Equities research analysts forecast that Sterling Bancorp (NYSE:STL) will announce sales of $278.63 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Sterling Bancorp’s earnings. The highest sales estimate is $283.50 million and the lowest is $275.10 million. Sterling Bancorp reported sales of $134.06 million in the same quarter last year, which suggests a positive year over year growth rate of 107.8%. The business is scheduled to report its next quarterly earnings report on Tuesday, October 23rd.
On average, analysts expect that Sterling Bancorp will report full year sales of $1.10 billion for the current fiscal year, with estimates ranging from $1.09 billion to $1.11 billion. For the next financial year, analysts anticipate that the company will report sales of $1.14 billion per share, with estimates ranging from $1.11 billion to $1.18 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Sterling Bancorp.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Tuesday, July 24th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.02. Sterling Bancorp had a return on equity of 9.67% and a net margin of 20.19%. The business had revenue of $276.81 million for the quarter, compared to analyst estimates of $272.26 million. During the same period last year, the company earned $0.33 EPS. Sterling Bancorp’s revenue for the quarter was up 110.8% compared to the same quarter last year.
Sterling Bancorp traded down $0.05, hitting $22.10, on Tuesday, according to MarketBeat. 1,216,314 shares of the company were exchanged, compared to its average volume of 1,487,551. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.01 and a quick ratio of 1.01. Sterling Bancorp has a 12 month low of $21.75 and a 12 month high of $25.65. The firm has a market cap of $4.99 billion, a price-to-earnings ratio of 15.79 and a beta of 0.99.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 20th. Shareholders of record on Monday, August 6th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.27%. The ex-dividend date is Friday, August 3rd. Sterling Bancorp’s dividend payout ratio (DPR) is currently 20.00%.
In other Sterling Bancorp news, Director James F. Deutsch sold 123,980 shares of the stock in a transaction that occurred on Wednesday, June 6th. The stock was sold at an average price of $25.02, for a total value of $3,101,979.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James F. Deutsch sold 100,000 shares of the stock in a transaction that occurred on Wednesday, May 30th. The stock was sold at an average price of $25.03, for a total value of $2,503,000.00. Following the completion of the sale, the director now owns 500 shares of the company’s stock, valued at approximately $12,515. The disclosure for this sale can be found here. In the last quarter, insiders sold 245,165 shares of company stock valued at $6,131,060. Company insiders own 2.09% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Diamond Hill Capital Management Inc. lifted its stake in shares of Sterling Bancorp by 189.0% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 2,136,987 shares of the financial services provider’s stock valued at $50,219,000 after purchasing an additional 1,397,573 shares during the period. Janus Henderson Group PLC purchased a new position in shares of Sterling Bancorp in the 2nd quarter valued at approximately $23,115,000. Maltese Capital Management LLC lifted its stake in shares of Sterling Bancorp by 97.7% in the 1st quarter. Maltese Capital Management LLC now owns 1,285,228 shares of the financial services provider’s stock valued at $28,982,000 after purchasing an additional 635,072 shares during the period. KBC Group NV purchased a new position in shares of Sterling Bancorp in the 2nd quarter valued at approximately $10,410,000. Finally, BlackRock Inc. lifted its stake in shares of Sterling Bancorp by 1.7% in the 1st quarter. BlackRock Inc. now owns 23,906,510 shares of the financial services provider’s stock valued at $539,091,000 after purchasing an additional 390,440 shares during the period. Institutional investors and hedge funds own 91.61% 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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