Sterling Bancorp Announces Quarterly Dividend of $0.07 (NYSE:STL)
Sterling Bancorp (NYSE:STL) announced a quarterly dividend on Tuesday, July 25th, RTT News reports. Stockholders of record on Monday, August 7th will be paid a dividend of 0.07 per share by the financial services provider on Monday, August 21st. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.20%.
Sterling Bancorp has decreased its dividend payment by an average of 8.0% annually over the last three years. Sterling Bancorp has a dividend payout ratio of 20.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Sterling Bancorp to earn $1.71 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 16.4%.
Shares of Sterling Bancorp (NYSE:STL) traded up 3.08% during mid-day trading on Tuesday, hitting $23.40. The stock had a trading volume of 1,368,789 shares. The firm has a 50 day moving average price of $23.10 and a 200-day moving average price of $23.43. Sterling Bancorp has a 12 month low of $16.46 and a 12 month high of $25.85. The stock has a market cap of $3.17 billion, a P/E ratio of 19.88 and a beta of 1.08.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, April 25th. The financial services provider reported $0.31 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.31. Sterling Bancorp had a return on equity of 8.36% and a net margin of 28.23%. The firm had revenue of $121.63 million during the quarter, compared to analysts’ expectations of $127.81 million. On average, equities research analysts forecast that Sterling Bancorp will post $0.69 EPS for the current year.
A number of equities analysts have recently issued reports on STL shares. Stephens started coverage on Sterling Bancorp in a report on Wednesday, April 5th. They issued an “overweight” rating for the company. FBR & Co set a $25.00 price objective on Sterling Bancorp and gave the stock a “hold” rating in a report on Thursday, May 4th. Royal Bank Of Canada reiterated a “buy” rating on shares of Sterling Bancorp in a report on Tuesday, May 30th. ValuEngine upgraded Sterling Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, May 20th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $28.00 price objective on shares of Sterling Bancorp in a report on Friday, May 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $27.21.
In related news, Director James F. Deutsch sold 200,000 shares of the stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $23.05, for a total transaction of $4,610,000.00. Following the completion of the sale, the director now directly owns 500 shares in the company, valued at approximately $11,525. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Craig S. Thompson sold 2,000 shares of the stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $21.62, for a total value of $43,240.00. The disclosure for this sale can be found here. Insiders have sold a total of 211,500 shares of company stock valued at $4,875,795 over the last 90 days. 3.74% of the stock is currently owned by company insiders.
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About Sterling Bancorp
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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