Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including interest and non-interest checking, savings, money market, time, and demand deposits, as well as certificates of deposit. Its loan products include commercial and industrial, asset-based, payroll finance, warehouse, factored receivables, equipment finance, public sector finance, and commercial real estate, such as multi-family loans; residential and commercial mortgage loans; consumer loans, such as homeowner loans, home equity lines of credit, new and used automobile loans, and personal unsecured loans; and acquisition, development, and construction loans. The company also engages in the third-party provider to sell mutual funds and annuities; and provision of annuity and wealth management products. As of December 31, 2020, it operated 76 full-service retail and commercial financial centers in the New York Metro Market and the New York Suburban Market. Sterling Bancorp was founded in 1888 and is headquartered in Pearl River, New York.
IPO Year:
Exchange: NYSE
Website: sterlingbancorp.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 10/22/2021 | $28.00 → $31.00 | Outperform | RBC Capital |
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RBC Capital reiterated coverage of Sterling Bancorp with a rating of Outperform and set a new price target of $31.00 from $28.00 previously
B. Riley FBR downgraded Sterling Bancorp from Buy to Neutral and set a new price target of $26.00
Janney Montgomery Scott downgraded Sterling Bancorp from Buy to Neutral and set a new price target of $25.00
Hovde Group upgraded Sterling Bancorp from Market Perform to Outperform and set a new price target of $24 from $18 previously
RBC Capital reiterated coverage of Sterling Bancorp with a rating of Outperform and set a new price target of $26 from $22 previously
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Bea Ordonez to be Successor for Michael Levine Payoneer Global Inc. ("Payoneer" or the "Company") (NASDAQ:PAYO), the financial technology company empowering the world's small businesses to transact, do business and grow globally, today announced the appointment of Bea Ordonez as the Company's Deputy Chief Financial Officer, effective January 16, 2023. Michael Levine, Payoneer's current CFO, will step down from his position in March 2023 at which time it is our expectation that the Board of Directors of the Company will appoint Ordonez as CFO, and she would report to Co-CEO John Caplan. "On behalf of John and everyone at Payoneer, I would like to express my sincere gratitude to Michael for
Bea Ordonez to be Successor for Michael Levine Payoneer Global Inc. ("Payoneer" or the "Company") (NASDAQ:PAYO), the financial technology company empowering the world's small businesses to transact, do business and grow globally, today announced the appointment of Bea Ordonez as the Company's Deputy Chief Financial Officer, effective January 16, 2023. Michael Levine, Payoneer's current CFO, will step down from his position in March 2023 at which time it is our expectation that the Board of Directors of the Company will appoint Ordonez as CFO, and she would report to Co-CEO John Caplan. "On behalf of John and everyone at Payoneer, I would like to express my sincere gratitude to Michael for
NEW YORK, Jan. 26, 2022 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400, and S&P SmallCap 600: Constellation Energy Corp. (NASD:CEG) will replace The Gap Inc. (NYSE:GPS) in the S&P 500, The Gap will replace Jack in the Box Inc. (NASD:JACK) in the S&P MidCap 400, and Jack in the Box will replace Spectrum Pharmaceuticals Inc.(NASD:SPPI) in the S&P SmallCap 600 prior to the opening of trading on Thursday, February 3. S&P 500 and 100 constituent Exelon Corp. (NASD: EXC) is spinning off Constellation Energy in a transaction expected to be completed on February 2. Post spin-off, Exelon will remain in the S&P 500 and 100. The Gap is more represen
Key Performance Highlights GAAP net income available to common stockholders was $109.6 million.Adjusted net income was $121.9 million, an all-time high, and an increase of 22.4% over the linked quarter.Adjusted PPNR, excluding accretion income,1, 2 was $130.8 million; an increase of $10.1 million, or 8.4%, versus the linked quarter. For the full year, adjusted PPNR was $499.6 million in 2021 compared to $493.6 million in 2020.Reported tax equivalent net interest margin excluding accretion income1 was 3.23% compared to 3.25% in the linked quarter.Cost of funding liabilities was unchanged from the linked quarter at 19 bps; earning asset yields decreased by three bps to 3.49%.Total core depo
PEARL RIVER, N.Y., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE:STL), the parent company of Sterling National Bank, today announced that the Board of Directors has declared a quarterly cash dividend of $0.07 per share. The dividend is payable February 18, 2022, to holders of record as of January 24, 2022. About Sterling Bancorp Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families and consumers within the communities we serve through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consume
