UPDATE: KBW Raises PT on Sterling Bancorp to $10.50 (STL)

KBW is out with its report today on Sterling Bancorp STL, raising its PT to $10.50.

In a note to clients, KBW writes, "STL has completed the sale and issuance of 4.025mm shares raising gross proceeds of $38.6mm. The newly raised capital will help position the bank to repay its $42mm of TARP, and provide the capital needed to support the bank's in-market organic growth opportunities. Despite the dilutive nature of the capital raise, we have revisited our loan growth assumptions and outlook for credit leading us to raise our estimates and PT."

Shares of STL closed Friday at $9.53, up 0.53% from Thursday's close.