Notable Mover: Is Buying Sterling Bancorp Here a Winning Strategy?

Notable Mover: Is Buying Sterling Bancorp Here a Winning Strategy?

The stock of Sterling Bancorp (NYSE:STL) hit a new 52-week high and has $28.21 target or 55.00% above today’s $18.20 share price. The 6 months bullish chart indicates low risk for the $2.32B company. The 1-year high was reported on Nov, 7 by Barchart.com. If the $28.21 price target is reached, the company will be worth $1.28 billion 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 86 shares traded hands. Sterling Bancorp (NYSE:STL) has risen 13.12% since April 5, 2016 and is uptrending. It has outperformed by 11.16% 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. RBC Capital Markets initiated it with “Outperform” rating and $18 target price in Wednesday, September 30 report. On Tuesday, August 18 the stock rating was downgraded by Zacks to “Buy”. The rating was initiated by Hovde Group with “Outperform” on Monday, October 10. The stock has “Buy” rating given by Maxim Group on Thursday, June 23.

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 is positive, 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.
Bangor Comml Bank has 11,094 shares for 0.04% of their US portfolio. Edge Wealth Mgmt Ltd Liability accumulated 5,213 shares or 0.03% of the stock. The Georgia-based Invesco Ltd has invested 0% in Sterling Bancorp (NYSE:STL). Cowen Grp holds 0.06% of its portfolio in Sterling Bancorp (NYSE:STL) for 51,960 shares. Moreover, Geode Capital Mgmt Limited Co has 0.01% invested in Sterling Bancorp (NYSE:STL) for 807,309 shares. Moreover, Invest Counselors Of Maryland Limited has 1.11% invested in Sterling Bancorp (NYSE:STL) for 1.29 million shares. The Switzerland-based Zurcher Kantonalbank (Zurich Cantonalbank) has invested 0% in Sterling Bancorp (NYSE:STL). Raymond James And Associates has 29,635 shares for 0% of their US portfolio. Perkins Invest Management Limited Liability Corp reported 760,677 shares or 0.18% of all its holdings. Pub Employees Retirement Association Of Colorado has 30,912 shares for 0% of their US portfolio. Federated Pa holds 0% or 3,585 shares in its portfolio. Mai Capital Management last reported 0.02% of its portfolio in the stock. Shelton Mngmt last reported 10,013 shares in the company. Profund Advsrs Llc has 0.02% invested in the company for 23,610 shares. Capstone Asset Mgmt Com has 28,814 shares for 0.01% of their US portfolio.

Another recent and important Sterling Bancorp (NYSE:STL) news was published by Forbes.com which published an article titled: “Ex-Dividend Reminder: Capital One Financial, Sterling Bancorp and Lazard” on August 02, 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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