PEARL RIVER, N.Y., Jan. 13, 2022 (GLOBE NEWSWIRE) -- Sterling National Bank ("Sterling"), the wholly-owned operating bank subsidiary of Sterling Bancorp (NYSE:STL) announced today its participation in the USDF ConsortiumTM, an association of FDIC-insured financial institutions, whose objective is to advance the adoption and interoperability of a bank-minted stablecoin, USDFTM. USDF will be established on the Provenance Network, a public blockchain that supports real-time payment capabilities and will facilitate faster, cheaper, more secure money movement. USDF seeks to address many of the regulatory concerns raised related to non-bank minted stablecoins. The USDF Consortium has been forme
PEARL RIVER, N.Y., Jan. 11, 2022 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE:STL) ("Sterling"), today announced an investment in JAM FINTOP Blockchain, LP (the "fund"), a venture fund that will focus its investments on blockchain infrastructure providers that help regulated financial institutions compliantly adopt and operate blockchain enabled applications in their business. The fund is managed by JAM Special Opportunity Ventures, an affiliate of Jacobs Asset Management, LLC (JAM), and FINTOP Capital. Sterling is one of a group of Strategic Lead Investors in the fund which includes Figure Technologies, Inc. and Piper Sandler Companies and will sit on the JAM FINTOP Blockchain Committee. S
PEARL RIVER, N.Y., Jan. 07, 2022 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE:STL), the parent company of Sterling National Bank, today announced that it plans to release results for the fourth quarter and full year ended December 31, 2021 after the market close on Wednesday, January 19, 2022. Sterling will not host an earnings call given its pending merger with Webster Financial Corporation. About Sterling BancorpSterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers. Sterli
KBRA assigns a senior unsecured debt rating of A-, a subordinated debt rating of BBB+, a preferred stock rating of BBB, and a short-term debt rating of K2 to Connecticut-based Webster Financial Corporation (NYSE:WBS) ("Webster" or "the company"). In addition, KBRA assigns deposit and senior unsecured debt ratings of A, a subordinated debt rating of A-, and short-term deposit and debt ratings of K1 to Webster Bank, N.A., its principal subsidiary. The Outlook for all long-term ratings is Stable. Key Credit Considerations Webster's ratings are supported by a well-executed regional banking business model that benefits from and is differentiated most by its HSA Bank division ($10.8 billion of
WATERBURY, Conn. and PEARL RIVER, N.Y., Dec. 20, 2021 /PRNewswire/ -- Webster Financial Corporation (NYSE:WBS) ("Webster") and Sterling Bancorp (NYSE:STL) ("Sterling") jointly announced today that Webster has received regulatory approval from the Board of Governors of the Federal Reserve System to complete the previously announced merger between the two companies. As previously announced, the Office of the Comptroller of the Currency has also approved the merger of the respective bank subsidiaries of Webster and Sterling, Webster Bank, National Association and Sterling National Bank. All required regulatory approvals to complete the merger have now been received. The closing of the merger
WATERBURY, Conn. and PEARL RIVER, N.Y., Dec. 20, 2021 (GLOBE NEWSWIRE) -- Webster Financial Corporation (NYSE:WBS) ("Webster") and Sterling Bancorp (NYSE:STL) ("Sterling") jointly announced today that Webster has received regulatory approval from the Board of Governors of the Federal Reserve System to complete the previously announced merger between the two companies. As previously announced, the Office of the Comptroller of the Currency has also approved the merger of the respective bank subsidiaries of Webster and Sterling, Webster Bank, National Association and Sterling National Bank. All required regulatory approvals to complete the merger have now been received. The closing of th
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Sterling Bancorp (NYSE:STL) reported its Q4 earnings results on Wednesday, January 19, 2022 at 04:00 PM. Here's what investors need to know about the announcement. Earnings Sterling Bancorp beat estimated earnings by 23.08%, reporting an EPS of $0.64 versus an estimate of $0.52, which surprised analysts. Revenue was up $4.67 million from the same period last year. Past Earnings Performance Last quarter the company beat on EPS by $0.01, which was followed by a 2.16% drop in the share price the next day. Here's a look at Sterling Bancorp's past performance: Quarter Q3 2021 Q2 2021 Q1 2021 Q4 2020 EPS Estimate 0.51 0.50 0.46 0.46
Sterling Bancorp (NYSE:STL) reported quarterly earnings of $0.57 per share which beat the analyst consensus estimate of $0.52 by 9.62 percent. This is a 16.33 percent increase over earnings of $0.49 per share from the same period last year. The company reported quarterly sales of $255.95 million which beat the analyst consensus estimate of $219.50 million by 16.60 percent. This is a 15.28 percent increase over sales of $222.03 million the same period last year.
