$278.63 Million in Sales Expected for Sterling Bancorp (STL) This Quarter

Equities research analysts expect that Sterling Bancorp (NYSE:STL) will post $278.63 million in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Sterling Bancorp’s earnings, with the highest sales estimate coming in at $283.50 million and the lowest estimate coming in at $275.10 million. Sterling Bancorp posted sales of $134.06 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 107.8%. The company is expected to announce its next earnings results on Tuesday, October 23rd.

According to Zacks, analysts expect that Sterling Bancorp will report full year sales of $1.10 billion for the current financial year, with estimates ranging from $1.09 billion to $1.11 billion. For the next year, analysts expect that the business will report sales of $1.14 billion per share, with estimates ranging from $1.11 billion to $1.18 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Sterling Bancorp.

Sterling Bancorp (NYSE:STL) last released its quarterly earnings data on Tuesday, July 24th. The financial services provider reported $0.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.02. The firm had revenue of $276.81 million during the quarter, compared to the consensus estimate of $272.26 million. Sterling Bancorp had a return on equity of 9.67% and a net margin of 20.19%. The company’s quarterly revenue was up 110.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.33 earnings per share.

Several equities research analysts have recently commented on the company. Zacks Investment Research upgraded Sterling Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 27th. Maxim Group reaffirmed a “buy” rating and set a $32.00 target price on shares of Sterling Bancorp in a research report on Wednesday, April 25th. ValuEngine cut Sterling Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Finally, Citigroup began coverage on Sterling Bancorp in a research report on Monday, June 18th. They set a “neutral” rating and a $27.00 target price on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $29.84.

In related news, Director James F. Deutsch sold 100,000 shares of Sterling Bancorp stock in a transaction that occurred on Wednesday, May 30th. The stock was sold at an average price of $25.03, for a total transaction of $2,503,000.00. Following the transaction, the director now owns 500 shares of the company’s stock, valued at $12,515. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel James P. Blose sold 2,000 shares of Sterling Bancorp stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $22.25, for a total value 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 245,165 shares of company stock worth $6,131,060. 2.09% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in STL. Raymond James & Associates raised its stake in shares of Sterling Bancorp by 6.7% during the 4th quarter. Raymond James & Associates now owns 54,132 shares of the financial services provider’s stock valued at $1,332,000 after purchasing an additional 3,385 shares during the period. LPL Financial LLC bought a new stake in shares of Sterling Bancorp during the 4th quarter valued at $451,000. Jane Street Group LLC bought a new stake in shares of Sterling Bancorp during the 4th quarter valued at $497,000. Envestnet Asset Management Inc. raised its stake in shares of Sterling Bancorp by 79.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 14,092 shares of the financial services provider’s stock valued at $346,000 after purchasing an additional 6,247 shares during the period. Finally, Diamond Hill Capital Management Inc. raised its stake in shares of Sterling Bancorp by 11.7% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 739,414 shares of the financial services provider’s stock valued at $16,674,000 after purchasing an additional 77,630 shares during the period. 91.61% of the stock is currently owned by institutional investors.

Shares of Sterling Bancorp traded down $0.05, hitting $22.10, during midday trading on Tuesday, according to MarketBeat. 1,216,314 shares of the stock traded hands, compared to its average volume of 1,487,551. The company has a market cap of $4.99 billion, a price-to-earnings ratio of 15.79 and a beta of 0.99. Sterling Bancorp has a one year low of $21.75 and a one year high of $25.65. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.35.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 20th. Investors of record on Monday, August 6th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Friday, August 3rd. This represents a $0.28 annualized dividend and a dividend yield of 1.27%. Sterling Bancorp’s payout ratio is 20.00%.

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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