Sterling Bancorp (STL) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Sterling Bancorp (NYSE:STL) from a sell rating to a hold rating in a research report report published on Friday, July 27th.

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 brokerages also recently weighed in on STL. Citigroup began coverage on Sterling Bancorp in a research note on Monday, June 18th. They set a neutral rating and a $27.00 target price for the company. ValuEngine downgraded Sterling Bancorp from a hold rating to a sell rating in a research note on Monday, July 2nd. Maxim Group upped their target price on Sterling Bancorp from $32.00 to $36.00 and gave the stock a positive rating in a research note on Tuesday, May 1st. Finally, Keefe, Bruyette & Woods reaffirmed a buy rating and set a $34.00 target price on shares of Sterling Bancorp in a research note on Thursday, April 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $29.84.

Sterling Bancorp traded down $0.05, reaching $22.10, during trading hours on Friday, Marketbeat reports. The company had a trading volume of 1,216,314 shares, compared to its average volume of 1,487,551. Sterling Bancorp has a 1-year low of $21.75 and a 1-year high of $25.65. The company has a market capitalization of $4.99 billion, a PE ratio of 13.11 and a beta of 0.99. 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, beating the Zacks’ consensus estimate of $0.48 by $0.02. The company had revenue of $276.81 million during the quarter, compared to the consensus estimate of $272.26 million. Sterling Bancorp had a return on equity of 9.67% and a net margin of 20.19%. Sterling Bancorp’s revenue for the quarter was up 110.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 earnings per share. equities research analysts predict that Sterling Bancorp will post 1.98 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 20th. Investors of record on Monday, August 6th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend is Friday, August 3rd. Sterling Bancorp’s payout ratio is 20.00%.

In other Sterling Bancorp news, Director James F. Deutsch sold 14,589 shares of the company’s stock in a transaction on Friday, May 25th. The stock was sold at an average price of $25.00, for a total value of $364,725.00. Following the completion of the sale, the director now directly owns 500 shares in the company, valued at approximately $12,500. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James F. Deutsch sold 100,000 shares of the company’s stock in a transaction on Wednesday, May 30th. The shares were sold at an average price of $25.03, for a total value of $2,503,000.00. Following the completion of the sale, the director now owns 500 shares of the company’s stock, valued at $12,515. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 245,165 shares of company stock valued at $6,131,060. 2.09% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in STL. Diamond Hill Capital Management Inc. grew its holdings in shares of Sterling Bancorp by 189.0% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,136,987 shares of the financial services provider’s stock worth $50,219,000 after purchasing an additional 1,397,573 shares during the period. Janus Henderson Group PLC purchased a new position in shares of Sterling Bancorp during the 2nd quarter worth $23,115,000. Maltese Capital Management LLC grew its holdings in shares of Sterling Bancorp by 97.7% during the 1st quarter. Maltese Capital Management LLC now owns 1,285,228 shares of the financial services provider’s stock worth $28,982,000 after purchasing an additional 635,072 shares during the period. KBC Group NV purchased a new position in shares of Sterling Bancorp during the 2nd quarter worth $10,410,000. Finally, BlackRock Inc. grew its holdings in shares of Sterling Bancorp by 1.7% during the 1st quarter. BlackRock Inc. now owns 23,906,510 shares of the financial services provider’s stock worth $539,091,000 after purchasing an additional 390,440 shares during the period. Institutional investors and hedge funds own 91.61% 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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