Maxim Group reaffirmed their buy rating on shares of Sterling Bancorp (NYSE:STL) in a report published on Wednesday morning. They currently have a $32.00 target price on the financial services provider’s stock.
“4Q17 core EPS (excluding losses on securities sales) of $0.45 matched consensus, and management indicated that its integration of Astoria Financial into STL is on-track (actually ahead of plan).”,” Maxim Group’s analyst commented.
Other research analysts have also issued reports about the company. Jefferies Group reissued a buy rating and issued a $30.00 price target on shares of Sterling Bancorp in a research report on Thursday, January 25th. Zacks Investment Research lowered Sterling Bancorp from a buy rating to a hold rating in a research report on Friday, March 30th. Finally, Keefe, Bruyette & Woods reissued a buy rating and issued a $34.00 price target on shares of Sterling Bancorp in a research report on Thursday, April 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. The company has an average rating of Hold and an average target price of $28.84.
Shares of STL traded up $0.35 during trading hours on Wednesday, hitting $23.55. The company had a trading volume of 1,351,503 shares, compared to its average volume of 1,960,163. The firm has a market cap of $5,091.33, a price-to-earnings ratio of 16.57 and a beta of 1.12. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.25. Sterling Bancorp has a one year low of $21.00 and a one year high of $26.50.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.45 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. The firm had revenue of $262.57 million during the quarter, compared to analyst estimates of $259.67 million. Sterling Bancorp had a return on equity of 10.51% and a net margin of 16.84%. The business’s revenue for the quarter was up 108.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.31 EPS. equities research analysts forecast that Sterling Bancorp will post 1.9 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, May 21st. Investors of record on Monday, May 7th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend is Friday, May 4th. Sterling Bancorp’s dividend payout ratio is currently 20.00%.
In related news, Director James F. Deutsch sold 200,000 shares of the company’s stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $25.22, for a total transaction of $5,044,000.00. Following the transaction, the director now directly owns 500 shares of the company’s stock, valued at approximately $12,610. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.74% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Sterling Bancorp by 32.0% in the fourth quarter. BlackRock Inc. now owns 23,516,070 shares of the financial services provider’s stock valued at $578,494,000 after purchasing an additional 5,699,675 shares during the period. Lazard Asset Management LLC purchased a new stake in shares of Sterling Bancorp in the fourth quarter worth about $176,300,000. Clearbridge Investments LLC boosted its stake in shares of Sterling Bancorp by 794,685.8% in the fourth quarter. Clearbridge Investments LLC now owns 5,078,681 shares of the financial services provider’s stock worth $124,936,000 after buying an additional 5,078,042 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Sterling Bancorp by 54.8% in the fourth quarter. Victory Capital Management Inc. now owns 5,053,762 shares of the financial services provider’s stock worth $124,323,000 after buying an additional 1,789,102 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of Sterling Bancorp by 3.9% in the fourth quarter. Alliancebernstein L.P. now owns 3,606,466 shares of the financial services provider’s stock worth $88,719,000 after buying an additional 135,984 shares during the last quarter. 88.78% of the stock is currently owned by institutional investors and hedge funds.
About Sterling Bancorp
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, money market, savings, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
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