Sterling Bancorp (NYSE:STL) Cut to Sell at BidaskClub

BidaskClub downgraded shares of Sterling Bancorp (NYSE:STL) from a hold rating to a sell rating in a report issued on Tuesday, July 25th.

Several other research analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of Sterling Bancorp from a buy rating to a hold rating in a research report on Tuesday, June 27th. FBR & Co set a $25.00 price target on shares of Sterling Bancorp and gave the stock a hold rating in a research report on Thursday, May 4th. ValuEngine upgraded shares of Sterling Bancorp from a hold rating to a buy rating in a research report on Saturday, May 20th. Royal Bank Of Canada reiterated a buy rating on shares of Sterling Bancorp in a research report on Tuesday, May 30th. Finally, Stephens assumed coverage on shares of Sterling Bancorp in a research report on Wednesday, April 5th. They issued an overweight rating on the stock. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have given a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $27.07.

Sterling Bancorp (NYSE:STL) traded down 0.90% during midday trading on Tuesday, hitting $22.00. 1,971,908 shares of the company were exchanged. Sterling Bancorp has a 1-year low of $16.75 and a 1-year high of $25.85. The stock has a 50 day moving average of $22.96 and a 200-day moving average of $23.37. The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of 18.35 and a beta of 1.07.

Sterling Bancorp (NYSE:STL) last issued its earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.33. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. The company had revenue of $126.88 million for the quarter, compared to analysts’ expectations of $133.85 million. Equities analysts expect that Sterling Bancorp will post $0.69 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 7th will be given a dividend of $0.07 per share. The ex-dividend date is Thursday, August 3rd. This represents a $0.28 annualized dividend and a dividend yield of 1.27%. Sterling Bancorp’s payout ratio is 23.33%.

In other news, Director Craig S. Thompson sold 2,000 shares of the firm’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $21.62, for a total transaction of $43,240.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Craig S. Thompson sold 3,500 shares of the firm’s stock in a transaction on Tuesday, May 16th. The shares were 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 in the company, valued at $5,127,736.25. The disclosure for this sale can be found here. Insiders have sold a total of 10,500 shares of company stock worth $241,925 over the last 90 days. Insiders own 3.74% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in Sterling Bancorp by 0.7% in the second quarter. BlackRock Inc. now owns 16,098,764 shares of the financial services provider’s stock valued at $374,296,000 after buying an additional 105,766 shares during the last quarter. Vanguard Group Inc. boosted its position in Sterling Bancorp by 5.1% in the first quarter. Vanguard Group Inc. now owns 11,689,095 shares of the financial services provider’s stock valued at $277,031,000 after buying an additional 566,776 shares during the last quarter. Wellington Management Group LLP boosted its position in 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 buying an additional 751,740 shares during the last quarter. State Street Corp boosted its position in Sterling Bancorp by 26.9% in the first quarter. State Street Corp now owns 5,931,005 shares of the financial services provider’s stock valued at $140,564,000 after buying an additional 1,257,312 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in Sterling Bancorp by 16.3% in the second quarter. Alliancebernstein L.P. now owns 3,312,473 shares of the financial services provider’s stock valued at $77,015,000 after buying an additional 463,922 shares during the last quarter. Hedge funds and other institutional investors own 87.50% 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.

Analyst Recommendations for Sterling Bancorp (NYSE:STL)

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