Zacks Investment Research upgraded shares of Sterling Bancorp (NYSE:STL) from a hold rating to a buy rating in a report released on Saturday morning. They currently have $25.00 price target 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. “
A number of other analysts have also recently commented on the company. Maxim Group reaffirmed a buy rating and issued a $30.00 price target on shares of Sterling Bancorp in a research note on Wednesday, July 26th. BidaskClub cut Sterling Bancorp from a hold rating to a sell rating in a research note on Tuesday, July 25th. Royal Bank of Canada reaffirmed a buy rating on shares of Sterling Bancorp in a research note on Tuesday, May 30th. ValuEngine raised Sterling Bancorp from a hold rating to a buy rating in a research note on Saturday, May 20th. Finally, Jefferies Group LLC reissued a buy rating and set a $28.00 target price on shares of Sterling Bancorp in a research note on Friday, May 19th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $27.07.
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Sterling Bancorp (NYSE:STL) opened at 23.10 on Friday. Sterling Bancorp has a 52 week low of $16.73 and a 52 week high of $25.85. The firm has a market cap of $3.13 billion, a PE ratio of 19.27 and a beta of 1.08. The stock has a 50 day moving average of $23.14 and a 200 day moving average of $23.41.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. The company had revenue of $126.88 million during the quarter, compared to analysts’ expectations of $133.85 million. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. Analysts anticipate 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 will be paid on Monday, August 21st. Stockholders of record on Monday, August 7th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $0.28 annualized dividend and a dividend yield of 1.21%. Sterling Bancorp’s dividend payout ratio is currently 23.33%.
In other news, Director Thomas G. Kahn sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $23.53, for a total transaction of $47,060.00. Following the completion of the transaction, the director now directly owns 44,648 shares of the company’s stock, valued at approximately $1,050,567.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Craig S. Thompson sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $22.75, for a total transaction of $79,625.00. Following the transaction, the director now directly owns 225,395 shares of the company’s stock, valued at $5,127,736.25. The disclosure for this sale can be found here. Insiders have sold a total of 10,500 shares of company stock valued at $241,925 over the last ninety days. Company insiders own 3.74% of the company’s stock.
Institutional investors have recently modified their holdings of the company. First Bank & Trust boosted its position in shares of 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 buying an additional 3,970 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of 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 buying an additional 1,735 shares in the last quarter. LS Investment Advisors LLC boosted its position in shares of 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 buying an additional 1,670 shares in the last quarter. World Asset Management Inc acquired a new position in shares of Sterling Bancorp during the first quarter valued at $203,000. Finally, Tocqueville Asset Management L.P. acquired a new position in shares of Sterling Bancorp during the first quarter valued at $214,000. 86.64% 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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