Wall Street analysts expect that Sterling Bancorp (NYSE:STL) will post sales of $269.67 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Sterling Bancorp’s earnings, with estimates ranging from $265.80 million to $272.70 million. Sterling Bancorp reported sales of $126.88 million in the same quarter last year, which indicates a positive year over year growth rate of 112.5%. The business is expected to report its next earnings results on Tuesday, July 24th.
On average, analysts expect that Sterling Bancorp will report full-year sales of $1.09 billion for the current year, with estimates ranging from $1.08 billion to $1.09 billion. For the next financial year, analysts anticipate that the business will report sales of $1.15 billion per share, with estimates ranging from $1.13 billion to $1.18 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Sterling Bancorp.
Sterling Bancorp (NYSE:STL) last posted its earnings results on Tuesday, April 24th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. Sterling Bancorp had a net margin of 16.84% and a return on equity of 9.24%. The firm had revenue of $262.57 million during the quarter, compared to analyst estimates of $259.67 million. During the same quarter in the prior year, the business posted $0.31 EPS. The business’s revenue was up 108.8% compared to the same quarter last year.
Several research firms have recently issued reports on STL. Maxim Group reiterated a “buy” rating and issued a $32.00 target price on shares of Sterling Bancorp in a research note on Wednesday, April 25th. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Wednesday, March 28th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $33.50 target price on shares of Sterling Bancorp in a research note on Tuesday, February 27th. Finally, Jefferies Group reiterated a “buy” rating and issued a $30.00 target price on shares of Sterling Bancorp in a research note on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. Sterling Bancorp has an average rating of “Hold” and a consensus price target of $30.14.
Shares of Sterling Bancorp traded down $0.10, hitting $24.45, during trading on Friday, according to Marketbeat Ratings. The stock had a trading volume of 1,812,008 shares, compared to its average volume of 2,062,844. Sterling Bancorp has a 12 month low of $24.35 and a 12 month high of $24.95. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $5.54 billion, a price-to-earnings ratio of 17.46 and a beta of 1.12.
The business also recently declared a quarterly dividend, which will be paid on Monday, May 21st. Investors of record on Monday, May 7th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend is Friday, May 4th. Sterling Bancorp’s dividend payout ratio (DPR) is currently 20.00%.
In related news, Director James F. Deutsch sold 200,000 shares of the business’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $25.22, for a total value of $5,044,000.00. Following the transaction, the director now directly owns 500 shares of the company’s stock, valued at approximately $12,610. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.09% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in shares of Sterling Bancorp by 1.7% in the 1st quarter. BlackRock Inc. now owns 23,906,510 shares of the financial services provider’s stock worth $539,091,000 after buying an additional 390,440 shares during the last quarter. Lazard Asset Management LLC purchased a new position in shares of Sterling Bancorp in the 4th quarter worth about $176,300,000. Clearbridge Investments LLC boosted its holdings in shares of Sterling Bancorp by 794,685.8% in the 4th quarter. Clearbridge Investments LLC now owns 5,078,681 shares of the financial services provider’s stock worth $124,936,000 after buying an additional 5,078,042 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Sterling Bancorp by 54.8% in the 4th quarter. Victory Capital Management Inc. now owns 5,053,762 shares of the financial services provider’s stock worth $124,323,000 after buying an additional 1,789,102 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Sterling Bancorp by 3.9% in the 4th quarter. Alliancebernstein L.P. now owns 3,606,466 shares of the financial services provider’s stock worth $88,719,000 after buying an additional 135,984 shares during the last quarter. 88.91% of the stock is currently owned by institutional investors.
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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