Shares of Sterling Bancorp (NYSE:STL) gapped up prior to trading on Tuesday . The stock had previously closed at $24.75, but opened at $25.30. Sterling Bancorp shares last traded at $26.00, with a volume of 3332600 shares changing hands.
STL has been the topic of several recent research reports. Zacks Investment Research downgraded Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 14th. ValuEngine downgraded Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Keefe, Bruyette & Woods restated a “buy” rating on shares of Sterling Bancorp in a research report on Thursday, September 7th. Royal Bank Of Canada reduced their price objective on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 3rd. Finally, Maxim Group restated a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research report on Wednesday, October 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $27.48.
The company has a market cap of $5,853.62, a PE ratio of 20.19 and a beta of 1.04. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.76.
Sterling Bancorp (NYSE:STL) last released 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 return on equity of 9.08% and a net margin of 28.58%. The business had revenue of $134.06 million for the quarter, compared to analysts’ expectations of $135.09 million. During the same quarter last year, the company posted $0.29 earnings per share. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. sell-side analysts expect that Sterling Bancorp will post 1.39 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, November 20th. Investors of record on Monday, November 6th were given a dividend of $0.07 per share. The ex-dividend date was Friday, November 3rd. This represents a $0.28 annualized dividend and a yield of 1.10%. Sterling Bancorp’s dividend payout ratio (DPR) is presently 22.58%.
In other news, CEO Jack L. Kopnisky sold 54,100 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $24.71, for a total value of $1,336,811.00. Following the transaction, the chief executive officer now directly owns 231,765 shares in the company, valued at approximately $5,726,913.15. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James F. Deutsch sold 300,000 shares of the firm’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $25.31, for a total value of $7,593,000.00. Following the completion of the transaction, the director now owns 500 shares in the company, valued at $12,655. The disclosure for this sale can be found here. Insiders have sold 754,135 shares of company stock worth $18,738,583 over the last quarter. 3.74% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Sterling Bancorp by 0.7% in the 2nd quarter. BlackRock Inc. now owns 16,098,764 shares of the financial services provider’s stock worth $374,296,000 after purchasing an additional 105,766 shares during the period. State Street Corp raised its holdings in shares of Sterling Bancorp by 38.2% in the 2nd quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock worth $190,624,000 after purchasing an additional 2,267,814 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Sterling Bancorp by 16.3% in the 2nd quarter. Alliancebernstein L.P. now owns 3,312,473 shares of the financial services provider’s stock worth $77,015,000 after purchasing an additional 463,922 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Sterling Bancorp by 2.2% in the 3rd quarter. Victory Capital Management Inc. now owns 3,264,660 shares of the financial services provider’s stock worth $80,474,000 after purchasing an additional 69,900 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Sterling Bancorp by 4.0% in the 2nd quarter. Northern Trust Corp now owns 2,756,462 shares of the financial services provider’s stock worth $64,087,000 after purchasing an additional 106,638 shares during the period. Institutional investors own 91.70% of the company’s stock.
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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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