Sterling Bancorp Receives a New Rating from Top Analyst

By Ryan Adsit

Jefferies analyst Ken Usdin reiterated a Buy rating on Sterling Bancorp (NYSE: STL) yesterday and set a price target of $28. The company’s shares closed yesterday at $21.75.

According to TipRanks.com, Usdin is a top 100 analyst with an average return of 19.1% and a 68.1% success rate. Usdin covers the Financial sector, focusing on stocks such as Government Properties Income Trust, Old National Bancorp Capital, and Discover Financial Services.

Sterling Bancorp has an analyst consensus of Strong Buy, with a price target consensus of $29.86.

Based on Sterling Bancorp’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $139 million and quarterly net profit of $39.07 million. In comparison, last year the company earned revenue of $121 million and had a net profit of $23.77 million.

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Sterling Bancorp operates as a financial and bank holding company of Sterling National Bank. It offers commercial, business, and consumer banking products and services through its subsidiary. The company was founded on October 31, 2013 and is headquartered in Montebello, NY.