Zacks Investment Research Downgrades Sterling Bancorp (STL) to Hold
Sterling Bancorp (NYSE:STL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
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. “
STL has been the subject of several other reports. Piper Jaffray Cos. lowered Sterling Bancorp from an “overweight” rating to a “neutral” rating and set a $20.00 price objective for the company. in a report on Wednesday, November 16th. Jefferies Group reissued a “buy” rating and set a $21.00 price objective on shares of Sterling Bancorp in a report on Tuesday, November 1st. Hovde Group assumed coverage on Sterling Bancorp in a report on Monday, October 10th. They set an “outperform” rating and a $20.00 price objective for the company. Keefe, Bruyette & Woods raised their price target on Sterling Bancorp from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Thursday, July 28th. Finally, FIG Partners reaffirmed an “outperform” rating on shares of Sterling Bancorp in a report on Wednesday, August 31st. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $19.83.
Sterling Bancorp (NYSE:STL) opened at 23.50 on Tuesday. The firm has a market cap of $3.07 billion, a PE ratio of 23.27 and a beta of 1.06. Sterling Bancorp has a one year low of $13.44 and a one year high of $23.55. The firm has a 50-day moving average price of $18.92 and a 200-day moving average price of $17.21.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, October 25th. The financial services provider reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. Sterling Bancorp had a return on equity of 7.90% and a net margin of 25.55%. The business earned $112.20 million during the quarter, compared to analyst estimates of $122.20 million. On average, equities analysts expect that Sterling Bancorp will post $0.69 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, November 21st. Stockholders of record on Monday, November 7th were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date of this dividend was Thursday, November 3rd. Sterling Bancorp’s payout ratio is currently 27.72%.
In related news, Director James F. Deutsch sold 100,000 shares of Sterling Bancorp stock in a transaction on Thursday, November 10th. The stock was sold at an average price of $20.16, for a total transaction of $2,016,000.00. Following the completion of the sale, the director now owns 500 shares of the company’s stock, valued at $10,080. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Craig S. Thompson sold 3,500 shares of Sterling Bancorp stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $22.05, for a total value of $77,175.00. Following the sale, the director now directly owns 250,200 shares of the company’s stock, valued at approximately $5,516,910. The disclosure for this sale can be found here. 4.04% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of STL. Strs Ohio raised its stake in Sterling Bancorp by 3.8% in the third quarter. Strs Ohio now owns 8,100 shares of the financial services provider’s stock valued at $141,000 after buying an additional 300 shares in the last quarter. Aperio Group LLC raised its stake in Sterling Bancorp by 2.2% in the third quarter. Aperio Group LLC now owns 14,520 shares of the financial services provider’s stock valued at $254,000 after buying an additional 317 shares in the last quarter. Capstone Asset Management Co. raised its stake in Sterling Bancorp by 1.2% in the second quarter. Capstone Asset Management Co. now owns 28,814 shares of the financial services provider’s stock valued at $452,000 after buying an additional 350 shares in the last quarter. BlackRock Inc. raised its stake in Sterling Bancorp by 1.1% in the third quarter. BlackRock Inc. now owns 33,733 shares of the financial services provider’s stock valued at $590,000 after buying an additional 370 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in Sterling Bancorp by 1.4% in the second quarter. Legal & General Group Plc now owns 27,437 shares of the financial services provider’s stock valued at $425,000 after buying an additional 382 shares in the last quarter. 79.34% of the stock is owned by institutional investors.
Sterling Bancorp Company Profile
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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