Sterling Bancorp announces accelerated vesting of restricted stock

Sterling Bancorp, Inc. (NASDAQ:SBT), a federally chartered savings institution with a market capitalization of $256 million, announced today that its Executive Compensation Committee has approved the immediate vesting of all unvested shares of restricted stock for independent directors and certain key employees as of today. According to InvestingPro data, the company’s shares currently trade at $4.89, with analysts setting a significantly higher target price of $7.00.

This decision follows the fulfillment of specific conditions set by the Executive Compensation Committee. These conditions included the receipt of shareholder approval for the sale of all issued and outstanding shares of Sterling Bank and Trust, F.S.B. to EverBank Financial Corp, the acquisition of all necessary regulatory approvals, and the satisfaction of all other material closing conditions as determined by the Committee.

The company’s recent filing with the Securities and Exchange Commission outlined that the acceleration of vesting would take place on March 19, 2025, which aligns with the date of the report and the earliest event reported in the document. This decision comes as Sterling trades at a notably high P/E ratio of 116.4, reflecting investor expectations about the company’s future prospects.

Sterling Bancorp’s move to accelerate the vesting of restricted stock comes amidst a significant transaction involving the sale of Sterling Bank and Trust, F.S.B. The company’s forward-looking statements suggest careful consideration of the potential impact on its financial performance, business strategy, and regulatory compliance.

The company’s public filings, including the Annual Report on Form 10-K filed on March 14, 2025, detail the various risks and uncertainties associated with its operations. These filings provide a comprehensive view of factors that could influence the company’s forward-looking statements. For deeper insights into Sterling Bancorp’s financial health and future prospects, InvestingPro subscribers can access additional analysis, including 6 more key ProTips and detailed valuation metrics.

The information disclosed in this article is based on the latest SEC filing by Sterling Bancorp, Inc. and aims to provide shareholders and the public with key insights into the company’s executive compensation decisions.

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