Sterling Bancorp (STL) Expected to Post Quarterly Sales of $261.30 Million
Equities analysts expect Sterling Bancorp (NYSE:STL) to post $261.30 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Sterling Bancorp’s earnings, with the highest sales estimate coming in at $268.90 million and the lowest estimate coming in at $253.70 million. Sterling Bancorp posted sales of $123.31 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 111.9%. The firm is scheduled to issue its next earnings report on Tuesday, January 23rd.
On average, analysts expect that Sterling Bancorp will report full year sales of $261.30 million for the current year, with estimates ranging from $649.40 million to $664.60 million. For the next financial year, analysts anticipate that the company will post sales of $1.11 billion per share, with estimates ranging from $1.09 billion to $1.12 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Sterling Bancorp.
Sterling Bancorp (NYSE:STL) last announced its earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.01). Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. The company had revenue of $134.06 million during the quarter, compared to analyst estimates of $135.09 million. During the same quarter last year, the business earned $0.29 EPS. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year.
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 report on Thursday, September 14th. ValuEngine downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 7th. Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Sterling Bancorp in a report on Thursday, September 7th. Finally, Royal Bank Of Canada cut their price target on shares of Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a report on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Sterling Bancorp has a consensus rating of “Buy” and an average target price of $27.69.
Shares of Sterling Bancorp (NYSE:STL) opened at 25.05 on Wednesday. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of 20.89 and a beta of 1.07. The stock has a 50 day moving average of $24.22 and a 200 day moving average of $23.13. Sterling Bancorp has a 12 month low of $17.40 and a 12 month high of $25.85.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Monday, November 6th will be paid a $0.07 dividend. The ex-dividend date is Friday, November 3rd. This represents a $0.28 dividend on an annualized basis and a yield of 1.12%. Sterling Bancorp’s payout ratio is 22.58%.
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In other news, Director Burt Steinberg purchased 10,000 shares of the firm’s stock in a transaction on Friday, August 11th. The shares were bought 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 $2,956,994.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James F. Deutsch sold 300,000 shares of the firm’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $25.31, for a total transaction of $7,593,000.00. Following the sale, the director now directly owns 500 shares in the company, valued at $12,655. The disclosure for this sale can be found here. Over the last three months, insiders sold 354,600 shares of company stock worth $8,941,366. 3.74% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. First Bank & Trust boosted its stake in shares of Sterling Bancorp by 402.6% during the 2nd quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 3,970 shares during the last quarter. Riverhead Capital Management LLC boosted its stake in shares of Sterling Bancorp by 70.6% during the 2nd quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock worth $119,000 after purchasing an additional 2,119 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Sterling Bancorp by 8.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,504 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 415 shares during the last quarter. M&T Bank Corp acquired a new stake in shares of Sterling Bancorp during the 2nd quarter worth about $205,000. Finally, World Asset Management Inc boosted its stake in shares of Sterling Bancorp by 3.0% during the 2nd quarter. World Asset Management Inc now owns 8,842 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 261 shares during the last quarter. 91.18% of the stock is currently owned by institutional investors.
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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