Sterling Bancorp Declares Quarterly Dividend of $0.07 (STL)
Sterling Bancorp (NYSE:STL) announced a quarterly dividend on Tuesday, October 24th, RTT News reports. Shareholders of record on Monday, November 6th will be given a dividend of 0.07 per share by the financial services provider on Monday, November 20th. This represents a $0.28 annualized dividend and a yield of 1.13%.
Sterling Bancorp has decreased its dividend by an average of 8.0% annually over the last three years. Sterling Bancorp has a payout ratio of 20.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Sterling Bancorp to earn $1.72 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 16.3%.
Sterling Bancorp (NYSE STL) remained flat at $24.70 during midday trading on Tuesday. 1,747,501 shares of the company were exchanged. Sterling Bancorp has a 52-week low of $17.25 and a 52-week high of $25.85. The stock’s 50-day moving average is $23.70 and its 200 day moving average is $23.04. The stock has a market cap of $3.35 billion, a price-to-earnings ratio of 20.60 and a beta of 1.07.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.35. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. The firm had revenue of $134.06 million during the quarter, compared to analysts’ expectations of $135.09 million. During the same quarter last year, the firm posted $0.29 earnings per share. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, equities analysts forecast that Sterling Bancorp will post $0.69 EPS for the current year.
In related news, Director Richard L. O’toole bought 4,000 shares of the business’s stock in a transaction that occurred on Thursday, July 27th. The shares were bought at an average price of $22.60 per share, with a total value of $90,400.00. Following the completion of the transaction, the director now directly owns 21,291 shares in the company, valued at $481,176.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Burt Steinberg purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The shares were acquired at an average price of $21.88 per share, for a total transaction of $218,800.00. Following the completion of the acquisition, the director now directly owns 135,146 shares of the company’s stock, valued at approximately $2,956,994.48. The disclosure for this purchase can be found here. 3.74% of the stock is owned by insiders.
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Several brokerages recently issued reports on STL. Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a research report on Saturday, September 16th. Keefe, Bruyette & Woods reaffirmed a “buy” rating on shares of Sterling Bancorp in a research report on Thursday, September 7th. BidaskClub cut Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Finally, ValuEngine cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Sterling Bancorp has an average rating of “Buy” and a consensus target price of $27.69.
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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