Citigroup started coverage on shares of Sterling Bancorp (NYSE:STL) in a report published on Monday morning, MarketBeat Ratings reports. The firm issued a neutral rating and a $27.00 price objective on the financial services provider’s stock.
A number of other brokerages have also weighed in on STL. Keefe, Bruyette & Woods restated a buy rating and set a $33.50 target price on shares of Sterling Bancorp in a research report on Tuesday, February 27th. Zacks Investment Research lowered shares of Sterling Bancorp from a buy rating to a hold rating in a research report on Wednesday, February 28th. Finally, Maxim Group restated a buy rating and set a $32.00 target price on shares of Sterling Bancorp in a research report on Wednesday, April 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Sterling Bancorp presently has a consensus rating of Hold and a consensus price target of $29.69.
Sterling Bancorp opened at $24.70 on Monday, according to MarketBeat Ratings. The company has a market capitalization of $5.52 billion, a price-to-earnings ratio of 17.64 and a beta of 1.12. Sterling Bancorp has a 1-year low of $23.98 and a 1-year high of $25.65. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.99 and a quick ratio of 0.99.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Tuesday, April 24th. The financial services provider reported $0.45 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.45. The business had revenue of $262.57 million during the quarter, compared to analyst estimates of $259.67 million. Sterling Bancorp had a net margin of 16.84% and a return on equity of 9.24%. The company’s revenue was up 108.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 earnings per share. equities research analysts anticipate that Sterling Bancorp will post 1.97 earnings per share for the current fiscal year.
In other Sterling Bancorp news, Director James F. Deutsch sold 14,589 shares of the stock in a transaction on Friday, May 25th. The shares were sold at an average price of $25.00, for a total transaction of $364,725.00. Following the completion of the transaction, the director now owns 500 shares in the company, valued at $12,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James F. Deutsch sold 123,980 shares of the stock in a transaction on Wednesday, June 6th. The shares were sold at an average price of $25.02, for a total transaction of $3,101,979.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 243,165 shares of company stock valued at $6,086,560. 2.09% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in Sterling Bancorp by 1.7% during the first quarter. BlackRock Inc. now owns 23,906,510 shares of the financial services provider’s stock valued at $539,091,000 after purchasing an additional 390,440 shares during the last quarter. Lazard Asset Management LLC bought a new position in Sterling Bancorp during the fourth quarter valued at $176,300,000. Clearbridge Investments LLC lifted its position in Sterling Bancorp by 794,685.8% during the fourth quarter. Clearbridge Investments LLC now owns 5,078,681 shares of the financial services provider’s stock valued at $124,936,000 after purchasing an additional 5,078,042 shares during the last quarter. Alliancebernstein L.P. lifted its position in Sterling Bancorp by 3.9% during the fourth quarter. Alliancebernstein L.P. now owns 3,606,466 shares of the financial services provider’s stock valued at $88,719,000 after purchasing an additional 135,984 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in Sterling Bancorp by 6.6% during the first quarter. Wells Fargo & Company MN now owns 2,860,145 shares of the financial services provider’s stock valued at $64,497,000 after purchasing an additional 176,564 shares during the last quarter. Institutional investors and hedge funds own 91.16% of the company’s stock.
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.
Receive News & Ratings for Sterling Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sterling Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.