$261.30 Million in Sales Expected for Sterling Bancorp (STL) This Quarter
Analysts forecast that Sterling Bancorp (NYSE:STL) will post $261.30 million in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Sterling Bancorp’s earnings. The lowest sales estimate is $253.70 million and the highest is $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 results on Tuesday, January 23rd.
On average, 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 fiscal year, analysts forecast that the company will post sales of $1.11 billion per share, with estimates ranging from $1.09 billion to $1.12 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Sterling Bancorp.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The business had revenue of $134.06 million during the quarter, compared to analyst estimates of $135.09 million. Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.29 EPS.
A number of equities analysts have commented on the stock. BidaskClub downgraded shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Friday, September 8th. Maxim Group reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Sterling Bancorp in a report on Wednesday, July 26th. Royal Bank Of Canada decreased their price objective on shares of Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a report on Tuesday, October 3rd. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $29.00 price objective on shares of Sterling Bancorp in a report on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $27.69.
Sterling Bancorp (NYSE:STL) traded down $0.27 during trading on Wednesday, reaching $24.38. 803,532 shares of the company’s stock were exchanged, compared to its average volume of 1,734,129. The firm has a market capitalization of $3,343.97, a P/E ratio of 19.11 and a beta of 1.05. The company has a current ratio of 0.99, a quick ratio of 1.00 and a debt-to-equity ratio of 1.76. Sterling Bancorp has a 1 year low of $17.65 and a 1 year high of $25.85.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Stockholders of record on Monday, November 6th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.15%. The ex-dividend date is Friday, November 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is 22.58%.
In other news, Director Burt Steinberg purchased 10,000 shares of Sterling Bancorp stock in a transaction dated Friday, August 11th. The stock was bought at an average price of $21.88 per share, with a total value of $218,800.00. Following the completion of the acquisition, the director now owns 135,146 shares in the company, valued at approximately $2,956,994.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jack L. Kopnisky sold 54,100 shares of the business’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $24.71, for a total transaction of $1,336,811.00. Following the transaction, the chief executive officer now directly owns 231,765 shares of the company’s stock, valued at approximately $5,726,913.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 454,600 shares of company stock valued at $11,439,366. Corporate insiders own 3.74% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. First Bank & Trust raised its stake in shares of Sterling Bancorp by 402.6% during 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 in the last quarter. Riverhead Capital Management LLC raised its stake in shares of Sterling Bancorp by 70.6% during 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Sterling Bancorp by 8.2% during 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 in the last quarter. M&T Bank Corp bought a new stake in shares of Sterling Bancorp during the second quarter valued at about $205,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Sterling Bancorp during the third quarter valued at about $288,000. 91.22% of the stock is owned by institutional investors.
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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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