Companies Reporting Before The Bell • Community Trust Bancorp (NASDAQ:CTBI) is likely to report quarterly earnings at $1.06 per share on revenue of $55.05 million. • Prologis (NYSE:PLD) is likely to report quarterly earnings at $1.10 per share on revenue of $1.06 billion. • Comerica (NYSE:CMA) is projected to report quarterly earnings at $1.58 per share on revenue of $734.00 million. • BOK Financial (NASDAQ:BOKF) is likely to report quarterly earnings at $1.81 per share on revenue of $452.93 million. • OFG Bancorp (NYSE:OFG) is projected to report quarterly earnings at $0.76 per share on revenue of $103.76 million. • State Street (NYSE:STT) is projected to report quarterly earnings
Sterling Bancorp (NYSE:STL) is set to give its latest quarterly earnings report on Wednesday, 2022-01-19. Here's what investors need to know before the announcement. Analysts estimate that Sterling Bancorp will likely report an Earnings Per Share (EPS) of $0.52. Sterling Bancorp bulls will hope to hear the company to announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast). Historical Earnings Performance Last quarter the company beat EPS by $0.01, which was followed by a 2
Sterling Bancorp (NYSE:STL) (“Sterling”), today announced an investment in JAM FINTOP Blockchain, LP (the “fund”), a venture fund that will focus its investments on blockchain infrastructure providers that help regulated financial institutions compliantly adopt and operate blockchain enabled applications in their business. The fund is managed by JAM Special Opportunity Ventures, an affiliate of Jacobs Asset Management, LLC (JAM), and FINTOP Capital. Sterling is one of a group of Strategic Lead Investors in the fund which includes Figure Technologies, Inc. and Piper Sandler Companies and will sit on the JAM FINTOP Blockchain Committee. Sterling’s investment in the fund is the latest in a ser
Webster Financial Corporation (NYSE:WBS) ("Webster") and Sterling Bancorp (NYSE:STL) ("Sterling") jointly announced today that Webster has received regulatory approval from the Board of Governors of the Federal Reserve System to complete the previously announced merger between the two companies. As previously announced, the Office of the Comptroller of the Currency has also approved the merger of the respective bank subsidiaries of Webster and Sterling, Webster Bank, National Association and Sterling National Bank. All required regulatory approvals to complete the merger have now been received. The closing of the merger is expected to occur on or around February 1, 2022, subject to the
Sterling Bancorp (NYSE:STL) today announced it has made a strategic investment in Goalsetter, an innovative mobile banking company aimed at promoting financial literacy and empowerment amongst K-12 students. According to studies compiled by the U.S. Financial Literacy and Education Commission, only one third of adults can answer at least four of five financial literacy questions on fundamental concepts such as mortgages, interest rates, inflation and risk. Goalsetter proactively addresses these knowledge gaps through educational resources, budgeting tips, and planning tools that promote financial literacy and learning, while augmenting the experience with an FDIC insured deposit product and
Key Performance Highlights GAAP net income available to common stockholders was $109.6 million.Adjusted net income was $121.9 million, an all-time high, and an increase of 22.4% over the linked quarter.Adjusted PPNR, excluding accretion income,1, 2 was $130.8 million; an increase of $10.1 million, or 8.4%, versus the linked quarter. For the full year, adjusted PPNR was $499.6 million in 2021 compared to $493.6 million in 2020.Reported tax equivalent net interest margin excluding accretion income1 was 3.23% compared to 3.25% in the linked quarter.Cost of funding liabilities was unchanged from the linked quarter at 19 bps; earning asset yields decreased by three bps to 3.49%.Total core depo
PEARL RIVER, N.Y., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE:STL), the parent company of Sterling National Bank, today announced that the Board of Directors has declared a quarterly cash dividend of $0.07 per share. The dividend is payable February 18, 2022, to holders of record as of January 24, 2022. About Sterling Bancorp Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families and consumers within the communities we serve through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consume
