Zacks Investment Research Upgrades Sterling Bancorp (STL) to Buy
Sterling Bancorp (NYSE:STL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday. The firm currently has a $25.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.36% from the stock’s current price.
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 analysts also recently issued reports on STL. BidaskClub raised shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Keefe, Bruyette & Woods reissued a “buy” rating on shares of Sterling Bancorp in a research report on Thursday, September 7th. Maxim Group reissued a “buy” rating and set a $30.00 target price on shares of Sterling Bancorp in a research report on Wednesday, July 26th. ValuEngine downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $28.00 target price on shares of Sterling Bancorp in a research report on Friday, May 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the stock. Sterling Bancorp presently has an average rating of “Buy” and an average target price of $27.07.
Shares of Sterling Bancorp (NYSE:STL) opened at 22.45 on Friday. Sterling Bancorp has a 12 month low of $16.75 and a 12 month high of $25.85. The firm has a market capitalization of $3.05 billion, a PE ratio of 18.72 and a beta of 1.07. The firm’s 50 day moving average is $22.33 and its 200-day moving average is $23.01.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.33 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.33. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. The company had revenue of $126.88 million during the quarter, compared to the consensus estimate of $133.85 million. On average, analysts expect that Sterling Bancorp will post $0.69 EPS for the current fiscal year.
In other news, Director Richard L. O’toole acquired 4,000 shares of the stock in a transaction on Thursday, July 27th. The stock was bought at an average price of $22.60 per share, with a total value of $90,400.00. Following the completion of the transaction, the director now directly owns 21,291 shares of the company’s stock, valued at $481,176.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Burt Steinberg acquired 10,000 shares of the stock in a transaction on Friday, August 11th. The stock was purchased at an average cost of $21.88 per share, with a total value of $218,800.00. Following the transaction, the director now directly owns 135,146 shares of the company’s stock, valued at $2,956,994.48. The disclosure for this purchase can be found here. 3.74% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of STL. First Bank & Trust grew its position in Sterling Bancorp by 402.6% in the second quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock valued at $115,000 after acquiring an additional 3,970 shares in the last quarter. Riverhead Capital Management LLC grew its position in Sterling Bancorp by 70.6% in the second quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 2,119 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Sterling Bancorp by 51.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock valued at $121,000 after acquiring an additional 1,735 shares in the last quarter. LS Investment Advisors LLC grew its position in Sterling Bancorp by 33.5% in the first quarter. LS Investment Advisors LLC now owns 6,653 shares of the financial services provider’s stock valued at $158,000 after acquiring an additional 1,670 shares in the last quarter. Finally, World Asset Management Inc acquired a new stake in Sterling Bancorp in the first quarter valued at approximately $203,000. 91.30% of the stock is owned by 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.
Receive News & Stock Ratings for Sterling Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sterling Bancorp and related stocks with our FREE daily email newsletter.