Sterling Bancorp (STL) Sees Strong Trading Volume
Sterling Bancorp (NYSE:STL) saw unusually-strong trading volume on Thursday . Approximately 1,397,677 shares were traded during mid-day trading, an increase of 107% from the previous session’s volume of 674,359 shares.The stock last traded at $17.14 and had previously closed at $17.08.
Several equities analysts have recently weighed in on STL shares. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research note on Saturday, July 30th. Jefferies Group reissued a “buy” rating and issued a $18.50 price target on shares of Sterling Bancorp in a research note on Thursday, July 7th. Maxim Group started coverage on shares of Sterling Bancorp in a research note on Wednesday, June 22nd. They issued a “buy” rating and a $19.00 price target on the stock. TheStreet downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, April 26th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Sterling Bancorp from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Thursday, July 28th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $18.70.
The stock has a 50 day moving average of $16.41 and a 200-day moving average of $15.83. The stock has a market capitalization of $2.24 billion and a PE ratio of 18.88.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by $0.01. The business had revenue of $119.51 million for the quarter, compared to the consensus estimate of $34.78 million. On average, equities analysts predict that Sterling Bancorp will post $0.69 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 23rd. Shareholders of record on Monday, August 8th will be paid a $0.07 dividend. The ex-dividend date is Thursday, August 4th. This represents a $0.28 annualized dividend and a yield of 1.63%.
In other Sterling Bancorp news, Director Craig S. Thompson sold 2,500 shares of the business’s stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $15.88, for a total value of $39,700.00. Following the transaction, the director now directly owns 261,100 shares of the company’s stock, valued at approximately $4,146,268. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Craig S. Thompson sold 2,000 shares of the business’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $15.64, for a total transaction of $31,280.00. Following the completion of the transaction, the director now directly owns 263,600 shares in the company, valued at $4,122,704. The disclosure for this sale can be found here.
A number of institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can boosted its position in shares of Sterling Bancorp by 3.4% in the fourth quarter. Bank of Montreal Can now owns 985,549 shares of the financial services provider’s stock valued at $15,985,000 after buying an additional 32,244 shares in the last quarter. California Public Employees Retirement System boosted its position in Sterling Bancorp by 15.1% in the fourth quarter. California Public Employees Retirement System now owns 182,400 shares of the financial services provider’s stock worth $2,959,000 after buying an additional 23,900 shares during the period. Wells Fargo & Company MN boosted its position in Sterling Bancorp by 189.8% in the fourth quarter. Wells Fargo & Company MN now owns 2,911,672 shares of the financial services provider’s stock worth $47,227,000 after buying an additional 1,907,092 shares during the period. State of Tennessee Treasury Department bought a new position in Sterling Bancorp during the fourth quarter worth $1,496,000. Finally, Principal Financial Group Inc. boosted its position in Sterling Bancorp by 4.5% in the fourth quarter. Principal Financial Group Inc. now owns 802,268 shares of the financial services provider’s stock worth $13,013,000 after buying an additional 34,568 shares during the period.
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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