UPDATE: Janney Downgrades Sterling Bancorp (STL) to Neutral

April 19, 2021 4:22 PM EDT
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Price: $26.17 -0.83%

Rating Summary:
    9 Buy, 7 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 38 | Down: 18 | New: 7
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(Updated - April 20, 2021 3:35 AM EDT)

Janney analyst Jake Civiello downgraded Sterling Bancorp (NYSE: STL) from Buy to Neutral, PT $25.00 (from $22.00).

The analyst comments "We lower our rating to Neutral and adjust our fair value estimate to $25 (was $22), which reflects the announced terms of the merger agreement. We believe STL shares will trade in conjunction with WBS up until deal closing, with several factors having a restrictive impact on valuation including but not limited to execution risk associated with the size and scale of the deal, potential for culture-related complexity post-deal completion, and sharp-penciled assumptions for cost savings, credit marks and TBV dilution ex-day 2 CECL non-PCD reserve."

For an analyst ratings summary and ratings history on Sterling Bancorp click here. For more ratings news on Sterling Bancorp click here.

Shares of Sterling Bancorp closed at $23.83 yesterday.

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