Sterling Bancorp (NYSE:STL) Raised to “Hold” at Zacks Investment Research

Posted by Devon Dixon on Jan 9th, 2020

Sterling Bancorp (NYSE:STL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

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 research firms have also recently issued reports on STL. B. Riley reissued a “buy” rating and set a $26.00 target price on shares of Sterling Bancorp in a research note on Friday, December 20th. ValuEngine raised Sterling Bancorp from a “strong sell” rating to a “sell” rating in a research note on Tuesday, December 3rd. Maxim Group set a $28.00 target price on Sterling Bancorp and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Stephens reaffirmed a “buy” rating and issued a $24.50 price target on shares of Sterling Bancorp in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $25.36.

Shares of STL traded up $0.07 during mid-day trading on Thursday, hitting $20.72. 30,622 shares of the company’s stock traded hands, compared to its average volume of 1,129,169. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.74. Sterling Bancorp has a 1 year low of $16.87 and a 1 year high of $22.17. The firm has a market capitalization of $4.12 billion, a P/E ratio of 10.36 and a beta of 1.39. The business’s 50-day moving average price is $20.84 and its 200-day moving average price is $20.39.

Sterling Bancorp (NYSE:STL) last posted its earnings results on Wednesday, October 23rd. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.02). Sterling Bancorp had a net margin of 32.25% and a return on equity of 10.12%. The business had revenue of $259.76 million for the quarter, compared to analysts’ expectations of $262.65 million. During the same period last year, the firm posted $0.51 earnings per share. Sterling Bancorp’s quarterly revenue was down 4.6% on a year-over-year basis. Sell-side analysts anticipate that Sterling Bancorp will post 2.06 earnings per share for the current fiscal year.

In related news, insider Brian T. Edwards sold 4,660 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $21.16, for a total value of $98,605.60. Following the sale, the insider now directly owns 82,396 shares of the company’s stock, valued at $1,743,499.36. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.67% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the stock. California Public Employees Retirement System grew its stake in Sterling Bancorp by 24.1% in the third quarter. California Public Employees Retirement System now owns 438,006 shares of the financial services provider’s stock worth $8,786,000 after purchasing an additional 84,962 shares during the period. Oppenheimer Asset Management Inc. grew its stake in Sterling Bancorp by 5.4% in the third quarter. Oppenheimer Asset Management Inc. now owns 43,958 shares of the financial services provider’s stock worth $882,000 after purchasing an additional 2,240 shares during the period. Man Group plc grew its stake in Sterling Bancorp by 55.9% in the third quarter. Man Group plc now owns 231,349 shares of the financial services provider’s stock worth $4,641,000 after purchasing an additional 82,936 shares during the period. JPMorgan Chase & Co. grew its stake in Sterling Bancorp by 104.6% in the second quarter. JPMorgan Chase & Co. now owns 210,594 shares of the financial services provider’s stock worth $4,411,000 after purchasing an additional 107,671 shares during the period. Finally, Dupont Capital Management Corp boosted its holdings in Sterling Bancorp by 42.1% in the third quarter. Dupont Capital Management Corp now owns 23,589 shares of the financial services provider’s stock worth $473,000 after acquiring an additional 6,989 shares in the last quarter. 84.23% of the stock is currently owned by institutional investors.

Sterling Bancorp Company Profile

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.

Sterling Bancorp (NYSE:STL) Raised to “Hold” at Zacks Investment Research

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