market cap of $2.32 billion, a P/E ratio of 19.55 and a beta of 1.19.
Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, July 26th. The financial services provider reported $0.27 EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.01. The firm earned $119.51 million during the quarter, compared to the consensus estimate of $34.78 million. Sterling Bancorp had a net margin of 23.68% and a return on equity of 7.89%. On average, analysts expect that Sterling Bancorp will post $0.69 EPS for the current year.
In other Sterling Bancorp news, insider Michael E. Finn sold 16,480 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $16.86, for a total transaction of $277,852.80. Following the completion of the transaction, the insider now owns 34,822 shares of the company’s stock, valued at $587,098.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James F. Deutsch sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $17.19, for a total transaction of $3,438,000.00. Following the transaction, the director now directly owns 500 shares of the company’s stock, valued at approximately $8,595. The disclosure for this sale can be found here. Company insiders own 4.04% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP increased its position in shares of Sterling Bancorp by 68.6% in the first quarter. Wellington Management Group LLP now owns 5,580,851 shares of the financial services provider’s stock worth $88,903,000 after buying an additional 2,269,760 shares in the last quarter. Systematic Financial Management LP increased its position in shares of Sterling Bancorp by 58.5% in the second quarter. Systematic Financial Management LP now owns 4,766,082 shares of the financial services provider’s stock worth $74,827,000 after buying an additional 1,759,939 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of Sterling Bancorp during the second quarter worth $12,643,000. Emerald Acquisition Ltd. acquired a new position in shares of Sterling Bancorp during the second quarter worth $11,282,000. Finally, Hillcrest Asset Management LLC acquired a new position in shares of Sterling Bancorp during the first quarter worth $8,491,000. 77.83% of the stock is 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.
Receive News & Stock 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 stocks with our FREE daily email newsletter.