Brokerages predict that Sterling Bancorp (NYSE:STL) will post $276.25 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Sterling Bancorp’s earnings. The lowest sales estimate is $275.20 million and the highest is $277.30 million. Sterling Bancorp posted sales of $134.06 million during the same quarter last year, which suggests a positive year over year growth rate of 106.1%. The company is expected to announce its next earnings report on Tuesday, October 23rd.
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 forecast that the firm will report sales of $1.12 billion, with estimates ranging from $1.11 billion to $1.13 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Sterling Bancorp.
Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, July 24th. The financial services provider reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.02. Sterling Bancorp had a net margin of 20.19% and a return on equity of 9.67%. The business had revenue of $276.81 million during the quarter, compared to analysts’ expectations of $272.26 million. During the same period last year, the business earned $0.33 earnings per share. The firm’s revenue was up 110.8% on a year-over-year basis.
Several research firms recently weighed in on STL. ValuEngine cut shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a research note on Wednesday, June 27th. Finally, Citigroup began coverage on shares of Sterling Bancorp in a research note on Monday, June 18th. They issued a “neutral” rating and a $27.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $29.84.
In other Sterling Bancorp news, General Counsel James P. Blose sold 2,000 shares of Sterling Bancorp stock in a transaction on Tuesday, August 7th. The shares were sold at an average price of $22.25, for a total transaction of $44,500.00. Following the completion of the transaction, the general counsel now directly owns 20,322 shares of the company’s stock, valued at $452,164.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard L. O’toole acquired 4,000 shares of Sterling Bancorp stock in a transaction on Thursday, July 26th. The shares were bought at an average cost of $22.93 per share, with a total value of $91,720.00. Following the completion of the transaction, the director now owns 26,713 shares of the company’s stock, valued at $612,529.09. The disclosure for this purchase can be found here. Insiders own 2.09% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Itau Unibanco Holding S.A. bought a new position in Sterling Bancorp during the second quarter worth $127,000. GWM Advisors LLC bought a new position in Sterling Bancorp during the first quarter worth $202,000. Mount Yale Investment Advisors LLC bought a new position in Sterling Bancorp during the first quarter worth $209,000. Qube Research & Technologies Ltd bought a new position in Sterling Bancorp during the second quarter worth $222,000. Finally, GSA Capital Partners LLP bought a new position in Sterling Bancorp during the first quarter worth $225,000. 92.11% of the stock is owned by hedge funds and other institutional investors.
NYSE:STL opened at $22.15 on Thursday. Sterling Bancorp has a 1-year low of $21.75 and a 1-year high of $25.65. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $5.13 billion, a P/E ratio of 15.82 and a beta of 0.96.
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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