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

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

Sterling Bancorp Trading Up 7.0 %

Shares of SBT stock opened at $5.65 on Friday. The company has a market cap of $287.13 million, a P/E ratio of 70.63 and a beta of 0.75. The stock has a 50 day simple moving average of $6.03 and a two-hundred day simple moving average of $6.12. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.02 and a current ratio of 1.02. Sterling Bancorp has a fifty-two week low of $4.49 and a fifty-two week high of $7.18.

Institutional Investors Weigh In On Sterling Bancorp

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

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.