Brokerages Expect Sterling Bancorp (STL) Will Post Quarterly Sales of $260.65 Million

Equities analysts expect Sterling Bancorp (NYSE:STL) to report sales of $260.65 million for the current quarter, Zacks reports. Two analysts have made estimates for Sterling Bancorp’s earnings, with estimates ranging from $255.10 million to $266.20 million. Sterling Bancorp posted sales of $121.63 million during the same quarter last year, which suggests a positive year-over-year growth rate of 114.3%. The firm is scheduled to issue its next quarterly earnings results on Tuesday, April 24th.

On average, analysts expect that Sterling Bancorp will report full-year sales of $260.65 million for the current fiscal year, with estimates ranging from $1.04 billion to $1.11 billion. For the next fiscal year, analysts forecast that the company will post sales of $1.16 billion per share, with estimates ranging from $1.08 billion to $1.23 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Sterling Bancorp.

Sterling Bancorp (NYSE:STL) last issued its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Sterling Bancorp had a return on equity of 8.93% and a net margin of 12.46%. The firm had revenue of $265.00 million during the quarter, compared to analyst estimates of $267.08 million. The business’s revenue for the quarter was up 115.3% on a year-over-year basis.

A number of equities research analysts have weighed in on STL shares. Keefe, Bruyette & Woods restated a “buy” rating and set a $29.00 price objective on shares of Sterling Bancorp in a research note on Thursday, October 12th. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $29.00 price objective for the company in a research note on Tuesday, January 2nd. Jefferies Group restated a “buy” rating and set a $30.00 price objective on shares of Sterling Bancorp in a research note on Thursday, January 25th. JMP Securities started coverage on Sterling Bancorp in a research note on Monday, November 20th. They set a “market perform” rating and a $25.85 price objective for the company. Finally, Royal Bank of Canada lowered their price objective on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a research note on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $28.36.

In other news, Director Thomas G. Kahn sold 30,000 shares of Sterling Bancorp stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $23.69, for a total value of $710,700.00. Following the completion of the transaction, the director now owns 44,774 shares in the company, valued at approximately $1,060,696.06. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Michael E. Finn sold 4,535 shares of Sterling Bancorp stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $24.05, for a total value of $109,066.75. Following the completion of the transaction, the executive vice president now owns 35,288 shares of the company’s stock, valued at approximately $848,676.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 299,535 shares of company stock valued at $7,299,217. Insiders own 3.74% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Riverhead Capital Management LLC boosted its position in 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 valued at $119,000 after purchasing an additional 2,119 shares during the period. First Bank & Trust boosted its position in Sterling Bancorp by 54.5% during the 3rd quarter. First Bank & Trust now owns 7,657 shares of the financial services provider’s stock valued at $188,000 after purchasing an additional 2,701 shares during the period. Envestnet Asset Management Inc. boosted its position in Sterling Bancorp by 82.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 7,845 shares of the financial services provider’s stock valued at $193,000 after purchasing an additional 3,554 shares during the period. Cigna Investments Inc. New acquired a new position in Sterling Bancorp during the 4th quarter valued at approximately $201,000. Finally, Oakbrook Investments LLC acquired a new position in Sterling Bancorp during the 4th quarter valued at approximately $204,000. Institutional investors and hedge funds own 91.70% of the company’s stock.

Shares of Sterling Bancorp (NYSE:STL) traded down $0.05 during midday trading on Tuesday, reaching $25.15. The company’s stock had a trading volume of 71,615 shares, compared to its average volume of 1,726,251. Sterling Bancorp has a 12-month low of $21.00 and a 12-month high of $26.50. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.25. The firm has a market cap of $5,709.48, a price-to-earnings ratio of 18.41 and a beta of 1.04.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 20th. Stockholders of record on Monday, February 5th will be given a $0.07 dividend. The ex-dividend date is Friday, February 2nd. This represents a $0.28 annualized dividend and a dividend yield of 1.11%. Sterling Bancorp’s payout ratio is 36.36%.

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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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Earnings History and Estimates for Sterling Bancorp (NYSE:STL)

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