Sterling Bancorp (STL) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Sterling Bancorp (NYSE:STL) from a buy rating to a hold rating in a research report report published on Friday morning.
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. “
A number of other equities research analysts have also commented on STL. FBR & Co set a $25.00 price objective on shares of Sterling Bancorp and gave the stock a hold rating in a report on Thursday, May 4th. Jefferies Group LLC restated a buy rating and set a $28.00 price objective on shares of Sterling Bancorp in a report on Friday, May 19th. ValuEngine upgraded shares of Sterling Bancorp from a hold rating to a buy rating in a report on Saturday, May 20th. Royal Bank Of Canada restated a buy rating on shares of Sterling Bancorp in a report on Tuesday, May 30th. Finally, BidaskClub upgraded shares of Sterling Bancorp from a sell rating to a hold rating in a report on Saturday, June 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $27.07.
Shares of Sterling Bancorp (NYSE:STL) traded up 1.12% during trading on Friday, hitting $22.55. The stock had a trading volume of 659,386 shares. Sterling Bancorp has a one year low of $16.75 and a one year high of $25.85. The firm’s 50-day moving average is $22.72 and its 200-day moving average is $23.25. The firm has a market cap of $3.06 billion, a P/E ratio of 18.81 and a beta of 1.07.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. The business had revenue of $126.88 million for the quarter, compared to analyst estimates of $133.85 million. Equities research analysts forecast that Sterling Bancorp will post $0.69 EPS for the current year.
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The firm also recently declared a quarterly dividend, which was paid on Monday, August 21st. Shareholders of record on Monday, August 7th were paid a $0.07 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $0.28 annualized dividend and a yield of 1.24%. Sterling Bancorp’s payout ratio is currently 23.33%.
In other Sterling Bancorp news, Director Burt Steinberg purchased 10,000 shares of the stock in a transaction on Friday, August 11th. The shares were purchased at an average cost of $21.88 per share, for a total transaction of $218,800.00. Following the purchase, the director now owns 135,146 shares of the company’s stock, valued at $2,956,994.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Craig S. Thompson sold 2,000 shares of Sterling Bancorp stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $21.62, for a total transaction of $43,240.00. The disclosure for this sale can be found here. Insiders sold a total of 7,000 shares of company stock worth $162,300 over the last quarter. Company insiders own 3.74% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. State of Alaska Department of Revenue raised its stake in shares of Sterling Bancorp by 5.6% in the first quarter. State of Alaska Department of Revenue now owns 15,030 shares of the financial services provider’s stock valued at $356,000 after buying an additional 800 shares during the last quarter. Waldron LP raised its stake in shares of Sterling Bancorp by 15.4% in the first quarter. Waldron LP now owns 40,433 shares of the financial services provider’s stock valued at $958,000 after buying an additional 5,385 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Sterling Bancorp by 9.7% in the first quarter. Russell Investments Group Ltd. now owns 425,389 shares of the financial services provider’s stock valued at $10,082,000 after buying an additional 37,736 shares during the last quarter. Emerald Mutual Fund Advisers Trust raised its stake in shares of Sterling Bancorp by 304.2% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 185,283 shares of the financial services provider’s stock valued at $4,391,000 after buying an additional 139,440 shares during the last quarter. Finally, OTA Financial Group L.P. acquired a new stake in shares of Sterling Bancorp during the first quarter valued at about $425,000. Hedge funds and other institutional investors own 87.52% 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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