Equities research analysts predict that Sterling Bancorp (NYSE:STL) will announce $260.65 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Sterling Bancorp’s earnings, with the lowest sales estimate coming in at $255.10 million and the highest estimate coming in at $266.20 million. Sterling Bancorp reported sales of $121.63 million in the same quarter last year, which suggests a positive year-over-year growth rate of 114.3%. The firm is expected to report its next quarterly earnings results on Tuesday, April 24th.
According to Zacks, analysts expect that Sterling Bancorp will report full year sales of $260.65 million for the current financial year, with estimates ranging from $1.04 billion to $1.11 billion. For the next financial year, analysts expect that the company will post sales of $1.16 billion per share, with estimates ranging from $1.08 billion to $1.23 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Sterling Bancorp.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.01. Sterling Bancorp had a net margin of 12.46% and a return on equity of 8.93%. The company had revenue of $265.00 million for the quarter, compared to analysts’ expectations of $267.08 million. The firm’s quarterly revenue was up 115.3% compared to the same quarter last year.
Several research firms have issued reports on STL. Maxim Group raised their price target on shares of Sterling Bancorp from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. JMP Securities began coverage on shares of Sterling Bancorp in a research note on Monday, November 20th. They set a “market perform” rating and a $25.85 price target on the stock. Jefferies Group reaffirmed a “buy” rating and set a $30.00 price target on shares of Sterling Bancorp in a research note on Thursday, January 25th. Finally, Zacks Investment Research cut shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $28.36.
Shares of Sterling Bancorp (NYSE STL) opened at $23.90 on Friday. Sterling Bancorp has a 12 month low of $21.00 and a 12 month high of $26.50. The stock has a market cap of $5,214.96, a PE ratio of 31.04 and a beta of 1.06. 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 20th. Stockholders of record on Monday, February 5th will be issued a dividend of $0.07 per share. The ex-dividend date is Friday, February 2nd. This represents a $0.28 annualized dividend and a dividend yield of 1.17%. Sterling Bancorp’s payout ratio is currently 36.36%.
In other news, Director James F. Deutsch sold 100,000 shares of the stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $25.31, for a total transaction of $2,531,000.00. Following the transaction, the director now directly owns 500 shares in the company, valued at approximately $12,655. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Monte N. Redman sold 165,000 shares of the stock in a transaction dated Friday, November 24th. The stock was sold at an average price of $23.93, for a total transaction of $3,948,450.00. Following the transaction, the director now owns 428,077 shares in the company, valued at $10,243,882.61. The disclosure for this sale can be found here. Corporate insiders own 3.74% of the company’s stock.
Several hedge funds have recently made changes to their positions in STL. PNC Financial Services Group Inc. lifted its holdings in shares of Sterling Bancorp by 21.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 15,551 shares of the financial services provider’s stock worth $362,000 after acquiring an additional 2,720 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Sterling Bancorp by 4.1% during the 2nd quarter. California Public Employees Retirement System now owns 170,100 shares of the financial services provider’s stock worth $3,955,000 after acquiring an additional 6,700 shares during the period. Parametric Portfolio Associates LLC lifted its holdings in shares of Sterling Bancorp by 28.8% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 289,320 shares of the financial services provider’s stock worth $6,727,000 after acquiring an additional 64,629 shares during the period. Gotham Asset Management LLC lifted its holdings in shares of Sterling Bancorp by 12.5% during the 2nd quarter. Gotham Asset Management LLC now owns 9,988 shares of the financial services provider’s stock worth $232,000 after acquiring an additional 1,106 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Sterling Bancorp by 3.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 99,967 shares of the financial services provider’s stock worth $2,324,000 after acquiring an additional 2,976 shares during the period. Institutional investors and hedge funds own 91.70% of the company’s stock.
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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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