Sterling Bancorp (NYSE:STL) – Investment analysts at Jefferies Group raised their FY2017 earnings estimates for Sterling Bancorp in a note issued to investors on Thursday, according to Zacks Investment Research. Jefferies Group analyst C. Haire now forecasts that the financial services provider will post earnings of $1.51 per share for the year, up from their prior forecast of $1.39. Jefferies Group also issued estimates for Sterling Bancorp’s Q4 2017 earnings at $0.51 EPS, Q1 2018 earnings at $0.37 EPS, Q2 2018 earnings at $0.41 EPS, Q3 2018 earnings at $0.42 EPS, Q4 2018 earnings at $0.45 EPS and FY2019 earnings at $1.85 EPS.
Sterling Bancorp (NYSE:STL) last issued its earnings results on Tuesday, October 24th. 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). Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. The firm had revenue of $134.06 million during the quarter, compared to analysts’ expectations of $135.09 million. During the same quarter in the prior year, the company posted $0.29 earnings per share. Sterling Bancorp’s quarterly revenue was up 9.7% compared to the same quarter last year. WARNING: This news story was originally posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this news story on another publication, it was illegally copied and republished in violation of international copyright & trademark law. The legal version of this news story can be read at https://www.dispatchtribunal.com/2017/11/11/fy2017-eps-estimates-for-sterling-bancorp-stl-boosted-by-jefferies-group.html.
A number of other equities research analysts have also recently weighed in on the company. Zacks Investment Research cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 14th. ValuEngine cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, September 7th. Keefe, Bruyette & Woods restated a “buy” rating on shares of Sterling Bancorp in a research note on Thursday, September 7th. Finally, Royal Bank of Canada decreased 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 equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $27.69.
Shares of Sterling Bancorp (NYSE STL) traded up $0.05 during mid-day trading on Friday, hitting $23.55. The company’s stock had a trading volume of 2,440,400 shares, compared to its average volume of 1,607,463. The company has a quick ratio of 1.00, a current ratio of 0.99 and a debt-to-equity ratio of 1.76. The stock has a market cap of $5,280.62, a PE ratio of 18.22 and a beta of 1.05. Sterling Bancorp has a twelve month low of $19.86 and a twelve month high of $25.85.
Hedge funds have recently made changes to their positions in the company. First Bank & Trust increased its holdings in shares of Sterling Bancorp by 402.6% in the second quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 3,970 shares during the period. Riverhead Capital Management LLC increased its holdings in shares of Sterling Bancorp by 70.6% in the second 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. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Sterling Bancorp by 8.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,504 shares of the financial services provider’s stock valued at $128,000 after purchasing an additional 415 shares during the period. M&T Bank Corp acquired a new position in shares of Sterling Bancorp in the second quarter valued at about $205,000. Finally, Virginia Retirement Systems ET AL acquired a new position in shares of Sterling Bancorp in the third quarter valued at about $205,000. 91.22% of the stock is currently owned by institutional investors and hedge funds.
In other Sterling Bancorp news, Director Thomas G. Kahn sold 30,000 shares of the stock in a transaction dated 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 sale, the director now directly owns 44,774 shares in the company, valued at $1,060,696.06. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director James F. Deutsch sold 300,000 shares of the stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $25.31, for a total value of $7,593,000.00. Following the completion of the transaction, 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 quarter, insiders sold 489,135 shares of company stock valued at $12,259,133. 3.74% of the stock is currently owned by company insiders.
The firm also recently declared 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 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Friday, November 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is presently 22.58%.
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.
Get a free copy of the Zacks research report on Sterling Bancorp (STL)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Sterling Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sterling Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.