Sandler O’Neill set a $13.00 price objective on Sterling Bancorp (NASDAQ:SBT) in a research note released on Tuesday. The brokerage currently has a buy rating on the stock.
Shares of NASDAQ SBT traded down $0.31 during mid-day trading on Tuesday, reaching $9.88. The company had a trading volume of 1,921 shares, compared to its average volume of 40,551. Sterling Bancorp has a twelve month low of $9.44 and a twelve month high of $14.98. The company has a current ratio of 1.22, a quick ratio of 1.21 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $532.24 million and a PE ratio of 9.13.
Sterling Bancorp (NASDAQ:SBT) last posted its earnings results on Monday, October 29th. The company reported $0.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.01. The firm had revenue of $35.03 million for the quarter. Sterling Bancorp had a net margin of 31.33% and a return on equity of 19.85%.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Sunday, November 25th will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Wednesday, November 21st.
In other Sterling Bancorp news, Director Seth S. Meltzer bought 7,000 shares of the stock in a transaction on Thursday, October 25th. The shares were purchased at an average cost of $9.82 per share, with a total value of $68,740.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.00% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Northern Trust Corp grew its position in shares of Sterling Bancorp by 13.9% in the second quarter. Northern Trust Corp now owns 209,849 shares of the company’s stock valued at $2,803,000 after purchasing an additional 25,575 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Sterling Bancorp by 8.7% in the second quarter. Bank of New York Mellon Corp now owns 57,406 shares of the company’s stock valued at $767,000 after purchasing an additional 4,604 shares during the last quarter. Millennium Management LLC grew its position in shares of Sterling Bancorp by 9.8% in the second quarter. Millennium Management LLC now owns 495,151 shares of the company’s stock valued at $6,615,000 after purchasing an additional 44,289 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in shares of Sterling Bancorp in the second quarter valued at about $174,000. Finally, Citadel Advisors LLC acquired a new stake in shares of Sterling Bancorp in the second quarter valued at about $271,000. 29.82% of the stock is currently owned by hedge funds and other institutional investors.
Sterling Bancorp Company Profile
Sterling Bancorp, Inc is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City, and a loan production office in Seattle, Washington. Sterling offers a broad range of loan products to the residential and commercial markets, as well as retail and business banking services.
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