Analysts Expect Sterling Bancorp (NYSE:STL) Will Post Quarterly Sales of $134.00 Million
Wall Street brokerages expect Sterling Bancorp (NYSE:STL) to announce $134.00 million in sales for the current quarter, according to Zacks. Two analysts have made estimates for Sterling Bancorp’s earnings, with the lowest sales estimate coming in at $133.50 million and the highest estimate coming in at $134.50 million. Sterling Bancorp reported sales of $120.82 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 10.9%. The firm is expected to issue its next earnings report on Tuesday, July 25th.
On average, analysts expect that Sterling Bancorp will report full-year sales of $134.00 million for the current financial year, with estimates ranging from $541.60 million to $542.30 million. For the next financial year, analysts forecast that the company will post sales of $1.15 billion per share, with estimates ranging from $1.14 billion to $1.17 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Sterling Bancorp.
Sterling Bancorp (NYSE:STL) last issued its earnings results on Tuesday, April 25th. The financial services provider reported $0.31 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.31. The business had revenue of $121.63 million for the quarter, compared to the consensus estimate of $127.81 million. Sterling Bancorp had a net margin of 28.23% and a return on equity of 8.36%.
Several brokerages have weighed in on STL. Zacks Investment Research cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, June 17th. BidaskClub upgraded Sterling Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. FBR & Co set a $25.00 price objective on Sterling Bancorp and gave the company a “hold” rating in a research note on Thursday, May 4th. Sandler O’Neill upgraded Sterling Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, March 9th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $29.00 price objective on shares of Sterling Bancorp in a research note on Monday, March 13th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $27.21.
Shares of Sterling Bancorp (STL) traded up 0.43% during trading on Friday, reaching $23.55. 414,323 shares of the company were exchanged. The firm’s 50 day moving average price is $22.60 and its 200 day moving average price is $23.49. The company has a market capitalization of $3.19 billion, a PE ratio of 20.01 and a beta of 1.08. Sterling Bancorp has a one year low of $15.14 and a one year high of $25.85.
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In other news, General Counsel James P. Blose sold 3,000 shares of Sterling Bancorp stock in a transaction on Monday, June 12th. The stock was sold at an average price of $24.00, for a total transaction of $72,000.00. Following the sale, the general counsel now directly owns 18,433 shares in the company, valued at approximately $442,392. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas G. Kahn sold 2,000 shares of Sterling Bancorp stock in a transaction on Friday, June 16th. The stock was sold at an average price of $23.53, for a total value of $47,060.00. Following the sale, the director now owns 44,648 shares in the company, valued at $1,050,567.44. The disclosure for this sale can be found here. Insiders have sold a total of 211,500 shares of company stock worth $4,875,795 over the last quarter. Company insiders own 3.74% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Sterling Bancorp by 51.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock worth $121,000 after buying an additional 1,735 shares during the last quarter. LS Investment Advisors LLC raised its stake in shares of Sterling Bancorp by 33.5% in the first quarter. LS Investment Advisors LLC now owns 6,653 shares of the financial services provider’s stock valued at $158,000 after buying an additional 1,670 shares during the period. World Asset Management Inc purchased a new stake in shares of Sterling Bancorp during the first quarter valued at $203,000. Tocqueville Asset Management L.P. purchased a new stake in shares of Sterling Bancorp during the first quarter valued at $214,000. Finally, Everence Capital Management Inc. purchased a new stake in shares of Sterling Bancorp during the first quarter valued at $222,000. Institutional investors own 86.60% of the company’s stock.
Sterling Bancorp Company Profile
Sterling Bancorp is a financial holding company. The Company is a bank holding company that owns the Sterling National Bank (the Bank). The Bank specializes in the delivery of services and solutions to business owners, their families and consumers within the communities it serves. The Bank offers a line of commercial, business, and consumer banking products and services.
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