Zacks Investment Research Lowers Sterling Bancorp (STL) to Sell
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. “
Other research analysts also recently issued reports about the company. FIG Partners reiterated an outperform rating on shares of Sterling Bancorp in a research note on Wednesday, August 31st. Keefe, Bruyette & Woods boosted their price objective on Sterling Bancorp from $18.00 to $19.00 and gave the company an outperform rating in a research note on Thursday, July 28th. Hovde Group began coverage on Sterling Bancorp in a research note on Monday, October 10th. They set an outperform rating and a $20.00 price objective for the company. Jefferies Group reiterated a buy rating and set a $18.50 price objective on shares of Sterling Bancorp in a research note on Thursday, July 7th. Finally, Maxim Group began coverage on Sterling Bancorp in a research note on Wednesday, June 22nd. They set a buy rating and a $19.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $19.10.
Sterling Bancorp (NYSE:STL) opened at 17.30 on Friday. Sterling Bancorp has a 1-year low of $13.44 and a 1-year high of $17.93. The firm’s 50 day moving average is $17.43 and its 200 day moving average is $16.58. The stock has a market capitalization of $2.26 billion, a P/E ratio of 19.05 and a beta of 1.19.
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 Zacks’ consensus estimate of $0.28 by $0.01. The company had revenue of $119.51 million for the quarter, compared to the consensus estimate of $34.78 million. Sterling Bancorp had a net margin of 23.68% and a return on equity of 7.89%. On average, equities research analysts anticipate that Sterling Bancorp will post $0.69 earnings per share for the current year.
In other Sterling Bancorp news, Director Richard L. O’toole purchased 3,000 shares of the company’s stock in a transaction on Monday, September 12th. The stock was acquired at an average cost of $17.40 per share, for a total transaction of $52,200.00. Following the purchase, the director now directly owns 15,796 shares of the company’s stock, valued at approximately $274,850.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jack L. Kopnisky sold 107,526 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $17.19, for a total value of $1,848,371.94. Following the completion of the transaction, the chief executive officer now owns 323,273 shares of the company’s stock, valued at $5,557,062.87. The disclosure for this sale can be found here. 4.04% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its position in Sterling Bancorp by 68.6% in the first quarter. Wellington Management Group LLP now owns 5,580,851 shares of the financial services provider’s stock valued at $88,903,000 after buying an additional 2,269,760 shares during the last quarter. Systematic Financial Management LP increased its position in Sterling Bancorp by 58.5% in the second quarter. Systematic Financial Management LP now owns 4,766,082 shares of the financial services provider’s stock valued at $74,827,000 after buying an additional 1,759,939 shares during the last quarter. Bank of Montreal Can acquired a new position in Sterling Bancorp during the second quarter valued at $12,643,000. Emerald Acquisition Ltd. acquired a new position in Sterling Bancorp during the second quarter valued at $11,282,000. Finally, Hillcrest Asset Management LLC acquired a new position in Sterling Bancorp during the first quarter valued at $8,491,000. Institutional investors and hedge funds own 77.83% of the company’s stock.
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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