Royal Bank of Canada reiterated their outperform rating on shares of Sterling Bancorp (NYSE:STL) in a research note published on Friday, Briefing.com Automated Import reports. They currently have a $26.00 price objective on the financial services provider’s stock, up from their previous price objective of $24.00.
Other research analysts have also issued research reports about the company. DA Davidson started coverage on Western New England Bancorp in a research report on Thursday, July 11th. They set a neutral rating and a $10.00 price target on the stock. Zacks Investment Research lowered Ionis Pharmaceuticals from a buy rating to a hold rating in a research report on Friday, April 5th. FIG Partners reaffirmed an outperform rating on shares of Sterling Bancorp in a research report on Monday, April 29th. Finally, ValuEngine raised Zynerba Pharmaceuticals from a sell rating to a hold rating in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. Sterling Bancorp currently has an average rating of Buy and an average price target of $25.33.
Shares of Sterling Bancorp stock opened at $21.20 on Friday. The company has a 50 day moving average price of $20.65. Sterling Bancorp has a 52-week low of $15.62 and a 52-week high of $23.50. The firm has a market cap of $4.52 billion, a price-to-earnings ratio of 10.60 and a beta of 1.34. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.95 and a current ratio of 0.97.
Sterling Bancorp (NYSE:STL) last announced its earnings results on Wednesday, April 24th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.01. Sterling Bancorp had a return on equity of 10.57% and a net margin of 33.40%. The business had revenue of $263.90 million for the quarter, compared to analyst estimates of $262.59 million. During the same quarter last year, the firm earned $0.45 EPS. Sterling Bancorp’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, analysts anticipate that Sterling Bancorp will post 2.12 EPS for the current fiscal year.
In related news, CAO Rodney Whitwell sold 54,528 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $20.99, for a total transaction of $1,144,542.72. Following the transaction, the chief accounting officer now directly owns 91,252 shares of the company’s stock, valued at approximately $1,915,379.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jack L. Kopnisky sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $21.44, for a total value of $1,608,000.00. Following the transaction, the chief executive officer now directly owns 545,790 shares in the company, valued at $11,701,737.60. The disclosure for this sale can be found here. Insiders have sold a total of 143,396 shares of company stock worth $3,043,774 over the last three months. 1.67% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Context BH Capital Management LP increased its holdings in shares of Sterling Bancorp by 344.4% during the 4th quarter. Context BH Capital Management LP now owns 374,712 shares of the financial services provider’s stock worth $6,186,000 after acquiring an additional 290,391 shares during the last quarter. Strs Ohio bought a new stake in Sterling Bancorp in the 1st quarter valued at $357,000. Dupont Capital Management Corp bought a new stake in Sterling Bancorp in the 1st quarter valued at $173,000. Great West Life Assurance Co. Can boosted its stake in Sterling Bancorp by 6.9% in the 4th quarter. Great West Life Assurance Co. Can now owns 134,442 shares of the financial services provider’s stock valued at $2,060,000 after purchasing an additional 8,724 shares during the period. Finally, Palouse Capital Management Inc. boosted its stake in Sterling Bancorp by 27.2% in the 1st quarter. Palouse Capital Management Inc. now owns 13,836 shares of the financial services provider’s stock valued at $258,000 after purchasing an additional 2,956 shares during the period. 93.91% of the stock is currently owned by institutional investors and hedge funds.
About Sterling Bancorp
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
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