Maxim Group reiterated their buy rating on shares of Sterling Bancorp (NYSE:STL) in a research report report published 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 commented.
Several other equities analysts also recently commented on STL. Zacks Investment Research upgraded shares of Sterling Bancorp from a hold rating to a buy rating and set a $25.00 price target for the company in a research note on Saturday, September 16th. BidaskClub cut shares of Sterling Bancorp from a hold rating to a sell rating in a research report on Tuesday, July 25th. Keefe, Bruyette & Woods reissued a buy rating and issued a $29.00 price target on shares of Sterling Bancorp in a research report on Thursday, October 12th. Finally, Royal Bank Of Canada reduced their price target on shares of Sterling Bancorp from $30.00 to $29.00 and set an outperform rating for the company in a research report on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $27.69.
Sterling Bancorp (STL) traded up $0.05 on Wednesday, reaching $23.55. 2,440,400 shares of the company’s stock were exchanged, compared to its average volume of 2,111,553. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.99 and a quick ratio of 0.99. Sterling Bancorp has a twelve month low of $19.86 and a twelve month high of $25.85. The stock has a market cap of $5,291.85, a price-to-earnings ratio of 18.26 and a beta of 1.05.
Sterling Bancorp (NYSE:STL) last posted its earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.01). Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. The company had revenue of $134.06 million during the quarter, compared to analyst estimates of $135.09 million. During the same quarter last year, the business posted $0.29 EPS. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. sell-side analysts forecast that Sterling Bancorp will post 1.38 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 20th. Shareholders of record on Monday, November 6th will be given a dividend of $0.07 per share. The ex-dividend date is Friday, November 3rd. This represents a $0.28 annualized dividend and a yield of 1.19%. Sterling Bancorp’s payout ratio is currently 22.58%.
In related news, CEO Jack L. Kopnisky sold 54,100 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $24.71, for a total transaction of $1,336,811.00. Following the transaction, the chief executive officer now owns 231,765 shares of the company’s stock, valued at $5,726,913.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas G. Kahn sold 30,000 shares of the stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $23.69, for a total transaction of $710,700.00. Following the transaction, the director now directly owns 44,774 shares in the company, valued at approximately $1,060,696.06. The disclosure for this sale can be found here. Insiders have sold 489,135 shares of company stock worth $12,259,133 over the last 90 days. 3.74% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of STL. First Bank & Trust increased its position in shares of Sterling Bancorp by 402.6% in the second quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock worth $115,000 after acquiring an additional 3,970 shares in the last quarter. Riverhead Capital Management LLC increased its position in shares of Sterling Bancorp by 70.6% in the second quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock worth $119,000 after acquiring an additional 2,119 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Sterling Bancorp by 8.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,504 shares of the financial services provider’s stock worth $128,000 after acquiring an additional 415 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Sterling Bancorp by 82.8% in the third quarter. Envestnet Asset Management Inc. now owns 7,845 shares of the financial services provider’s stock worth $193,000 after acquiring an additional 3,554 shares in the last quarter. Finally, M&T Bank Corp acquired a new stake in shares of Sterling Bancorp in the second quarter worth $205,000. 91.70% of the stock is currently owned by institutional investors.
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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