Sterling Bancorp (NYSE:STL) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
STL has been the topic of several other research reports. Zacks Investment Research downgraded Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, June 17th. FBR & Co set a $25.00 price objective on Sterling Bancorp and gave the stock a “hold” rating in a research note on Thursday, May 4th. ValuEngine raised Sterling Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, May 20th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Sterling Bancorp in a research note on Friday, May 19th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $29.00 price objective on shares of Sterling Bancorp in a research note on Wednesday, April 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. Sterling Bancorp has an average rating of “Buy” and a consensus target price of $27.21.
Shares of Sterling Bancorp (STL) traded up 2.974% during midday trading on Tuesday, hitting $23.375. The stock had a trading volume of 963,101 shares. Sterling Bancorp has a 12 month low of $16.46 and a 12 month high of $25.85. The firm has a market cap of $3.17 billion, a price-to-earnings ratio of 19.860 and a beta of 1.08. The stock’s 50 day moving average price is $23.10 and its 200 day moving average price is $23.43.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.31 EPS for the quarter, hitting the consensus estimate of $0.31. Sterling Bancorp had a return on equity of 8.36% and a net margin of 28.23%. The firm had revenue of $121.63 million for the quarter, compared to the consensus estimate of $127.81 million. On average, equities analysts forecast that Sterling Bancorp will post $0.69 EPS for the current fiscal year.
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In related news, Director Craig S. Thompson sold 3,500 shares of Sterling Bancorp stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $22.75, for a total transaction of $79,625.00. Following the sale, the director now owns 225,395 shares of the company’s stock, valued at approximately $5,127,736.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James F. Deutsch sold 200,000 shares of Sterling Bancorp stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $23.05, for a total value of $4,610,000.00. Following the sale, the director now directly owns 500 shares in the company, valued at approximately $11,525. The disclosure for this sale can be found here. Insiders have sold a total of 211,500 shares of company stock worth $4,875,795 in the last three months. 3.74% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its stake in Sterling Bancorp by 17.4% in the fourth quarter. Renaissance Technologies LLC now owns 246,550 shares of the financial services provider’s stock worth $5,769,000 after buying an additional 36,593 shares during the last quarter. Guggenheim Capital LLC increased its stake in Sterling Bancorp by 133.1% in the fourth quarter. Guggenheim Capital LLC now owns 81,177 shares of the financial services provider’s stock worth $1,899,000 after buying an additional 46,358 shares during the last quarter. AQR Capital Management LLC increased its stake in Sterling Bancorp by 12.0% in the fourth quarter. AQR Capital Management LLC now owns 56,386 shares of the financial services provider’s stock worth $1,320,000 after buying an additional 6,030 shares during the last quarter. Norges Bank purchased a new stake in Sterling Bancorp during the fourth quarter worth about $21,697,000. Finally, Quadrature Capital Ltd purchased a new stake in Sterling Bancorp during the fourth quarter worth about $316,000. 86.60% of the stock is currently owned by institutional investors and hedge funds.
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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