Sterling Bancorp (STL) Downgraded by Zacks Investment Research to “Sell”

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Zacks Investment Research cut shares of Sterling Bancorp (NYSE:STL) from a hold rating to a sell rating in a research report sent to investors 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. “

Other equities research analysts have also issued reports about the stock. Citigroup initiated coverage on shares of Sterling Bancorp in a report on Monday, June 18th. They issued a neutral rating and a $27.00 target price for the company. ValuEngine lowered shares of Sterling Bancorp from a hold rating to a sell rating in a report on Monday, July 2nd. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $29.98.

Sterling Bancorp stock opened at $20.48 on Wednesday. The company 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 12-month low of $19.74 and a 12-month high of $25.65. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.35.

Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, July 24th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.02. The company had revenue of $276.81 million during the quarter, compared to analyst estimates of $272.26 million. Sterling Bancorp had a net margin of 20.19% and a return on equity of 9.67%. The firm’s quarterly revenue was up 110.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 EPS. Analysts forecast that Sterling Bancorp will post 1.98 EPS for the current year.

In other Sterling Bancorp news, Director Richard L. O’toole purchased 4,000 shares of the company’s stock in a transaction on Monday, August 13th. The stock was acquired at an average cost of $21.92 per share, for a total transaction of $87,680.00. Following the purchase, the director now directly owns 30,713 shares of the company’s stock, valued at approximately $673,228.96. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel James P. Blose sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $22.25, for a total value of $44,500.00. Following the completion of the transaction, the general counsel now owns 20,322 shares of the company’s stock, valued at $452,164.50. The disclosure for this sale can be found here. Corporate insiders own 2.09% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Itau Unibanco Holding S.A. bought a new position in Sterling Bancorp in the 2nd quarter worth approximately $127,000. Mount Yale Investment Advisors LLC bought a new position in Sterling Bancorp in the 1st quarter worth approximately $209,000. Qube Research & Technologies Ltd bought a new position in Sterling Bancorp in the 2nd quarter worth approximately $222,000. GSA Capital Partners LLP bought a new position in Sterling Bancorp in the 1st quarter worth approximately $225,000. Finally, Point72 Asia Hong Kong Ltd boosted its stake in Sterling Bancorp by 2,001.7% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 13,304 shares of the financial services provider’s stock worth $300,000 after purchasing an additional 12,671 shares during the period. Institutional investors and hedge funds own 92.11% of the company’s stock.

About Sterling Bancorp

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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