Wall Street analysts predict that Sterling Bancorp (NYSE:STL) will post earnings of $0.52 per share for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Sterling Bancorp’s earnings. The highest EPS estimate is $0.52 and the lowest is $0.51. Sterling Bancorp reported earnings of $0.35 per share in the same quarter last year, which would indicate a positive year over year growth rate of 48.6%. The firm is scheduled to report its next quarterly earnings results on Tuesday, October 23rd.
On average, analysts expect that Sterling Bancorp will report full-year earnings of $1.98 per share for the current fiscal year, with EPS estimates ranging from $1.95 to $2.00. For the next financial year, analysts forecast that the company will post earnings of $2.18 per share, with EPS estimates ranging from $2.15 to $2.22. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that cover Sterling Bancorp.
Sterling Bancorp (NYSE:STL) last announced its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.02. The company had revenue of $276.81 million for the quarter, compared to analysts’ expectations of $272.26 million. Sterling Bancorp had a return on equity of 9.67% and a net margin of 20.19%. Sterling Bancorp’s revenue for the quarter was up 110.8% compared to the same quarter last year. During the same period last year, the firm posted $0.33 EPS.
A number of equities analysts recently weighed in on STL shares. Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “buy” rating and set a $27.00 price objective on the stock in a report on Wednesday, June 27th. Citigroup started coverage on Sterling Bancorp in a report on Monday, June 18th. They set a “neutral” rating and a $27.00 price objective on the stock. Finally, ValuEngine cut Sterling Bancorp from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $29.84.
Shares of NYSE STL traded up $0.05 during trading hours on Friday, reaching $22.90. 912,502 shares of the stock traded hands, compared to its average volume of 1,151,088. The stock has a market cap of $5.15 billion, a price-to-earnings ratio of 16.36 and a beta of 0.96. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.35. Sterling Bancorp has a 52-week low of $21.75 and a 52-week high of $25.65.
The business also recently declared a quarterly dividend, which was paid on Monday, August 20th. Investors of record on Monday, August 6th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, August 3rd. This represents a $0.28 annualized dividend and a yield of 1.22%. Sterling Bancorp’s payout ratio is 20.00%.
In related news, General Counsel James P. Blose sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $22.25, for a total transaction of $44,500.00. Following the transaction, the general counsel now directly owns 20,322 shares in the company, valued at approximately $452,164.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Richard L. O’toole purchased 4,000 shares of Sterling Bancorp stock in a transaction that occurred on Monday, August 13th. The shares were bought at an average price of $21.92 per share, for a total transaction of $87,680.00. Following the completion of the transaction, the director now owns 30,713 shares in the company, valued at $673,228.96. The disclosure for this purchase can be found here. 2.09% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Wells Fargo & Company MN grew its position in Sterling Bancorp by 8.0% during the 2nd quarter. Wells Fargo & Company MN now owns 3,090,337 shares of the financial services provider’s stock worth $72,622,000 after acquiring an additional 230,192 shares during the last quarter. Penn Capital Management Co. Inc. grew its position in shares of Sterling Bancorp by 9.3% in the 2nd quarter. Penn Capital Management Co. Inc. now owns 838,378 shares of the financial services provider’s stock worth $19,865,000 after buying an additional 71,495 shares during the last quarter. LMR Partners LLP bought a new stake in shares of Sterling Bancorp in the 2nd quarter worth approximately $7,250,000. Principal Financial Group Inc. grew its position in shares of Sterling Bancorp by 1.9% in the 1st quarter. Principal Financial Group Inc. now owns 973,817 shares of the financial services provider’s stock worth $21,959,000 after buying an additional 18,153 shares during the last quarter. Finally, Prudential Financial Inc. grew its position in shares of Sterling Bancorp by 45.7% in the 1st quarter. Prudential Financial Inc. now owns 224,949 shares of the financial services provider’s stock worth $5,073,000 after buying an additional 70,610 shares during the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.
About Sterling Bancorp
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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