Sterling Bancorp (STL) Cut to “Sell” at Zacks Investment Research
Sterling Bancorp (NYSE:STL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Saturday.
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 analysts also recently issued reports about the company. FIG Partners restated an “outperform” rating on shares of Sterling Bancorp in a research report on Wednesday, August 31st. Hovde Group initiated coverage on Sterling Bancorp in a research note on Monday, October 10th. They issued an “outperform” rating and a $20.00 target price for the company. Keefe, Bruyette & Woods upped their target price on Sterling Bancorp from $18.00 to $19.00 and gave the company an “outperform” rating in a research note on Thursday, July 28th. Maxim Group initiated coverage on Sterling Bancorp in a research note on Wednesday, June 22nd. They issued a “buy” rating and a $19.00 target price for the company. Finally, Jefferies Group reiterated a “buy” rating and issued a $18.50 target price on shares of Sterling Bancorp in a research note on Thursday, July 7th. One 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 has a consensus rating of “Buy” and an average price target of $19.10.
Sterling Bancorp (NYSE:STL) opened at 17.30 on Friday. The company has a market capitalization of $2.26 billion, a P/E ratio of 19.05 and a beta of 1.19. The firm has a 50-day moving average of $17.43 and a 200-day moving average of $16.58. Sterling Bancorp has a one year low of $13.44 and a one year high of $17.93.
Sterling Bancorp (NYSE:STL) last posted 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 had revenue of $119.51 million for the quarter, compared to analysts’ expectations of $34.78 million. Sterling Bancorp had a return on equity of 7.89% and a net margin of 23.68%. On average, analysts anticipate that Sterling Bancorp will post $0.69 earnings per share for the current year.
In related news, Director Robert Abrams sold 1,835 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $17.00, for a total value of $31,195.00. Following the completion of the transaction, the director now owns 53,396 shares of the company’s stock, valued at $907,732. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard L. O’toole purchased 3,000 shares of Sterling Bancorp stock in a transaction that occurred on Monday, September 12th. The stock was acquired at an average cost of $17.40 per share, with a total value of $52,200.00. Following the acquisition, the director now directly owns 15,796 shares of the company’s stock, valued at approximately $274,850.40. The disclosure for this purchase can be found here. 4.04% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Strs Ohio increased its position 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 worth $122,000 after buying an additional 2,500 shares in the last quarter. BlackRock Inc. increased its position in shares of 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 in the last quarter. Tower Research Capital LLC TRC increased its position in shares of 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 in the last quarter. Sei Investments Co. increased its position in shares of 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 in the last quarter. Finally, Huntington Asset Advisors Inc. acquired a new position in shares of Sterling Bancorp during the first quarter worth approximately $155,000. 77.83% of the stock is owned by hedge funds and other 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.
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