Sterling Bancorp (NYSE:STL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.

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 brokerages have also recently issued reports on STL. Piper Jaffray Cos. cut Sterling Bancorp from an “overweight” rating to a “neutral” rating and set a $20.00 price objective for the company. in a research note on Wednesday, November 16th. Jefferies Group reiterated a “buy” rating and set a $21.00 price objective on shares of Sterling Bancorp in a research note on Tuesday, November 1st. FIG Partners reiterated an “outperform” rating on shares of Sterling Bancorp in a research note on Wednesday, August 31st. Finally, Hovde Group initiated 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $19.83.

Analyst Recommendations for Sterling Bancorp (NYSE:STL)

Shares of Sterling Bancorp (NYSE:STL) opened at 22.75 on Thursday. Sterling Bancorp has a one year low of $13.44 and a one year high of $23.55. The stock has a market cap of $2.98 billion, a PE ratio of 22.52 and a beta of 1.06. The company’s 50-day moving average price is $19.40 and its 200-day moving average price is $17.39.

Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, October 25th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.01. The business earned $112.20 million during the quarter, compared to analysts’ expectations of $122.20 million. Sterling Bancorp had a return on equity of 7.90% and a net margin of 25.55%. Equities research analysts anticipate that Sterling Bancorp will post $0.69 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, November 21st. Shareholders of record on Monday, November 7th were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date was Thursday, November 3rd. Sterling Bancorp’s payout ratio is 27.72%.

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In related news, Director Craig S. Thompson sold 3,500 shares of Sterling Bancorp stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $22.05, for a total value of $77,175.00. Following the completion of the sale, the director now owns 250,200 shares of the company’s stock, valued at $5,516,910. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James F. Deutsch sold 100,000 shares of Sterling Bancorp stock in a transaction on Thursday, November 10th. The stock was sold at an average price of $20.16, for a total value of $2,016,000.00. Following the completion of the sale, the director now directly owns 500 shares of the company’s stock, valued at approximately $10,080. The disclosure for this sale can be found here. 4.04% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the company. Suntrust Banks Inc. raised its stake in shares of Sterling Bancorp by 6.8% in the second quarter. Suntrust Banks Inc. now owns 27,203 shares of the financial services provider’s stock valued at $426,000 after buying an additional 1,724 shares during the last quarter. Buckingham Asset Management LLC purchased a new stake in shares of Sterling Bancorp during the second quarter valued at approximately $189,000. California State Teachers Retirement System raised its stake in shares of Sterling Bancorp by 4.6% in the second quarter. California State Teachers Retirement System now owns 266,280 shares of the financial services provider’s stock valued at $4,181,000 after buying an additional 11,613 shares during the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in shares of Sterling Bancorp during the second quarter valued at approximately $167,000. Finally, Capital Fund Management S.A. purchased a new stake in shares of Sterling Bancorp during the second quarter valued at approximately $535,000. 76.54% 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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