Wall Street analysts expect that Sterling Bancorp (NYSE:STL) will announce $261.30 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Sterling Bancorp’s earnings, with estimates ranging from $253.70 million to $268.90 million. Sterling Bancorp reported sales of $123.31 million during the same quarter last year, which would suggest a positive year over year growth rate of 111.9%. The firm is scheduled to announce its next quarterly earnings report on Tuesday, January 23rd.
According to Zacks, analysts expect that Sterling Bancorp will report full year sales of $261.30 million for the current financial year, with estimates ranging from $649.40 million to $664.60 million. For the next year, analysts anticipate that the company will report 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 sell-side analysts that follow Sterling Bancorp.
Sterling Bancorp (NYSE:STL) last posted its earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share for the quarter, missing the Zacks’ 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 business had revenue of $134.06 million during the quarter, compared to analyst estimates of $135.09 million. During the same quarter in the prior year, the company earned $0.29 EPS. The company’s revenue was up 9.7% on a year-over-year basis.
A number of equities research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a report on Wednesday, October 11th. Royal Bank of Canada lowered their target price on shares of Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a report on Tuesday, October 3rd. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $29.00 price objective on shares of Sterling Bancorp in a research note on Thursday, October 12th. Maxim Group reiterated a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a research note on Wednesday, October 25th. Finally, JMP Securities assumed coverage on shares of Sterling Bancorp in a research note on Monday, November 20th. They issued a “market perform” rating and a $25.85 price objective for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company’s stock. Sterling Bancorp has an average rating of “Buy” and an average price target of $27.48.
In other Sterling Bancorp news, Director Thomas G. Kahn sold 30,000 shares of the stock in a transaction dated Wednesday, November 8th. The shares were 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 owns 44,774 shares in the company, valued at approximately $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 firm’s stock in a transaction that occurred on 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 owns 500 shares of the company’s stock, valued at approximately $12,655. The disclosure for this sale can be found here. In the last quarter, insiders sold 753,635 shares of company stock valued at $18,727,028. Company insiders own 3.74% of the company’s stock.
Several hedge funds have recently modified their holdings of STL. Sei Investments Co. increased its stake in shares of Sterling Bancorp by 46.5% during the 2nd quarter. Sei Investments Co. now owns 26,691 shares of the financial services provider’s stock worth $621,000 after purchasing an additional 8,467 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Sterling Bancorp by 5.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 561,783 shares of the financial services provider’s stock worth $13,062,000 after purchasing an additional 27,670 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Sterling Bancorp by 65.6% during the 2nd quarter. First Trust Advisors LP now owns 115,470 shares of the financial services provider’s stock worth $2,685,000 after purchasing an additional 45,730 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Sterling Bancorp by 1.7% during the 2nd quarter. Rhumbline Advisers now owns 283,615 shares of the financial services provider’s stock worth $6,594,000 after purchasing an additional 4,723 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Sterling Bancorp by 2.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,759,146 shares of the financial services provider’s stock worth $40,900,000 after purchasing an additional 41,178 shares during the last quarter. Institutional investors own 91.70% of the company’s stock.
Shares of Sterling Bancorp (NYSE:STL) opened at $25.15 on Wednesday. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.99 and a quick ratio of 0.99. Sterling Bancorp has a fifty-two week low of $21.00 and a fifty-two week high of $26.50. The firm has a market cap of $5,650.00, a PE ratio of 20.28 and a beta of 1.04.
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Sterling Bancorp Company Profile
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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