Zacks Investment Research downgraded shares of Sterling Bancorp (NYSE:STL) from a hold rating to a sell rating in a research note released on Wednesday.

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 equities analysts have also recently issued reports on the stock. ValuEngine cut shares of Sterling Bancorp from a sell rating to a strong sell rating in a research note on Tuesday, October 2nd. Citigroup began coverage on shares of Sterling Bancorp in a research note on Monday, June 18th. They issued a neutral rating and a $27.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Sterling Bancorp currently has a consensus rating of Hold and a consensus price target of $29.98.

Shares of Sterling Bancorp stock opened at $20.48 on Wednesday. The stock has a market capitalization of $4.96 billion, a P/E ratio of 14.63 and a beta of 0.96. Sterling Bancorp has a 1 year low of $19.74 and a 1 year high of $25.65. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.35.

Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Tuesday, July 24th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.02. The company had revenue of $276.81 million for the quarter, compared to analysts’ expectations of $272.26 million. Sterling Bancorp had a net margin of 20.19% and a return on equity of 9.67%. Sterling Bancorp’s revenue was up 110.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.33 EPS. As a group, analysts expect that Sterling Bancorp will post 1.98 earnings per share for the current fiscal year.

In other Sterling Bancorp news, General Counsel James P. Blose sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $22.25, for a total transaction of $44,500.00. Following the transaction, the general counsel now owns 20,322 shares in the company, valued at approximately $452,164.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard L. O’toole bought 4,000 shares of the stock in a transaction on Thursday, July 26th. The shares were bought at an average price of $22.93 per share, for a total transaction of $91,720.00. Following the purchase, the director now directly owns 26,713 shares in the company, valued at approximately $612,529.09. The disclosure for this purchase can be found here. 2.09% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE lifted its stake in Sterling Bancorp by 142.4% during the 2nd quarter. Bank of America Corp DE now owns 3,647,348 shares of the financial services provider’s stock valued at $85,713,000 after acquiring an additional 2,142,585 shares during the period. Wells Fargo & Company MN increased its position in shares of Sterling Bancorp by 8.0% during the 2nd quarter. Wells Fargo & Company MN now owns 3,090,337 shares of the financial services provider’s stock valued at $72,622,000 after purchasing an additional 230,192 shares during the last quarter. OppenheimerFunds Inc. increased its position in shares of Sterling Bancorp by 58.7% during the 2nd quarter. OppenheimerFunds Inc. now owns 2,553,994 shares of the financial services provider’s stock valued at $60,019,000 after purchasing an additional 944,750 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of Sterling Bancorp during the 2nd quarter valued at about $56,976,000. Finally, EJF Capital LLC increased its position in shares of Sterling Bancorp by 16.2% during the 2nd quarter. EJF Capital LLC now owns 2,359,000 shares of the financial services provider’s stock valued at $55,437,000 after purchasing an additional 329,000 shares during the last quarter. Institutional investors and hedge funds own 92.11% of the company’s stock.

Sterling Bancorp Company Profile

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, money market, savings, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.

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