Stephens Reiterates Buy Rating for Sterling Bancorp (NYSE:STL)

Stephens reiterated their buy rating on shares of Sterling Bancorp (NYSE:STL) in a research note published on Wednesday morning, AnalystRatings.com reports. The brokerage currently has a $24.50 price objective on the financial services provider’s stock.

Several other equities analysts have also recently issued reports on STL. DA Davidson reiterated a buy rating on shares of Sterling Bancorp in a research note on Monday, July 22nd. B. Riley started coverage on shares of Sterling Bancorp in a research note on Tuesday, July 16th. They issued a buy rating and a $26.00 target price for the company. Maxim Group set a $28.00 target price on shares of Sterling Bancorp and gave the company a buy rating in a research note on Friday, October 25th. Zacks Investment Research upgraded shares of Sterling Bancorp from a sell rating to a hold rating in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada reiterated an outperform rating and issued a $26.00 target price (up from $24.00) on shares of Sterling Bancorp in a research note on Friday, July 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $25.36.

Shares of STL stock traded up $0.02 during trading hours on Wednesday, hitting $20.72. The company’s stock had a trading volume of 1,555,951 shares, compared to its average volume of 1,998,400. The company has a 50 day moving average of $20.01 and a 200 day moving average of $20.35. The stock has a market cap of $4.17 billion, a PE ratio of 10.36 and a beta of 1.36. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.74. Sterling Bancorp has a 12-month low of $15.62 and a 12-month high of $22.17.

Sterling Bancorp (NYSE:STL) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.52 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.02). Sterling Bancorp had a net margin of 32.25% and a return on equity of 10.12%. The business had revenue of $259.76 million during the quarter, compared to analysts’ expectations of $262.65 million. During the same period last year, the company earned $0.51 earnings per share. The firm’s revenue was down 4.6% on a year-over-year basis. As a group, analysts anticipate that Sterling Bancorp will post 2.07 earnings per share for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Monday, November 4th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Friday, November 1st. Sterling Bancorp’s dividend payout ratio is currently 14.00%.

Several institutional investors and hedge funds have recently bought and sold shares of STL. Invesco Ltd. raised its position in Sterling Bancorp by 93.7% during the second quarter. Invesco Ltd. now owns 3,696,732 shares of the financial services provider’s stock worth $78,666,000 after acquiring an additional 1,787,787 shares during the period. FMR LLC raised its position in Sterling Bancorp by 81,198.3% during the first quarter. FMR LLC now owns 1,713,769 shares of the financial services provider’s stock worth $31,928,000 after acquiring an additional 1,711,661 shares during the period. Diamond Hill Capital Management Inc. raised its position in Sterling Bancorp by 25.7% during the third quarter. Diamond Hill Capital Management Inc. now owns 5,365,507 shares of the financial services provider’s stock worth $107,632,000 after acquiring an additional 1,097,895 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its position in Sterling Bancorp by 590.8% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 579,242 shares of the financial services provider’s stock worth $12,326,000 after acquiring an additional 495,387 shares during the period. Finally, Earnest Partners LLC raised its position in Sterling Bancorp by 66.6% during the second quarter. Earnest Partners LLC now owns 1,047,787 shares of the financial services provider’s stock worth $22,297,000 after acquiring an additional 418,948 shares during the period. Hedge funds and other institutional investors own 88.22% of the company’s stock.

About Sterling Bancorp

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.

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Analyst Recommendations for Sterling Bancorp (NYSE:STL)

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