Piper Sandler Upgrades Sterling Bancorp (NASDAQ:SBT) to “Overweight”

Sterling Bancorp (NASDAQ:SBT – Get Rating) was upgraded by research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a report issued on Friday, The Fly reports. The brokerage currently has a $6.00 price objective on the stock, down from their prior price objective of $6.75. Piper Sandler’s target price would indicate a potential upside of 6.19% from the company’s current price.

Sterling Bancorp Stock Up 7.0 %

NASDAQ:SBT opened at $5.65 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.35. Sterling Bancorp has a twelve month low of $4.49 and a twelve month high of $7.18. The stock’s 50 day moving average price is $6.03 and its two-hundred day moving average price is $6.12. The firm has a market capitalization of $287.13 million, a price-to-earnings ratio of 70.63 and a beta of 0.75.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Maltese Capital Management LLC increased its holdings in shares of Sterling Bancorp by 135.1% during the 4th quarter. Maltese Capital Management LLC now owns 20,585 shares of the company’s stock worth $125,000 after acquiring an additional 11,829 shares during the last quarter. Morgan Stanley boosted its stake in Sterling Bancorp by 815.8% in the 4th quarter. Morgan Stanley now owns 451,368 shares of the company’s stock valued at $2,749,000 after purchasing an additional 402,082 shares during the period. Susquehanna International Group LLP bought a new stake in Sterling Bancorp in the 4th quarter valued at $80,000. Charles Schwab Investment Management Inc. boosted its stake in Sterling Bancorp by 4.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 43,054 shares of the company’s stock valued at $262,000 after purchasing an additional 1,660 shares during the period. Finally, Barclays PLC boosted its stake in Sterling Bancorp by 74.5% in the 4th quarter. Barclays PLC now owns 4,653 shares of the company’s stock valued at $28,000 after purchasing an additional 1,986 shares during the period. 25.81% of the stock is owned by institutional investors and hedge funds.

About Sterling Bancorp

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Sterling Bancorp, Inc is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City, and a loan production office in Seattle, Washington. Sterling offers a broad range of loan products to the residential and commercial markets, as well as retail and business banking services.