The stock of Sterling Bancorp (NYSE:STL) hit a new 52-week high and has $28.16 target or 60.00% above today’s $17.60 share price. The 7 months bullish chart indicates low risk for the $2.29 billion company. The 1-year high was reported on Nov, 2 by Barchart.com. If the $28.16 price target is reached, the company will be worth $1.37B 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 176,535 shares traded hands. Sterling Bancorp (NYSE:STL) has risen 12.68% since March 31, 2016 and is uptrending. It has outperformed by 10.16% the S&P500.
Sterling Bancorp (NYSE:STL) Ratings Coverage
Out of 4 analysts covering Sterling Bancorp (NYSE:STL), 3 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 75% are positive. Sterling Bancorp has been the topic of 5 analyst reports since August 3, 2015 according to StockzIntelligence Inc. The stock has “Outperform” rating given by Hovde Group on Monday, October 10. On Tuesday, August 18 the stock rating was downgraded by Zacks to “Buy”. RBC Capital Markets initiated the stock with “Outperform” rating in Wednesday, September 30 report. The company was initiated on Thursday, June 23 by Maxim Group.
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 increased to 1.32 in Q2 2016. Its up 0.02, from 1.3 in 2016Q1. The ratio increased, as 8 funds sold all Sterling Bancorp shares owned while 51 reduced positions. 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.
Modera Wealth Management holds 0.08% or 14,024 shares in its portfolio. Susquehanna Int Group Llp holds 11,653 shares or 0% of its portfolio. Capstone Asset Mngmt Co holds 0.01% of its portfolio in Sterling Bancorp (NYSE:STL) for 28,814 shares. The Ontario – Canada-based Comml Bank Of Montreal Can has invested 0.01% in Sterling Bancorp (NYSE:STL). Prudential Financial last reported 0.01% of its portfolio in the stock. Cipher Cap L P accumulated 119,849 shares or 0.13% of the stock. Independent Consultants Incorporated owns 9,800 shares or 0.05% of their US portfolio. Arizona State Retirement System holds 62,394 shares or 0.01% of its portfolio. Diamond Hill Mgmt Inc last reported 0.07% of its portfolio in the stock. 1492 Cap Management Ltd Liability has 19,804 shares for 0.28% of their US portfolio. Cubist Systematic Strategies, a Connecticut-based fund reported 19,090 shares. Kennedy Capital Management Inc reported 497,543 shares or 0.16% of all its holdings. Pinebridge Invs L P has 15,235 shares for 0.01% of their US portfolio. Amer Rech And Mngmt accumulated 0.01% or 2,403 shares. New York State Common Retirement Fund, a New York-based fund reported 424,447 shares.
Another recent and important Sterling Bancorp (NYSE:STL) news was published by Seekingalpha.com which published an article titled: “Sterling Bancorp’s (STL) CEO Jack Kopnisky on Q3 2016 Results – Earnings Call …” on October 26, 2016.
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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