Shares of Sterling Bancorp (NYSE:STL) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $21.42 and last traded at $21.38, with a volume of 64289 shares. The stock had previously closed at $21.95.
A number of brokerages have recently issued reports on STL. Zacks Investment Research cut Sterling Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. ValuEngine cut Sterling Bancorp from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 2nd. Finally, Citigroup began coverage on Sterling Bancorp in a report on Monday, June 18th. They set a “neutral” rating and a $27.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $29.98.
The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.35. The firm has a market capitalization of $4.96 billion, a PE ratio of 14.63 and a beta of 0.96.
Sterling Bancorp (NYSE:STL) last issued its earnings results on Tuesday, July 24th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.02. Sterling Bancorp had a return on equity of 9.67% and a net margin of 20.19%. The business had revenue of $276.81 million during the quarter, compared to analysts’ expectations of $272.26 million. During the same quarter in the previous year, the business earned $0.33 EPS. The company’s revenue for the quarter was up 110.8% on a year-over-year basis. Analysts expect that Sterling Bancorp will post 1.98 earnings per share for the current year.
In other Sterling Bancorp news, General Counsel James P. Blose sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $22.25, for a total value of $44,500.00. Following the completion of the transaction, the general counsel now owns 20,322 shares in the company, valued at approximately $452,164.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard L. O’toole purchased 4,000 shares of the firm’s stock in a transaction on Thursday, July 26th. The stock was bought at an average price of $22.93 per share, with a total value of $91,720.00. Following the acquisition, the director now owns 26,713 shares in the company, valued at $612,529.09. The disclosure for this purchase can be found here. 2.09% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of Montreal Can boosted its holdings in Sterling Bancorp by 8.9% in the 3rd quarter. Bank of Montreal Can now owns 1,029,927 shares of the financial services provider’s stock worth $22,659,000 after acquiring an additional 84,009 shares during the period. MAI Capital Management boosted its holdings in Sterling Bancorp by 35.9% in the 3rd quarter. MAI Capital Management now owns 18,612 shares of the financial services provider’s stock worth $409,000 after acquiring an additional 4,917 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in Sterling Bancorp by 113.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 192,156 shares of the financial services provider’s stock worth $4,516,000 after acquiring an additional 102,036 shares during the period. Nomura Holdings Inc. purchased a new position in Sterling Bancorp in the 2nd quarter worth approximately $541,000. Finally, Jane Street Group LLC purchased a new position in Sterling Bancorp in the 2nd quarter worth approximately $11,555,000. Hedge funds and other institutional investors own 92.11% of the company’s stock.
Sterling Bancorp Company Profile (NYSE:STL)
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.
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