Sterling Bancorp (STL) Expected to Post Quarterly Sales of $139.95 Million
Brokerages forecast that Sterling Bancorp (NYSE:STL) will report $139.95 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Sterling Bancorp’s earnings, with the lowest sales estimate coming in at $139.40 million and the highest estimate coming in at $140.50 million. Sterling Bancorp posted sales of $122.17 million in the same quarter last year, which indicates a positive year over year growth rate of 14.6%. The company is expected to announce its next quarterly earnings results on Tuesday, October 24th.
On average, analysts expect that Sterling Bancorp will report full-year sales of $139.95 million for the current fiscal year. For the next fiscal year, analysts anticipate that the firm will report sales of $1.13 billion per share, with estimates ranging from $1.12 billion to $1.14 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that cover Sterling Bancorp.
Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.33. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. The firm had revenue of $126.88 million during the quarter, compared to analyst estimates of $133.85 million.
A number of equities analysts have recently issued reports on STL shares. Zacks Investment Research downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, June 17th. BidaskClub upgraded shares of 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 shares of Sterling Bancorp and gave the company a “hold” rating in a research note on Thursday, May 4th. Maxim Group reiterated a “buy” rating and set a $30.00 price objective on shares of Sterling Bancorp in a research note on Wednesday, July 26th. Finally, ValuEngine upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, May 20th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have issued a buy rating to the company’s stock. Sterling Bancorp currently has an average rating of “Buy” and an average target price of $27.07.
Sterling Bancorp (STL) opened at 21.95 on Friday. Sterling Bancorp has a 12-month low of $16.75 and a 12-month high of $25.85. The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of 18.31 and a beta of 1.07. The stock’s 50 day moving average is $22.92 and its 200 day moving average is $23.31.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 7th will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, August 3rd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.28%. Sterling Bancorp’s dividend payout ratio is presently 23.33%.
In related news, General Counsel James P. Blose sold 3,000 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $24.00, for a total transaction of $72,000.00. Following the completion of the sale, the general counsel now owns 18,433 shares of the company’s stock, valued at $442,392. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Burt Steinberg bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were purchased at an average cost of $21.88 per share, with a total value of $218,800.00. Following the transaction, the director now directly owns 135,146 shares of the company’s stock, valued at $2,956,994.48. The disclosure for this purchase can be found here. Insiders have sold 7,000 shares of company stock valued at $162,300 in the last three months. 3.74% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of the stock. Colony Group LLC purchased a new stake in Sterling Bancorp during the second quarter worth approximately $2,077,000. Verition Fund Management LLC boosted its stake in Sterling Bancorp by 48.2% in the second quarter. Verition Fund Management LLC now owns 19,673 shares of the financial services provider’s stock worth $457,000 after buying an additional 6,401 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new stake in Sterling Bancorp during the second quarter worth approximately $682,000. Ameritas Investment Partners Inc. boosted its stake in Sterling Bancorp by 5.7% in the second quarter. Ameritas Investment Partners Inc. now owns 11,575 shares of the financial services provider’s stock worth $269,000 after buying an additional 626 shares during the last quarter. Finally, Susquehanna International Group LLP boosted its stake in Sterling Bancorp by 224.0% in the second quarter. Susquehanna International Group LLP now owns 121,729 shares of the financial services provider’s stock worth $2,830,000 after buying an additional 84,163 shares during the last quarter. 87.52% of the stock is owned by institutional investors.
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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