PEARL RIVER, N.Y., Dec. 10, 2021 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE:STL), the parent company of Sterling National Bank, today announced that its Board of Directors has declared a quarterly cash dividend of $16.25 per share ($0.40625 per each depositary share) on its 6.50% Series A Non-Cumulative Perpetual Preferred stock (NYSE:STLPRA). The dividend is payable on January 14, 2022 to shareholders of record as of December 30, 2021. About Sterling Bancorp Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families and consumers within the communities we serve through teams of dedicated
Key Performance Highlights GAAP net income available to common stockholders was $93.7 million.Adjusted net income was $99.6 million compared to $100.4 million in the linked quarter.Reported net interest margin excluding accretion income1 was 3.25% compared to 3.30% in the linked quarter.Cost of funding liabilities decreased by one bp to 19 bps; earning asset yields decreased by nine bps to 3.52%.Adjusted PPNR, excluding accretion income,1, 2 was $120.7 million; a decrease of $3.9 million, or 3.1%, compared to the linked quarter.Total deposits were $23.9 billion, an increase of $789.3 million, or 3.4%, compared to the linked quarter.Total core deposits were $23.4 billion, an increase of 3.5%
PEARL RIVER, N.Y., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE:STL), the parent company of Sterling National Bank, today announced that the Board of Directors has declared a quarterly cash dividend of $0.07 per share. The dividend is payable November 15, 2021 to holders of record as of November 1, 2021. About Sterling Bancorp Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families and consumers within the communities we serve through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer
NEW YORK, Sept. 10, 2021 (GLOBE NEWSWIRE) -- Keefe, Bruyette & Woods, Inc., a leading specialist investment bank to the financial services and fintech sectors, and a wholly owned subsidiary of Stifel Financial Corp. (NYSE:SF), announces the upcoming index rebalancing for the third quarter of 2021. This quarter, there are constituent changes within two of our indexes: the KBW Nasdaq Bank Index (TICKER:BKX, NASDAQ:KBWB) and the KBW Nasdaq Regional Banking Index (TICKER:KRX, NASDAQ:KBWR). These changes will be effective prior to the opening of business on Monday, September 20, 2021. As part of this rebalancing, below are the component level changes across impacted indices: KBW Nasdaq Ban
Key Performance Highlights GAAP net income available to common stockholders was $96.4 million.Adjusted net income increased to $100.5 million from $97.6 million in the linked quarter.Reported net interest margin excluding accretion income1 of 3.30% was flat compared to the linked quarter.Cost of funding liabilities decreased by seven bps to 20 bps; earning asset yields decreased by seven bps to 3.61%.Adjusted PPNR, excluding accretion income,1, 2 was $124.7 million; increased $832 thousand, or 0.7%, over the linked quarter and $10.9 million, or 9.6%, from a year ago.Total deposits were $23.1 billion, a decrease of 1.9% from a year ago.Total core deposits were $22.6 billion, an increase of 3
PEARL RIVER, N.Y., July 21, 2021 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE:STL), the parent company of Sterling National Bank, today announced that the Board of Directors has declared a quarterly cash dividend of $0.07 per share. The dividend is payable August 16, 2021 to holders of record as of August 2, 2021. About Sterling Bancorp Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families and consumers within the communities we serve through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer ban
PEARL RIVER, N.Y., June 01, 2021 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE:STL), the parent company of Sterling National Bank, today announced that its Board of Directors has declared a quarterly cash dividend of $16.25 per share ($0.40625 per each depositary share) on its 6.50% Series A Non-Cumulative Perpetual Preferred stock (NYSE:STLPRA). The dividend is payable on July 15, 2021 to shareholders of record as of June 25, 2021. About Sterling Bancorp Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families and consumers within the communities we serve through teams of dedicated and ex
Uniting strong banks with complementary strategies to create a powerhouse Northeast player with $63 billion in assets and $52 billion in depositsUnlocking compelling revenue growth opportunities in commercial lending, health savings, fee-based businesses and consumer and digital bankingDelivering exceptional financial performance and accretion: 17% pro forma ROATCE, 1.40% pro forma ROAA, >20% GAAP EPS accretion to Webster, >10% GAAP EPS accretion to Sterling, and $440M in annual pro forma excess capital generationMaintaining shared values and commitments to customers, communities, shareholders and employees WATERBURY, Conn. and PEARL RIVER, New York, April 19, 2021 (GLOBE NEWSWIRE) -- Web