Sterling Bancorp (NASDAQ:SBT) Downgraded by Zacks Investment Research to “Sell”

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Zacks Investment Research cut shares of Sterling Bancorp (NASDAQ:SBT) from a hold rating to a sell rating in a report published on Wednesday, Zacks.com reports.

According to Zacks, “Sterling Bancorp, Inc. is a unitary thrift holding company with its primary branch operations in San Francisco and Los Angeles, California. The company through its wholly owned bank subsidiary, Sterling Bank and Trust, F.S.B., Sterling offers loan products to the residential and commercial markets, as well as retail banking services. Sterling Bancorp, Inc. is headquartered in Southfield, Michigan. “

SBT has been the subject of a number of other reports. Piper Jaffray Companies initiated coverage on Sterling Bancorp in a research report on Tuesday, March 19th. They set an overweight rating and a $14.00 target price for the company. ValuEngine downgraded Sterling Bancorp from a sell rating to a strong sell rating in a research report on Tuesday, April 23rd.

SBT opened at $9.78 on Wednesday. The firm has a fifty day moving average price of $9.77. The company has a market cap of $504.72 million, a P/E ratio of 8.15 and a beta of 1.24. Sterling Bancorp has a 1 year low of $6.65 and a 1 year high of $13.92. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.21 and a quick ratio of 1.21.

Sterling Bancorp (NASDAQ:SBT) last released its quarterly earnings results on Monday, April 29th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.03. The business had revenue of $34.13 million during the quarter, compared to the consensus estimate of $33.60 million. Sterling Bancorp had a return on equity of 19.55% and a net margin of 33.72%. On average, sell-side analysts predict that Sterling Bancorp will post 1.13 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Saturday, May 25th were given a dividend of $0.01 per share. The ex-dividend date was Thursday, May 23rd. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.41%. Sterling Bancorp’s payout ratio is 3.33%.

Several large investors have recently added to or reduced their stakes in SBT. BNP Paribas Arbitrage SA raised its holdings in shares of Sterling Bancorp by 938.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 4,652 shares of the company’s stock worth $47,000 after buying an additional 4,204 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new position in shares of Sterling Bancorp during the 4th quarter worth $90,000. SG Americas Securities LLC acquired a new position in shares of Sterling Bancorp during the 4th quarter worth $108,000. Denali Advisors LLC acquired a new position in shares of Sterling Bancorp during the 1st quarter worth $138,000. Finally, Rhumbline Advisers raised its holdings in shares of Sterling Bancorp by 61.2% during the 4th quarter. Rhumbline Advisers now owns 26,404 shares of the company’s stock worth $184,000 after buying an additional 10,025 shares in the last quarter. Hedge funds and other institutional investors own 29.19% of the company’s stock.

About Sterling Bancorp

Sterling Bancorp, Inc is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City, and a loan production office in Seattle, Washington. Sterling offers a broad range of loan products to the residential and commercial markets, as well as retail and business banking services.

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