Sterling Bancorp (STL) Downgraded to “Neutral” at Piper Jaffray Cos.
STL has been the subject of several other reports. Hovde Group assumed coverage on shares of Sterling Bancorp in a research report on Monday, October 10th. They set an outperform rating and a $20.00 price target for the company. Zacks Investment Research lowered shares of Sterling Bancorp from a buy rating to a hold rating in a research report on Wednesday, September 28th. Keefe, Bruyette & Woods increased their price target 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. Jefferies Group reissued a buy rating and set a $21.00 price target on shares of Sterling Bancorp in a research report on Tuesday, November 1st. Finally, FIG Partners reissued an outperform rating on shares of Sterling Bancorp in a research report on Wednesday, August 31st. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $19.80.
Shares of Sterling Bancorp (NYSE:STL) traded down 2.75% during mid-day trading on Wednesday, hitting $21.25. 2,657,459 shares of the stock were exchanged. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of 21.04 and a beta of 1.06. Sterling Bancorp has a 52-week low of $13.44 and a 52-week high of $22.88. The stock has a 50-day moving average price of $18.18 and a 200 day moving average price of $16.97.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings data on Tuesday, October 25th. The financial services provider reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.01. Sterling Bancorp had a net margin of 25.55% and a return on equity of 7.90%. The company earned $112.20 million during the quarter, compared to analyst estimates of $122.20 million. On average, equities research analysts expect that Sterling Bancorp will post $0.69 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 21st. Investors of record on Monday, November 7th will be issued a $0.07 dividend. The ex-dividend date is Thursday, November 3rd. This represents a $0.28 annualized dividend and a yield of 1.28%. Sterling Bancorp’s dividend payout ratio (DPR) is presently 27.72%.
In related news, Director James F. Deutsch sold 200,000 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $17.19, for a total value of $3,438,000.00. Following the transaction, the director now owns 500 shares in the company, valued at approximately $8,595. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director James F. Deutsch sold 100,000 shares of the stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $17.58, for a total transaction of $1,758,000.00. Following the completion of the transaction, the director now owns 500 shares in the company, valued at approximately $8,790. The disclosure for this sale can be found here. 4.04% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Strs Ohio raised its stake in 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 valued at $129,000 after buying an additional 4,489 shares in 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 valued at $140,000 after buying an additional 8,730 shares in 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 valued at $146,000 after buying an additional 5,430 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC bought a new stake in Sterling Bancorp during the second quarter valued at approximately $167,000. Institutional investors own 79.17% of the company’s stock.
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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