Sterling Bancorp Inc’s Quiet Period Will End on December 27th (NASDAQ:SBT)

Sterling Bancorp’s (NASDAQ:SBT) quiet period will expire on Wednesday, December 27th. Sterling Bancorp had issued 15,000,000 shares in its public offering on November 17th. The total size of the offering was $180,000,000 based on an initial share price of $12.00. During the company’s quiet period, underwriters and any insiders that worked on the IPO are prevented from issuing any research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Separately, Sandler O’Neill reaffirmed a “buy” rating and set a $14.50 target price on shares of Sterling Bancorp in a research report on Wednesday, January 3rd.

Shares of Sterling Bancorp (SBT) traded up $0.07 during mid-day trading on Thursday, hitting $13.83. The stock had a trading volume of 114,890 shares, compared to its average volume of 116,524. Sterling Bancorp has a fifty-two week low of $12.00 and a fifty-two week high of $14.01. The firm has a market capitalization of $737.78 and a price-to-earnings ratio of 19.48.

In other Sterling Bancorp news, Director Seth S. Meltzer sold 93,887 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $12.00, for a total transaction of $1,126,644.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder K.I.S.S. Dynasty Trust No. 5 sold 1,543,459 shares of the stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $12.00, for a total value of $18,521,508.00. The disclosure for this sale can be found here. In the last 90 days, insiders bought 24,600 shares of company stock worth $295,200 and sold 2,305,855 shares worth $27,670,260.

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Sterling Bancorp Company Profile

Sterling Bancorp, Inc is a holding company. The Company, through its subsidiary, Sterling Bank and Trust, F.S.B. (the Bank), offers a range of loan products to the residential and commercial markets, as well as retail banking services. As of October 19, 2017, it operated through 26 branches, including 20 in the San Francisco area, four in greater Los Angeles, one in New York City and one branch in Michigan.

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