Maxim Group set a $28.00 target price on Sterling Bancorp (NYSE:STL) in a research note issued to investors on Friday morning, TipRanks reports. The brokerage currently has a buy rating on the financial services provider’s stock.
Several other research firms have also recently weighed in on STL. B. Riley began coverage on Sterling Bancorp in a report on Tuesday, July 16th. They set a buy rating and a $26.00 price target on the stock. DA Davidson reiterated a buy rating on shares of Sterling Bancorp in a report on Monday, July 22nd. Royal Bank of Canada reiterated an outperform rating and issued a $26.00 target price (up from $24.00) on shares of Sterling Bancorp in a report on Friday, July 12th. Piper Jaffray Companies set a $26.00 target price on Sterling Bancorp and gave the company a buy rating in a report on Wednesday, July 31st. Finally, Zacks Investment Research upgraded Sterling Bancorp from a sell rating to a hold rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $24.86.
NYSE STL traded up $0.13 during trading on Friday, hitting $20.23. 987,243 shares of the company’s stock were exchanged, compared to its average volume of 2,020,670. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.74. The company has a market cap of $4.05 billion, a PE ratio of 10.12 and a beta of 1.38. Sterling Bancorp has a fifty-two week low of $15.62 and a fifty-two week high of $22.17. The stock’s 50 day moving average price is $20.00 and its two-hundred day moving average price is $20.35.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.52 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.02). The firm had revenue of $259.76 million for the quarter, compared to the consensus estimate of $262.65 million. Sterling Bancorp had a return on equity of 10.12% and a net margin of 32.25%. The business’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.51 earnings per share. Analysts forecast that Sterling Bancorp will post 2.08 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Monday, November 4th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend is Friday, November 1st. Sterling Bancorp’s payout ratio is currently 14.00%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STL. Invesco Ltd. raised its position in Sterling Bancorp by 93.7% in the 2nd quarter. Invesco Ltd. now owns 3,696,732 shares of the financial services provider’s stock valued at $78,666,000 after buying an additional 1,787,787 shares during the last quarter. FMR LLC increased its position in shares of Sterling Bancorp by 81,198.3% during the 1st quarter. FMR LLC now owns 1,713,769 shares of the financial services provider’s stock valued at $31,928,000 after purchasing an additional 1,711,661 shares during the last quarter. Diamond Hill Capital Management Inc. increased its position in shares of Sterling Bancorp by 32.5% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 4,267,612 shares of the financial services provider’s stock valued at $90,815,000 after purchasing an additional 1,047,273 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its position in shares of Sterling Bancorp by 590.8% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 579,242 shares of the financial services provider’s stock valued at $12,326,000 after purchasing an additional 495,387 shares during the last quarter. Finally, Earnest Partners LLC grew its stake in shares of Sterling Bancorp by 66.6% during the 2nd quarter. Earnest Partners LLC now owns 1,047,787 shares of the financial services provider’s stock worth $22,297,000 after acquiring an additional 418,948 shares during the period. 88.21% of the stock is owned by institutional investors and hedge funds.
Sterling Bancorp Company Profile
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
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