Sterling Bancorp (NYSE:STL) Coverage Initiated at B. Riley

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B. Riley initiated coverage on shares of Sterling Bancorp (NYSE:STL) in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $26.00 price target on the financial services provider’s stock. B. Riley’s price target indicates a potential upside of 24.16% from the company’s previous close. B. Riley also issued estimates for Sterling Bancorp’s Q2 2019 earnings at $0.51 EPS, Q3 2019 earnings at $0.54 EPS, Q4 2019 earnings at $0.56 EPS, FY2019 earnings at $2.10 EPS, Q1 2020 earnings at $0.54 EPS, Q2 2020 earnings at $0.57 EPS, Q3 2020 earnings at $0.59 EPS, Q4 2020 earnings at $0.61 EPS and FY2020 earnings at $2.30 EPS.

A number of other research analysts have also recently commented on STL. Zacks Investment Research cut Ionis Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Friday, April 5th. ValuEngine upgraded Zynerba Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. FIG Partners restated an “outperform” rating on shares of Sterling Bancorp in a research report on Monday, April 29th. DA Davidson assumed coverage on Western New England Bancorp in a research report on Thursday, July 11th. They issued a “neutral” rating and a $10.00 price target on the stock. Finally, Royal Bank of Canada restated a “hold” rating and issued a $0.35 price target on shares of DB Commodity Double Short ETN in a research report on Friday, July 12th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. Sterling Bancorp has a consensus rating of “Buy” and a consensus target price of $25.43.

STL opened at $20.94 on Tuesday. Sterling Bancorp has a fifty-two week low of $15.62 and a fifty-two week high of $23.50. The company has a quick ratio of 0.95, a current ratio of 0.97 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $4.43 billion, a P/E ratio of 10.41 and a beta of 1.33. The stock’s fifty day moving average price is $20.68.

Sterling Bancorp (NYSE:STL) last posted its earnings results on Wednesday, April 24th. The financial services provider reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.01. Sterling Bancorp had a return on equity of 10.57% and a net margin of 33.40%. The company had revenue of $263.90 million during the quarter, compared to the consensus estimate of $262.59 million. During the same quarter last year, the firm earned $0.45 earnings per share. The company’s revenue was up .5% on a year-over-year basis. As a group, sell-side analysts expect that Sterling Bancorp will post 2.12 EPS for the current year.

In other Sterling Bancorp news, insider Javier L. Evan sold 1,533 shares of Sterling Bancorp stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $20.60, for a total value of $31,579.80. Following the transaction, the insider now owns 24,168 shares in the company, valued at $497,860.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Rodney Whitwell sold 54,528 shares of Sterling Bancorp stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $20.99, for a total value of $1,144,542.72. Following the completion of the transaction, the chief accounting officer now owns 91,252 shares in the company, valued at approximately $1,915,379.48. The disclosure for this sale can be found here. Insiders sold 143,396 shares of company stock worth $3,043,774 in the last 90 days. 1.67% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. Shine Investment Advisory Services Inc. grew its position in Sterling Bancorp by 137.2% in the first quarter. Shine Investment Advisory Services Inc. now owns 1,988 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 1,150 shares during the last quarter. Bremer Bank National Association bought a new position in Sterling Bancorp in the first quarter valued at about $46,000. Dupont Capital Management Corp bought a new position in Sterling Bancorp in the first quarter valued at about $173,000. FSI Group LLC bought a new position in Sterling Bancorp in the first quarter valued at about $200,000. Finally, Fox Run Management L.L.C. bought a new position in Sterling Bancorp in the second quarter valued at about $200,000. Hedge funds and other institutional investors own 93.91% of the company’s stock.

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.

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Analyst Recommendations for Sterling Bancorp (NYSE:STL)

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