Sterling Bancorp (STL) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS
Sterling Bancorp (NYSE:STL) released its quarterly earnings data on Tuesday. The financial services provider reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.01), Bloomberg Earnings reports. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%. The business had revenue of $134.06 million for the quarter, compared to the consensus estimate of $135.09 million. During the same quarter last year, the firm earned $0.29 EPS. The company’s revenue for the quarter was up 9.7% on a year-over-year basis.
Shares of Sterling Bancorp (NYSE:STL) opened at 24.70 on Wednesday. Sterling Bancorp has a 1-year low of $17.25 and a 1-year high of $25.85. The firm has a 50-day moving average price of $23.73 and a 200 day moving average price of $23.05. The company has a market cap of $3.35 billion, a PE ratio of 20.60 and a beta of 1.07.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 20th. Shareholders of record on Monday, November 6th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.13%. Sterling Bancorp’s payout ratio is 23.33%.
STL has been the topic of several recent analyst reports. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a report on Saturday, September 16th. Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Sterling Bancorp in a report on Thursday, September 7th. BidaskClub cut Sterling Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Finally, ValuEngine cut Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $27.69.
In other news, Director Richard L. O’toole acquired 4,000 shares of Sterling Bancorp stock in a transaction on Thursday, July 27th. The stock was purchased at an average price of $22.60 per share, with a total value of $90,400.00. Following the completion of the purchase, the director now owns 21,291 shares of the company’s stock, valued at approximately $481,176.60. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Burt Steinberg acquired 10,000 shares of Sterling Bancorp stock in a transaction on Friday, August 11th. The stock was purchased at an average cost of $21.88 per share, with a total value of $218,800.00. Following the purchase, 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. Company insiders own 3.74% of the company’s stock.
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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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