Maxim Group reissued their buy rating on shares of Sterling Bancorp (NYSE:STL) in a research note released on Wednesday, October 25th. Maxim Group currently has a $30.00 target price on the financial services provider’s stock.
“3Q17 core EPS of $0.35 matched consensus, with strong growth in loans (up 2.6% linked-quarter) and net interest income (up 6.2%, in spite of a narrower NIM), good expense control (producing a low 42% core efficiency ratio), and continued solid credit quality.”,” the firm’s analyst wrote.
A number of other equities analysts have also recently weighed in on STL. BidaskClub cut Sterling Bancorp from a hold rating to a sell rating in a report on Tuesday, June 27th. Zacks Investment Research raised Sterling Bancorp from a hold rating to a buy rating and set a $25.00 price objective on the stock in a report on Saturday, July 29th. Keefe, Bruyette & Woods reissued a buy rating on shares of Sterling Bancorp in a report on Thursday, September 7th. Finally, ValuEngine cut Sterling Bancorp from a buy rating to a hold rating in a report on Thursday, September 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $27.69.
Sterling Bancorp (NYSE STL) traded up $0.05 during trading hours on Wednesday, hitting $23.55. The company’s stock had a trading volume of 2,440,400 shares, compared to its average volume of 1,607,463. Sterling Bancorp has a 1 year low of $19.86 and a 1 year high of $25.85. The stock has a market cap of $5,280.62, a PE ratio of 18.22 and a beta of 1.05. The company has a current ratio of 0.99, a quick ratio of 1.00 and a debt-to-equity ratio of 1.76.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). The business had revenue of $134.06 million during the quarter, compared to analysts’ expectations of $135.09 million. Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. The business’s revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.29 EPS. equities analysts expect that Sterling Bancorp will post 1.38 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Monday, November 6th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $0.28 annualized dividend and a yield of 1.19%. Sterling Bancorp’s payout ratio is 22.58%.
In other news, Director James F. Deutsch sold 300,000 shares of Sterling Bancorp stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $25.31, for a total value of $7,593,000.00. Following the sale, the director now directly owns 500 shares in the company, valued at approximately $12,655. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Thomas G. Kahn sold 30,000 shares of Sterling Bancorp stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $23.69, for a total value of $710,700.00. Following the completion of the sale, the director now owns 44,774 shares in the company, valued at $1,060,696.06. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 489,135 shares of company stock worth $12,259,133. 3.74% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in STL. UBS Asset Management Americas Inc. boosted its position in shares of Sterling Bancorp by 15.5% during the first quarter. UBS Asset Management Americas Inc. now owns 72,775 shares of the financial services provider’s stock valued at $1,725,000 after purchasing an additional 9,758 shares in the last quarter. Teachers Advisors LLC boosted its position in shares of Sterling Bancorp by 1.9% during the first quarter. Teachers Advisors LLC now owns 1,028,347 shares of the financial services provider’s stock valued at $24,372,000 after purchasing an additional 19,085 shares in the last quarter. California Public Employees Retirement System boosted its position in shares of Sterling Bancorp by 4.9% during the first quarter. California Public Employees Retirement System now owns 163,400 shares of the financial services provider’s stock valued at $3,873,000 after purchasing an additional 7,700 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Sterling Bancorp by 3.1% during the first quarter. Legal & General Group Plc now owns 234,860 shares of the financial services provider’s stock valued at $5,568,000 after purchasing an additional 6,954 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its position in shares of Sterling Bancorp by 3.4% during the first quarter. Teacher Retirement System of Texas now owns 10,130 shares of the financial services provider’s stock valued at $240,000 after purchasing an additional 333 shares in the last quarter. Institutional investors own 91.22% 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.
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