Sterling Bancorp (STL) Receives Consensus Rating of “Hold” from Brokerages

Sterling Bancorp (NYSE:STL) has been assigned an average rating of “Hold” from the eight analysts that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $30.97.

STL has been the subject of several research analyst reports. Zacks Investment Research downgraded Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, March 30th. Keefe, Bruyette & Woods restated a “buy” rating and set a $33.50 price target on shares of Sterling Bancorp in a report on Tuesday, February 27th. Maxim Group increased their price target on Sterling Bancorp from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. Finally, Jefferies Group restated a “buy” rating and set a $30.00 price target on shares of Sterling Bancorp in a report on Thursday, January 25th.

In related news, Director James F. Deutsch sold 200,000 shares of the stock in a transaction on Friday, March 9th. The stock was sold at an average price of $25.22, for a total value of $5,044,000.00. Following the completion of the sale, the director now directly owns 500 shares of the company’s stock, valued at approximately $12,610. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.09% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Sterling Bancorp by 1.7% in the 1st quarter. BlackRock Inc. now owns 23,906,510 shares of the financial services provider’s stock valued at $539,091,000 after buying an additional 390,440 shares during the last quarter. Lazard Asset Management LLC bought a new position in Sterling Bancorp in the 4th quarter worth about $176,300,000. Clearbridge Investments LLC boosted its stake in Sterling Bancorp by 794,685.8% in the 4th quarter. Clearbridge Investments LLC now owns 5,078,681 shares of the financial services provider’s stock worth $124,936,000 after purchasing an additional 5,078,042 shares during the period. Victory Capital Management Inc. boosted its stake in Sterling Bancorp by 54.8% in the 4th quarter. Victory Capital Management Inc. now owns 5,053,762 shares of the financial services provider’s stock worth $124,323,000 after purchasing an additional 1,789,102 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in Sterling Bancorp by 3.9% in the 4th quarter. Alliancebernstein L.P. now owns 3,606,466 shares of the financial services provider’s stock worth $88,719,000 after purchasing an additional 135,984 shares during the period. 88.91% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE STL traded down $0.10 during mid-day trading on Friday, hitting $24.45. The company’s stock had a trading volume of 1,812,008 shares, compared to its average volume of 2,062,844. The firm has a market capitalization of $5.51 billion, a PE ratio of 17.46 and a beta of 1.12. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23. Sterling Bancorp has a one year low of $24.35 and a one year high of $24.95.

Sterling Bancorp (NYSE:STL) last issued its earnings results on Tuesday, April 24th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.45. Sterling Bancorp had a net margin of 16.84% and a return on equity of 9.24%. The company had revenue of $262.57 million for the quarter, compared to analyst estimates of $259.67 million. During the same quarter last year, the firm earned $0.31 EPS. The company’s revenue for the quarter was up 108.8% on a year-over-year basis. equities research analysts anticipate that Sterling Bancorp will post 1.92 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, May 21st. Investors of record on Monday, May 7th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date of this dividend is Friday, May 4th. Sterling Bancorp’s payout ratio is currently 20.00%.

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.

Analyst Recommendations for Sterling Bancorp (NYSE:STL)

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