Sterling Bancorp (STL) Cut to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Sterling Bancorp (NYSE:STL) from a buy rating to a hold rating in a research report report published on Friday.
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. “
Several other equities research analysts have also commented on STL. BidaskClub upgraded Sterling Bancorp from a sell rating to a hold rating in a research note on Saturday, June 10th. Maxim Group restated a buy rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research note on Wednesday, July 26th. ValuEngine upgraded Sterling Bancorp from a hold rating to a buy rating in a research note on Saturday, May 20th. Jefferies Group LLC restated a buy rating and issued a $28.00 price objective on shares of Sterling Bancorp in a research note on Friday, May 19th. Finally, Royal Bank Of Canada restated a buy rating on shares of Sterling Bancorp in a research note on Tuesday, May 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of Buy and an average price target of $27.07.
Sterling Bancorp (NYSE:STL) opened at 22.55 on Friday. Sterling Bancorp has a 12-month low of $16.75 and a 12-month high of $25.85. The company’s 50 day moving average price is $22.72 and its 200-day moving average price is $23.25. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 18.81 and a beta of 1.07.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. The firm had revenue of $126.88 million during the quarter, compared to analyst estimates of $133.85 million. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. On average, equities analysts anticipate that Sterling Bancorp will post $0.69 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Monday, August 21st. Shareholders of record on Monday, August 7th were paid a $0.07 dividend. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $0.28 dividend on an annualized basis and a yield of 1.24%. Sterling Bancorp’s payout ratio is presently 23.33%.
In other Sterling Bancorp news, Director Richard L. O’toole purchased 4,000 shares of the business’s stock in a transaction on Thursday, July 27th. The stock was acquired at an average price of $22.60 per share, for a total transaction of $90,400.00. Following the purchase, the director now owns 21,291 shares of the company’s stock, valued at approximately $481,176.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Burt Steinberg purchased 10,000 shares of the business’s stock in a transaction on Friday, August 11th. The stock was acquired at an average price of $21.88 per share, with a total value of $218,800.00. Following the purchase, the director now directly owns 135,146 shares in the company, valued at approximately $2,956,994.48. The disclosure for this purchase can be found here. Insiders sold a total of 7,000 shares of company stock valued at $162,300 in the last quarter. 3.74% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the company. First Bank & Trust raised its stake in shares of Sterling Bancorp by 402.6% in the second quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock worth $115,000 after buying an additional 3,970 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Sterling Bancorp by 51.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock worth $121,000 after buying an additional 1,735 shares during the last quarter. Riverhead Capital Management LLC raised its stake 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 worth $119,000 after buying an additional 2,119 shares during the last quarter. LS Investment Advisors LLC raised its stake in shares of Sterling Bancorp by 33.5% in the first quarter. LS Investment Advisors LLC now owns 6,653 shares of the financial services provider’s stock worth $158,000 after buying an additional 1,670 shares during the last quarter. Finally, World Asset Management Inc acquired a new stake in shares of Sterling Bancorp during the first quarter worth about $203,000. Institutional investors and hedge funds own 91.31% of the company’s stock.
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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