Jefferies Believes STL Won’t Stop Here

By Ryan Adsit

Jefferies analyst Casey Haire reiterated a Buy rating on Sterling Bancorp (NYSE: STL) on October 27 and set a price target of $21. The company’s shares closed yesterday at $18, close to its 52-week high of $18.08.

According to TipRanks.com, Haire is a top 100 analyst with an average return of 19.6% and a 92.3% success rate. Haire covers the Financial sector, focusing on stocks such as Huntington Bancshares Inc., People’s United Financial, and Wintrust Financial Corp.

Sterling Bancorp has an analyst consensus of Moderate Buy, with a price target consensus of $20.50.

Based on Sterling Bancorp’s latest earnings report from March 31, the company posted quarterly revenue of $121.4M and quarterly net profit of $23.77M. In comparison, last year the company earned revenue of $122.1M and had a net profit of $24.19M.

Sterling Bancorp is banking and financial holding company is engaged in the provision of banking and related financial services and products. It operates as a regional bank offering services such as deposit, lending, and wealth management products to commercial, consumer, and municipal clients within the New York metropolitan area. The company was founded on October 31, 2013 and is headquartered in Montebello, NY.