Equities analysts predict that Sterling Bancorp (NYSE:STL) will announce sales of $267.97 million for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Sterling Bancorp’s earnings. The lowest sales estimate is $265.80 million and the highest is $269.60 million. Sterling Bancorp posted sales of $257.79 million during the same quarter last year, which would indicate a positive year over year growth rate of 3.9%. The business is scheduled to issue its next earnings report on Tuesday, January 22nd.
On average, analysts expect that Sterling Bancorp will report full-year sales of $1.08 billion for the current year, with estimates ranging from $1.07 billion to $1.08 billion. For the next year, analysts forecast that the company will post sales of $1.04 billion, with estimates ranging from $1.01 billion to $1.09 billion. Zacks’ 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 released its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $0.51 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.51. Sterling Bancorp had a return on equity of 9.96% and a net margin of 23.31%. The company had revenue of $272.20 million for the quarter, compared to analyst estimates of $278.79 million. During the same period in the previous year, the company posted $0.35 earnings per share. The firm’s revenue was up 96.3% on a year-over-year basis.
Several equities research analysts recently weighed in on the company. ValuEngine upgraded Sterling Bancorp from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 15th. Hovde Group dropped their price target on Sterling Bancorp from $30.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, October 25th. Maxim Group restated a “buy” rating and set a $36.00 price target on shares of Sterling Bancorp in a research report on Thursday, October 25th. Finally, Zacks Investment Research upgraded Sterling Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Sterling Bancorp currently has an average rating of “Hold” and a consensus price target of $29.33.
In related news, Director Richard L. O’toole bought 5,000 shares of the company’s stock in a transaction on Thursday, October 25th. The shares were acquired at an average cost of $17.01 per share, with a total value of $85,050.00. Following the completion of the acquisition, the director now owns 35,713 shares of the company’s stock, valued at approximately $607,478.13. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.09% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Sterling Bancorp by 4.5% in the third quarter. Vanguard Group Inc. now owns 19,590,740 shares of the financial services provider’s stock worth $430,995,000 after acquiring an additional 849,267 shares in the last quarter. Legal & General Group Plc boosted its holdings in Sterling Bancorp by 2.2% in the third quarter. Legal & General Group Plc now owns 244,461 shares of the financial services provider’s stock worth $5,378,000 after acquiring an additional 5,308 shares in the last quarter. Standard Life Aberdeen plc boosted its holdings in Sterling Bancorp by 7.6% in the third quarter. Standard Life Aberdeen plc now owns 166,649 shares of the financial services provider’s stock worth $3,671,000 after acquiring an additional 11,773 shares in the last quarter. Rehmann Capital Advisory Group raised its stake in shares of Sterling Bancorp by 2,326.5% in the third quarter. Rehmann Capital Advisory Group now owns 31,108 shares of the financial services provider’s stock worth $1,414,000 after purchasing an additional 29,826 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in shares of Sterling Bancorp by 58.8% in the third quarter. Nordea Investment Management AB now owns 200,957 shares of the financial services provider’s stock worth $4,421,000 after purchasing an additional 74,380 shares during the last quarter. 93.35% of the stock is currently owned by institutional investors and hedge funds.
NYSE STL opened at $19.03 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.98 and a current ratio of 0.98. Sterling Bancorp has a twelve month low of $16.85 and a twelve month high of $25.65. The company has a market cap of $4.13 billion, a P/E ratio of 13.59 and a beta of 1.12.
The business also recently announced a quarterly dividend, which was paid on Monday, November 19th. Shareholders of record on Monday, November 5th were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend was Friday, November 2nd. Sterling Bancorp’s dividend payout ratio (DPR) is 20.00%.
Sterling Bancorp Company Profile
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, money market, savings, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
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