Zacks Investment Research downgraded shares of Sterling Bancorp (NYSE:STL) from a buy rating to a hold rating in a research report sent to investors on Tuesday.
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. “
STL has been the topic of several other research reports. JMP Securities initiated coverage on Sterling Bancorp in a report on Monday, November 20th. They set a market perform rating and a $25.85 target price on the stock. Keefe, Bruyette & Woods reiterated a buy rating on shares of Sterling Bancorp in a report on Thursday, September 7th. ValuEngine lowered Sterling Bancorp from a buy rating to a hold rating in a report on Thursday, September 7th. Maxim Group reiterated a buy rating and set a $30.00 target price on shares of Sterling Bancorp in a report on Wednesday, October 25th. Finally, Royal Bank of Canada dropped their target price on Sterling Bancorp from $30.00 to $29.00 and set an outperform rating on the stock in a report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $27.48.
Shares of Sterling Bancorp (NYSE:STL) opened at $25.25 on Tuesday. Sterling Bancorp has a twelve month low of $21.00 and a twelve month high of $26.50. The stock has a market capitalization of $5,606.44, a PE ratio of 19.34 and a beta of 1.04. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.76.
Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. The company had revenue of $134.06 million for the quarter, compared to the consensus estimate of $135.09 million. During the same quarter in the previous year, the company posted $0.29 EPS. The business’s revenue was up 9.7% on a year-over-year basis. analysts expect that Sterling Bancorp will post 1.39 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, November 20th. Shareholders of record on Monday, November 6th were given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date was Friday, November 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is presently 22.58%.
In other news, Director James F. Deutsch sold 300,000 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $25.31, for a total value of $7,593,000.00. Following the transaction, the director now owns 500 shares of the company’s stock, valued at $12,655. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael E. Finn sold 4,535 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $24.05, for a total value of $109,066.75. Following the completion of the transaction, the executive vice president now directly owns 35,288 shares in the company, valued at approximately $848,676.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 754,135 shares of company stock worth $18,738,583. Company insiders own 3.74% of the company’s stock.
Several institutional investors have recently bought and sold shares of STL. Riverhead Capital Management LLC grew its position in shares of 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 purchasing an additional 2,119 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of 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 purchasing an additional 415 shares during the last quarter. First Bank & Trust grew its position in shares of Sterling Bancorp by 54.5% in the third quarter. First Bank & Trust now owns 7,657 shares of the financial services provider’s stock valued at $188,000 after purchasing an additional 2,701 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of 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 purchasing an additional 3,554 shares during the last quarter. Finally, M&T Bank Corp acquired a new position in shares of Sterling Bancorp in the second quarter valued at approximately $205,000. 91.70% of the stock is currently 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.
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