Sterling Bancorp (STL) Shares Down 6.6%
Shares of Sterling Bancorp (NYSE:STL) traded down 6.6% during mid-day trading on Friday . The company traded as low as $17.60 and last traded at $17.72. 4,275,480 shares traded hands during mid-day trading, an increase of 63% from the average session volume of 2,622,755 shares. The stock had previously closed at $18.98.
A number of analysts have issued reports on the company. ValuEngine lowered Sterling Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 7th. Stephens reissued a “buy” rating and issued a $21.00 price target on shares of Sterling Bancorp in a research note on Wednesday, December 19th. Maxim Group reissued a “buy” rating and issued a $36.00 price target on shares of Sterling Bancorp in a research note on Thursday, January 24th. TheStreet lowered Sterling Bancorp from a “b-” rating to a “c+” rating in a research note on Thursday, January 3rd. Finally, Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research note on Wednesday, January 30th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. Sterling Bancorp presently has a consensus rating of “Buy” and a consensus price target of $27.00.
The company has a market cap of $3.77 billion, a price-to-earnings ratio of 8.86 and a beta of 1.27. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.00 and a quick ratio of 0.93.
In related news, Director James J. Landy sold 55,000 shares of the firm’s stock in a transaction dated Friday, February 1st. The stock was sold at an average price of $19.36, for a total transaction of $1,064,800.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Brian T. Edwards sold 9,855 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $20.19, for a total value of $198,972.45. Following the sale, the insider now owns 98,050 shares in the company, valued at $1,979,629.50. The disclosure for this sale can be found here. Insiders own 2.09% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. JOYN Advisors Inc. increased its holdings in Sterling Bancorp by 559.8% during the 4th quarter. JOYN Advisors Inc. now owns 2,547 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 2,161 shares during the last quarter. Bremer Trust National Association purchased a new stake in Sterling Bancorp during the 4th quarter worth approximately $62,000. Toronto Dominion Bank purchased a new stake in Sterling Bancorp during the 4th quarter worth approximately $73,000. Pearl River Capital LLC purchased a new stake in Sterling Bancorp during the 4th quarter worth approximately $87,000. Finally, Oregon Public Employees Retirement Fund increased its holdings in Sterling Bancorp by 1,565.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,482,515 shares of the financial services provider’s stock worth $90,000 after purchasing an additional 1,393,484 shares during the last quarter. Institutional investors own 98.27% of the company’s stock.
COPYRIGHT VIOLATION WARNING: This article was reported by Daily Political and is the sole property of of Daily Political. If you are viewing this article on another domain, it was copied illegally and reposted in violation of international copyright and trademark law. The correct version of this article can be accessed at https://www.dailypolitical.com/2019/03/24/sterling-bancorp-stl-shares-down-6-6.html.
Sterling Bancorp Company Profile (NYSE:STL)
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
Read More: How accurate is the Rule of 72?
Receive News & Ratings for Sterling Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sterling Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.