Sterling Bancorp (NYSE:STL) has received a consensus recommendation of “Buy” from the thirteen ratings firms that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $26.58.
A number of brokerages have recently issued reports on STL. Zacks Investment Research downgraded Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, May 23rd. BidaskClub upgraded Sterling Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Jefferies Group LLC restated a “buy” rating and set a $28.00 price objective on shares of Sterling Bancorp in a research report on Friday, May 19th. Maxim Group restated a “buy” rating and set a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, July 26th. Finally, Royal Bank Of Canada restated a “buy” rating on shares of Sterling Bancorp in a research report on Tuesday, May 30th.
Sterling Bancorp (NYSE:STL) traded up 1.14% during trading on Tuesday, hitting $22.25. The stock had a trading volume of 1,244,060 shares. The company has a market cap of $3.02 billion, a price-to-earnings ratio of 18.56 and a beta of 1.07. The company has a 50-day moving average of $22.39 and a 200 day moving average of $23.06. Sterling Bancorp has a 52 week low of $16.75 and a 52 week high of $25.85.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.33. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. The company had revenue of $126.88 million during the quarter, compared to the consensus estimate of $133.85 million. On average, equities research analysts anticipate that Sterling Bancorp will post $0.69 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, August 21st. Investors of record on Monday, August 7th were paid a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $0.28 annualized dividend and a yield of 1.26%. Sterling Bancorp’s dividend payout ratio is currently 23.33%.
In other news, Director Richard L. O’toole acquired 4,000 shares of Sterling Bancorp stock in a transaction on Thursday, July 27th. The stock was purchased at an average price of $22.60 per share, with a total value of $90,400.00. Following the completion of the purchase, the director now owns 21,291 shares of the company’s stock, valued at approximately $481,176.60. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Burt Steinberg acquired 10,000 shares of Sterling Bancorp stock in a transaction on Friday, August 11th. The stock was purchased at an average cost of $21.88 per share, with a total value of $218,800.00. Following the purchase, the director now directly owns 135,146 shares of the company’s stock, valued at approximately $2,956,994.48. The disclosure for this purchase can be found here. Company insiders own 3.74% of the company’s stock.
A number of institutional investors have recently made changes to their positions in STL. BlackRock Inc. grew its stake in Sterling Bancorp by 50,894.8% in the first quarter. BlackRock Inc. now owns 15,992,998 shares of the financial services provider’s stock valued at $379,033,000 after acquiring an additional 15,961,636 shares during the period. State Street Corp grew its stake in Sterling Bancorp by 38.2% in the second quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock valued at $190,624,000 after acquiring an additional 2,267,814 shares during the period. OppenheimerFunds Inc. lifted its holdings in shares of Sterling Bancorp by 229.3% in the first quarter. OppenheimerFunds Inc. now owns 1,697,911 shares of the financial services provider’s stock valued at $40,240,000 after purchasing an additional 1,182,263 shares in the last quarter. Mesirow Financial Investment Management Equity Management bought a new position in shares of Sterling Bancorp in the second quarter valued at approximately $17,510,000. Finally, Wellington Management Group LLP lifted its holdings in shares of Sterling Bancorp by 7.3% in the first quarter. Wellington Management Group LLP now owns 11,034,467 shares of the financial services provider’s stock valued at $261,517,000 after purchasing an additional 751,740 shares in the last quarter. 91.30% of the stock is owned by hedge funds and other institutional investors.
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About Sterling Bancorp
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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