Zacks Investment Research Lowers Sterling Bancorp (NASDAQ:SBT) to Sell

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Zacks Investment Research lowered shares of Sterling Bancorp (NASDAQ:SBT) from a hold rating to a sell rating in a research report sent to investors on Tuesday, Zacks.com reports.

According to Zacks, “Sterling Bancorp, Inc. is a unitary thrift holding company with its primary branch operations in San Francisco and Los Angeles, California. The company through its wholly owned bank subsidiary, Sterling Bank and Trust, F.S.B., Sterling offers loan products to the residential and commercial markets, as well as retail banking services. Sterling Bancorp, Inc. is headquartered in Southfield, Michigan. “

Several other brokerages also recently commented on SBT. TheStreet upgraded Sterling Bancorp from a d+ rating to a c rating in a research note on Monday, August 26th. ValuEngine upgraded Sterling Bancorp from a sell rating to a hold rating in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $12.67.

Shares of NASDAQ SBT remained flat at $$10.00 during midday trading on Tuesday. The stock had a trading volume of 31,689 shares, compared to its average volume of 52,084. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.95. Sterling Bancorp has a one year low of $6.65 and a one year high of $11.20. The business has a 50 day moving average of $9.79 and a 200 day moving average of $9.80. The company has a market capitalization of $502.64 million, a price-to-earnings ratio of 8.33 and a beta of 1.34.

Sterling Bancorp (NASDAQ:SBT) last issued its earnings results on Monday, July 29th. The company reported $0.26 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.01). Sterling Bancorp had a return on equity of 18.23% and a net margin of 32.19%. The business had revenue of $32.78 million for the quarter, compared to the consensus estimate of $34.20 million. As a group, equities analysts forecast that Sterling Bancorp will post 1.14 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Banc Funds Co. LLC boosted its stake in Sterling Bancorp by 3.6% in the 2nd quarter. Banc Funds Co. LLC now owns 583,100 shares of the company’s stock valued at $5,814,000 after purchasing an additional 20,000 shares during the period. Denali Advisors LLC boosted its stake in Sterling Bancorp by 142.0% in the 3rd quarter. Denali Advisors LLC now owns 106,869 shares of the company’s stock valued at $1,043,000 after purchasing an additional 62,705 shares during the period. JPMorgan Chase & Co. boosted its stake in Sterling Bancorp by 360.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 25,330 shares of the company’s stock valued at $255,000 after purchasing an additional 19,826 shares during the period. Alberta Investment Management Corp bought a new stake in Sterling Bancorp in the 2nd quarter valued at $166,000. Finally, Prudential Financial Inc. boosted its stake in Sterling Bancorp by 48.5% in the 2nd quarter. Prudential Financial Inc. now owns 56,648 shares of the company’s stock valued at $564,000 after purchasing an additional 18,492 shares during the period. Institutional investors own 28.14% of the company’s stock.

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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