Zacks: Analysts Expect Sterling Bancorp (STL) Will Post Quarterly Sales of $261.30 Million
Brokerages expect that Sterling Bancorp (NYSE:STL) will announce sales of $261.30 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Sterling Bancorp’s earnings, with the highest sales estimate coming in at $268.90 million and the lowest estimate coming in at $253.70 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 company is scheduled to issue its next earnings report on Tuesday, January 23rd.
On average, analysts expect that Sterling Bancorp will report full-year sales of $261.30 million for the current 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 calculations are an average based on a survey of analysts that follow Sterling Bancorp.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. The firm had revenue of $134.06 million for the quarter, compared to analysts’ expectations of $135.09 million. During the same period in the prior year, the business posted $0.29 EPS. The business’s quarterly revenue was up 9.7% compared to the same quarter last year.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a report on Saturday, September 16th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $29.00 price target on shares of Sterling Bancorp in a report on Thursday, October 12th. JMP Securities assumed coverage on Sterling Bancorp in a report on Monday, November 20th. They set a “market perform” rating and a $25.85 price target on the stock. Maxim Group reaffirmed a “buy” rating and set a $30.00 price target on shares of Sterling Bancorp in a report on Wednesday, October 25th. Finally, Royal Bank Of Canada cut their price target on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a report on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $27.48.
In other Sterling Bancorp news, EVP Michael E. Finn sold 4,535 shares of Sterling Bancorp stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $24.05, for a total value of $109,066.75. Following the transaction, the executive vice president now owns 35,288 shares in the company, valued at $848,676.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director James F. Deutsch sold 100,000 shares of Sterling Bancorp stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $25.31, for a total transaction of $2,531,000.00. Following the completion of the transaction, the director now owns 500 shares in the company, valued at approximately $12,655. The disclosure for this sale can be found here. Insiders have sold 754,135 shares of company stock worth $18,738,583 in the last quarter. Company insiders own 3.74% of the company’s stock.
A number of institutional investors have recently bought and sold shares of STL. Aperio Group LLC grew its position in Sterling Bancorp by 1.6% in the second quarter. Aperio Group LLC now owns 22,564 shares of the financial services provider’s stock worth $525,000 after buying an additional 347 shares during the last quarter. Great West Life Assurance Co. Can grew its position in Sterling Bancorp by 6.7% during the 2nd quarter. Great West Life Assurance Co. Can now owns 200,060 shares of the financial services provider’s stock worth $4,640,000 after purchasing an additional 12,557 shares in the last quarter. World Asset Management Inc grew its position in Sterling Bancorp by 3.0% during the 2nd quarter. World Asset Management Inc now owns 8,842 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 261 shares in the last quarter. Texas Permanent School Fund grew its position in Sterling Bancorp by 0.8% during the 2nd quarter. Texas Permanent School Fund now owns 98,997 shares of the financial services provider’s stock worth $2,302,000 after purchasing an additional 832 shares in the last quarter. Finally, Sei Investments Co. grew its position in 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 in the last quarter. Hedge funds and other institutional investors own 91.70% of the company’s stock.
Sterling Bancorp (STL) opened at $25.25 on Friday. The firm has a market capitalization of $5,730.03, a price-to-earnings ratio of 19.77 and a beta of 1.04. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.76. Sterling Bancorp has a twelve month low of $21.00 and a twelve month high of $26.50.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 20th. Investors of record on Monday, November 6th were paid a dividend of $0.07 per share. The ex-dividend date was Friday, November 3rd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.11%. Sterling Bancorp’s dividend payout ratio is presently 22.58%.
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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