JMP Securities Begins Coverage on Sterling Bancorp (NYSE:STL)

Equities researchers at JMP Securities started coverage on shares of Sterling Bancorp (NYSE:STL) in a research note issued to investors on Monday, November 20th, Marketbeat.com reports. The firm set a “market perform” rating and a $25.85 price target on the financial services provider’s stock. JMP Securities’ price target indicates a potential upside of 0.78% from the company’s previous close.

A number of other brokerages have also recently commented on STL. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $29.00 price target on shares of Sterling Bancorp in a research note on Thursday, October 12th. Zacks Investment Research cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, August 25th. ValuEngine cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Finally, Royal Bank Of Canada reduced their target price on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Sterling Bancorp presently has a consensus rating of “Buy” and an average price target of $27.48.

Sterling Bancorp (NYSE STL) traded down $0.40 during trading hours on Monday, reaching $25.65. The company had a trading volume of 2,097,373 shares, compared to its average volume of 1,631,271. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.76. The company has a market cap of $5,770.00, a P/E ratio of 20.16 and a beta of 1.04. Sterling Bancorp has a one year low of $21.00 and a one year high of $26.50.

Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.01). The company had revenue of $134.06 million during the quarter, compared to analysts’ expectations of $135.09 million. Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. Sterling Bancorp’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period last year, the firm earned $0.29 earnings per share. research analysts anticipate that Sterling Bancorp will post 1.39 EPS for the current fiscal year.

In other Sterling Bancorp news, Director Thomas G. Kahn sold 30,000 shares of the business’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $23.69, for a total value of $710,700.00. Following the sale, the director now directly owns 44,774 shares of the company’s stock, valued at $1,060,696.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James F. Deutsch sold 100,000 shares of the business’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $25.31, for a total value of $2,531,000.00. Following the completion of the sale, the director now directly owns 500 shares in the company, valued at $12,655. The disclosure for this sale can be found here. Insiders sold 754,135 shares of company stock worth $18,738,583 over the last three months. Corporate insiders own 3.74% of the company’s stock.

Large investors have recently made changes to their positions in the company. First Bank & Trust lifted its holdings in shares of Sterling Bancorp by 402.6% during the second quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 3,970 shares in the last quarter. Riverhead Capital Management LLC lifted its holdings 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 during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Sterling Bancorp by 8.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,504 shares of the financial services provider’s stock valued at $128,000 after acquiring an additional 415 shares during the period. Envestnet Asset Management Inc. lifted its holdings in Sterling Bancorp by 82.8% in the third quarter. Envestnet Asset Management Inc. now owns 7,845 shares of the financial services provider’s stock valued at $193,000 after acquiring an additional 3,554 shares during the period. Finally, Virginia Retirement Systems ET AL bought a new position in Sterling Bancorp in the third quarter valued at about $205,000. 91.70% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Sterling Bancorp (NYSE:STL)

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