Equities research analysts expect that Sterling Bancorp (NYSE:STL) will report sales of $267.97 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Sterling Bancorp’s earnings. The highest sales estimate is $269.60 million and the lowest is $265.80 million. Sterling Bancorp posted sales of $257.79 million in the same quarter last year, which would indicate a positive year over year growth rate of 3.9%. The firm is expected to announce its next earnings report on Tuesday, January 22nd.
According to Zacks, 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 fiscal year, analysts expect that the business will report sales of $1.04 billion, with estimates ranging from $1.01 billion to $1.09 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow 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 (EPS) 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 firm had revenue of $272.20 million for the quarter, compared to the consensus estimate of $278.79 million. During the same quarter last year, the business posted $0.35 EPS. The company’s revenue for the quarter was up 96.3% on a year-over-year basis.
Several analysts have issued reports on the company. Maxim Group reissued a “buy” rating and issued a $36.00 price target on shares of Sterling Bancorp in a research note on Thursday, October 25th. Zacks Investment Research raised Sterling Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 27th. Hovde Group lowered their target price 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. Finally, ValuEngine downgraded Sterling Bancorp from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $28.84.
STL opened at $18.45 on Wednesday. Sterling Bancorp has a 1 year low of $16.85 and a 1 year high of $25.65. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of 13.18 and a beta of 1.12. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.98 and a current ratio of 0.98.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 19th. Investors of record on Monday, November 5th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, November 2nd. Sterling Bancorp’s dividend payout ratio is currently 20.00%.
In other Sterling Bancorp news, Director Richard L. O’toole purchased 5,000 shares of the stock in a transaction on Thursday, October 25th. The shares were purchased at an average price of $17.01 per share, with a total value of $85,050.00. Following the completion of the transaction, the director now directly owns 35,713 shares in the company, valued at $607,478.13. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard L. O’toole purchased 4,000 shares of the stock in a transaction on Monday, August 13th. The shares were acquired at an average cost of $21.92 per share, for a total transaction of $87,680.00. Following the transaction, the director now owns 30,713 shares of the company’s stock, valued at $673,228.96. The disclosure for this purchase can be found here. 2.09% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC acquired a new position in Sterling Bancorp during the second quarter worth approximately $23,115,000. Wells Fargo & Company MN increased its position in Sterling Bancorp by 8.0% during the second quarter. Wells Fargo & Company MN now owns 3,090,337 shares of the financial services provider’s stock worth $72,622,000 after buying an additional 230,192 shares during the last quarter. Bank of Montreal Can increased its position in Sterling Bancorp by 8.9% during the third quarter. Bank of Montreal Can now owns 1,029,927 shares of the financial services provider’s stock worth $22,659,000 after buying an additional 84,009 shares during the last quarter. Aperio Group LLC increased its position in Sterling Bancorp by 25.5% during the second quarter. Aperio Group LLC now owns 49,149 shares of the financial services provider’s stock worth $1,155,000 after buying an additional 10,002 shares during the last quarter. Finally, Qube Research & Technologies Ltd acquired a new position in Sterling Bancorp during the second quarter worth approximately $222,000. 91.91% of the stock is currently owned by hedge funds and other institutional investors.
About Sterling Bancorp
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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