Today’s Stock On Watch: Sterling Bancorp’s Stock Is Buy After Reaching 52-Week High

Today's Stock On Watch: Sterling Bancorp's Stock Is Buy After Reaching 52 Week High

The stock of Sterling Bancorp (NYSE:STL) hit a new 52-week high and has $25.04 target or 7.00% above today’s $23.40 share price. The 9 months bullish chart indicates low risk for the $3.21B company. The 1-year high was reported on Nov, 23 by Barchart.com. If the $25.04 price target is reached, the company will be worth $224.70M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 1.04 million shares traded hands. Sterling Bancorp (NYSE:STL) has risen 38.69% since April 21, 2016 and is uptrending. It has outperformed by 33.36% the S&P500.

Analysts await Sterling Bancorp (NYSE:STL) to report earnings on January, 25. They expect $0.30 earnings per share, up 15.38% or $0.04 from last year’s $0.26 per share. STL’s profit will be $41.15 million for 19.50 P/E if the $0.30 EPS becomes a reality. After $0.27 actual earnings per share reported by Sterling Bancorp for the previous quarter, Wall Street now forecasts 11.11% EPS growth.

Sterling Bancorp (NYSE:STL) Ratings Coverage

Out of 6 analysts covering Sterling Bancorp (NYSE:STL), 3 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 50% are positive. Sterling Bancorp has been the topic of 7 analyst reports since August 3, 2015 according to StockzIntelligence Inc. Hovde Group initiated Sterling Bancorp (NYSE:STL) rating on Monday, October 10. Hovde Group has “Outperform” rating and $20 price target. RBC Capital Markets initiated Sterling Bancorp (NYSE:STL) on Wednesday, September 30 with “Outperform” rating. The rating was initiated by Maxim Group with “Buy” on Thursday, June 23. The firm has “Neutral” rating by PiperJaffray given on Wednesday, November 16. On Wednesday, November 16 the stock rating was downgraded by Piper Jaffray to “Neutral”. Zacks downgraded the shares of STL in a report on Tuesday, August 18 to “Buy” rating.

According to Zacks Investment Research, “Sterling Bancorp is the holding company for Sterling National Bank, a financial services firm. Sterling National Bank provides various banking and financial products and services primarily in New York, New Jersey, and Connecticut. It provides depository and cash management services and a broad portfolio of financing solutions-including working capital lines, accounts receivable and inventory financing, factoring, trade financing, payroll funding and processing, equipment financing, commercial and residential mortgages and mortgage warehouse lines of credit. Sterling Bancorp, formerly known as Provident New York Bancorp, is headquartered in New York.”

Insitutional Activity: The institutional sentiment is 1.32 in Q2 2016. Its the same as in 2016Q1. The ratio has no change, as 8 funds sold all Sterling Bancorp shares owned while 51 reduced positions. only 13 funds bought stakes while 65 increased positions. They now own 99.15 million shares or 1.66% more from 97.54 million shares in 2016Q1.
Bnp Paribas Arbitrage Sa holds 0% or 38,924 shares in its portfolio. Macquarie Group Limited holds 1.34M shares or 0.04% of its portfolio. Schwab Charles Mgmt last reported 412,734 shares in the company. Alliancebernstein Limited Partnership has 0.02% invested in the company for 1.42 million shares. Manufacturers Life Insur The reported 84,264 shares or 0% of all its holdings. Cubist Systematic Strategies Ltd has 19,090 shares for 0.02% of their US portfolio. Savings Bank Of Montreal Can holds 805,240 shares or 0.01% of its portfolio. Moreover, First Manhattan has 0.01% invested in Sterling Bancorp (NYSE:STL) for 53,430 shares. The New York-based National Bank & Trust Of Mellon has invested 0.01% in Sterling Bancorp (NYSE:STL). Metropolitan Life Ins New York has 0.01% invested in the company for 91,710 shares. Zurcher Kantonalbank (Zurich Cantonalbank) has 2,894 shares for 0% of their US portfolio. Ameriprise Fincl last reported 0.02% of its portfolio in the stock. California State Teachers Retirement Sys, a California-based fund reported 266,280 shares. Gsa Cap Prtn Llp, a United Kingdom-based fund reported 34,297 shares. Tci Wealth holds 0% of its portfolio in Sterling Bancorp (NYSE:STL) for 81 shares.

More news for Sterling Bancorp (NYSE:STL) were recently published by: Reuters.com, which released: “BRIEF-Sterling Bancorp says prices offering of 3.8 mln shares” on November 17, 2016. Nasdaq.com‘s article titled: “Sterling Bancorp (STL) Ex-Dividend Date Scheduled for November 03, 2016” and published on November 02, 2016 is yet another important article.

STL Company Profile

Sterling Bancorp, incorporated on June 30, 2003, is a financial holding company. The Firm is a bank holding firm that owns the Sterling National Bank (the Bank). The Bank specializes in the delivery of services and solutions to business owners, their families and clients within the communities it serves. The Bank offers a line of commercial, business, and consumer banking services and products. The Bank offers services in the New York Metro Market, which includes Manhattan and Long Island, and the New York Suburban Market, which consists of Rockland, Orange, Sullivan, Ulster, Putnam and Westchester counties in New York and Bergen County in New Jersey.

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