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 research analysts also recently issued reports on the stock. Maxim Group started coverage on shares of Sterling Bancorp in a research note on Wednesday, June 22nd. They set a buy rating and a $19.00 price target on the stock. FIG Partners reaffirmed an outperform rating on shares of Sterling Bancorp in a research note on Wednesday, August 31st. Keefe, Bruyette & Woods upped their price target on shares of Sterling Bancorp from $18.00 to $19.00 and gave the company an outperform rating in a research note on Thursday, July 28th. Finally, Jefferies Group reaffirmed a buy rating and set a $18.50 price target on shares of Sterling Bancorp in a research note on Thursday, July 7th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $18.88.
Shares of Sterling Bancorp (NYSE:STL) opened at 17.33 on Wednesday. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 19.09 and a beta of 1.19. Sterling Bancorp has a 52 week low of $13.44 and a 52 week high of $17.90. The stock’s 50 day moving average is $17.35 and its 200-day moving average is $16.48.
Sterling Bancorp (NYSE:STL) last issued its earnings results on Tuesday, July 26th. The financial services provider reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.01. Sterling Bancorp had a return on equity of 7.89% and a net margin of 23.68%. The company had revenue of $119.51 million for the quarter, compared to the consensus estimate of $34.78 million. On average, equities analysts anticipate that Sterling Bancorp will post $0.69 earnings per share for the current year.
In other news, Director Craig S. Thompson sold 3,000 shares of the stock in a transaction on Friday, July 29th. The shares were sold at an average price of $16.96, for a total value of $50,880.00. Following the sale, the director now owns 259,100 shares of the company’s stock, valued at $4,394,336. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert Abrams sold 1,835 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $17.00, for a total transaction of $31,195.00. Following the completion of the sale, the director now directly owns 53,396 shares in the company, valued at approximately $907,732. The disclosure for this sale can be found here. 4.04% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in STL. Wellington Management Group LLP increased its stake in shares of Sterling Bancorp by 68.6% in the first quarter. Wellington Management Group LLP now owns 5,580,851 shares of the financial services provider’s stock valued at $88,903,000 after buying an additional 2,269,760 shares in the last quarter. Systematic Financial Management LP increased its position in Sterling Bancorp by 58.5% in the second quarter. Systematic Financial Management LP now owns 4,766,082 shares of the financial services provider’s stock valued at $74,827,000 after buying an additional 1,759,939 shares in the last quarter. Bank of Montreal Can bought a new position in Sterling Bancorp during the second quarter valued at approximately $12,643,000. Emerald Acquisition Ltd. bought a new position in Sterling Bancorp during the second quarter valued at approximately $11,282,000. Finally, Hillcrest Asset Management LLC bought a new position in Sterling Bancorp during the first quarter valued at approximately $8,491,000. 77.83% of the stock is currently owned by institutional investors and hedge funds.
Sterling Bancorp Company Profile
Sterling Bancorp is a financial holding company. The Company is a bank holding company that owns the Sterling National Bank (the Bank). The Bank specializes in the delivery of services and solutions to business owners, their families and consumers within the communities it serves. The Bank offers a line of commercial, business, and consumer banking products and services.
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