Sterling Bancorp (STL) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Sterling Bancorp (NYSE:STL) from a hold rating to a buy rating in a research report report published on Tuesday. Zacks Investment Research currently has $25.00 target price on the financial services provider’s stock.
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 equities analysts also recently issued research reports about the stock. BidaskClub raised shares of Sterling Bancorp from a sell rating to a hold rating in a research note on Saturday, June 10th. Maxim Group reaffirmed a buy rating and set a $30.00 price target on shares of Sterling Bancorp in a research note on Wednesday, July 26th. ValuEngine raised shares of Sterling Bancorp from a hold rating to a buy rating in a research note on Saturday, May 20th. Jefferies Group LLC reaffirmed a buy rating and set a $28.00 price target on shares of Sterling Bancorp in a research note on Friday, May 19th. Finally, Royal Bank Of Canada reaffirmed a buy rating on shares of Sterling Bancorp in a research note on Tuesday, May 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. Sterling Bancorp presently has a consensus rating of Buy and an average target price of $27.07.
Sterling Bancorp (STL) traded up 0.111% during mid-day trading on Tuesday, reaching $22.475. 69,647 shares of the company traded hands. The stock has a market capitalization of $3.05 billion, a PE ratio of 18.745 and a beta of 1.07. The stock has a 50-day moving average of $22.59 and a 200 day moving average of $23.21. Sterling Bancorp has a 52-week low of $16.75 and a 52-week high of $25.85.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. The business had revenue of $126.88 million for the quarter, compared to the consensus estimate of $133.85 million. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. Equities research analysts expect that Sterling Bancorp will post $0.69 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Monday, August 21st. Stockholders of record on Monday, August 7th were paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date was Thursday, August 3rd. Sterling Bancorp’s dividend payout ratio is presently 23.33%.
In other news, Director Burt Steinberg purchased 10,000 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was acquired at an average cost of $21.88 per share, with a total value of $218,800.00. Following the acquisition, the director now owns 135,146 shares in the company, valued at $2,956,994.48. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Richard L. O’toole purchased 4,000 shares of the stock in a transaction that occurred on Thursday, July 27th. The shares were purchased at an average cost of $22.60 per share, with a total value of $90,400.00. Following the completion of the acquisition, the director now owns 21,291 shares in the company, valued at approximately $481,176.60. The disclosure for this purchase can be found here. Company insiders own 3.74% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Sterling Bancorp by 0.7% in the second quarter. BlackRock Inc. now owns 16,098,764 shares of the financial services provider’s stock worth $374,296,000 after buying an additional 105,766 shares during the last quarter. Vanguard Group Inc. raised its stake in Sterling Bancorp by 5.1% in the first quarter. Vanguard Group Inc. now owns 11,689,095 shares of the financial services provider’s stock worth $277,031,000 after buying an additional 566,776 shares during the last quarter. Wellington Management Group LLP raised its stake in Sterling Bancorp by 7.3% in the first quarter. Wellington Management Group LLP now owns 11,034,467 shares of the financial services provider’s stock worth $261,517,000 after buying an additional 751,740 shares during the last quarter. State Street Corp raised its stake in Sterling Bancorp by 38.2% in the second quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock worth $190,624,000 after buying an additional 2,267,814 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in Sterling Bancorp by 16.3% in the second quarter. Alliancebernstein L.P. now owns 3,312,473 shares of the financial services provider’s stock worth $77,015,000 after buying an additional 463,922 shares during the last quarter. 91.31% 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.
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