Sterling Bancorp (NYSE:STL) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday. The firm currently has a $28.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.75% from the stock’s current price.
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 research analysts also recently weighed in on STL. Royal Bank Of Canada cut their price target on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 3rd. BidaskClub cut shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Maxim Group restated a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, July 26th. Keefe, Bruyette & Woods restated a “buy” rating on shares of Sterling Bancorp in a research report on Thursday, September 7th. Finally, ValuEngine cut shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $27.69.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.33. The company had revenue of $126.88 million for the quarter, compared to the consensus estimate of $133.85 million. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%.
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In other news, Director Richard L. O’toole acquired 4,000 shares of the stock in a transaction that occurred on Thursday, July 27th. The stock was acquired at an average price of $22.60 per share, for a total transaction of $90,400.00. Following the transaction, the director now directly owns 21,291 shares in the company, valued at $481,176.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Burt Steinberg acquired 10,000 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was purchased at an average price of $21.88 per share, with a total value of $218,800.00. Following the transaction, the director now owns 135,146 shares in the company, valued at $2,956,994.48. The disclosure for this purchase can be found here. 3.74% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Colony Group LLC bought a new position in Sterling Bancorp during the 2nd quarter worth about $2,077,000. Verition Fund Management LLC increased its holdings in Sterling Bancorp by 48.2% during the 2nd quarter. Verition Fund Management LLC now owns 19,673 shares of the financial services provider’s stock worth $457,000 after purchasing an additional 6,401 shares in the last quarter. Piedmont Investment Advisors LLC bought a new position in Sterling Bancorp during the 2nd quarter worth about $682,000. Ameritas Investment Partners Inc. increased its holdings in Sterling Bancorp by 5.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 11,575 shares of the financial services provider’s stock worth $269,000 after purchasing an additional 626 shares in the last quarter. Finally, Susquehanna International Group LLP increased its holdings in Sterling Bancorp by 224.0% during the 2nd quarter. Susquehanna International Group LLP now owns 121,729 shares of the financial services provider’s stock worth $2,830,000 after purchasing an additional 84,163 shares in the last quarter. Institutional investors and hedge funds own 90.91% of the company’s stock.
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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