Sterling Bancorp (STL) Expected to Announce Quarterly Sales of $139.95 Million
Wall Street analysts expect Sterling Bancorp (NYSE:STL) to announce $139.95 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Sterling Bancorp’s earnings, with estimates ranging from $139.40 million to $140.50 million. Sterling Bancorp reported sales of $122.17 million during the same quarter last year, which would suggest a positive year over year growth rate of 14.6%. The firm is expected to report its next quarterly earnings report on Tuesday, October 24th.
According to Zacks, analysts expect that Sterling Bancorp will report full year sales of $139.95 million for the current financial year. For the next financial year, analysts anticipate that the firm will post sales of $1.13 billion per share, with estimates ranging from $1.12 billion to $1.14 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 posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. The company had revenue of $126.88 million for the quarter, compared to analyst estimates of $133.85 million. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%.
STL has been the topic of several research reports. Royal Bank Of Canada reiterated a “buy” rating on shares of Sterling Bancorp in a report on Tuesday, May 30th. BidaskClub upgraded shares of Sterling Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Zacks Investment Research downgraded shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, June 17th. Finally, Maxim Group restated a “buy” rating and issued a $30.00 price target on shares of Sterling Bancorp in a research note on Wednesday, July 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $27.07.
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In other news, Director Richard L. O’toole acquired 4,000 shares of Sterling Bancorp stock in a transaction on Thursday, July 27th. The shares were purchased at an average cost of $22.60 per share, for a total transaction of $90,400.00. Following the completion of the purchase, the director now directly owns 21,291 shares of the company’s stock, valued at approximately $481,176.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Burt Steinberg acquired 10,000 shares of Sterling Bancorp stock in a transaction on Friday, August 11th. The shares were purchased at an average price of $21.88 per share, for a total transaction of $218,800.00. Following the completion of the purchase, the director now directly owns 135,146 shares of the company’s stock, valued at $2,956,994.48. The disclosure for this purchase can be found here. Corporate insiders own 3.74% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Colony Group LLC acquired a new stake in Sterling Bancorp during the second quarter worth about $2,077,000. Verition Fund Management LLC grew its stake in Sterling Bancorp by 48.2% during the second quarter. Verition Fund Management LLC now owns 19,673 shares of the financial services provider’s stock worth $457,000 after buying an additional 6,401 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new stake in Sterling Bancorp during the second quarter worth about $682,000. Ameritas Investment Partners Inc. grew its stake in Sterling Bancorp by 5.7% during the second quarter. Ameritas Investment Partners Inc. now owns 11,575 shares of the financial services provider’s stock worth $269,000 after buying an additional 626 shares in the last quarter. Finally, Susquehanna International Group LLP grew its stake in Sterling Bancorp by 224.0% during the second quarter. Susquehanna International Group LLP now owns 121,729 shares of the financial services provider’s stock worth $2,830,000 after buying an additional 84,163 shares in the last quarter. Hedge funds and other institutional investors own 90.91% of the company’s stock.
Sterling Bancorp (STL) traded up 2.90% during trading on Friday, hitting $24.80. 2,347,573 shares of the stock were exchanged. The stock has a market capitalization of $3.36 billion, a price-to-earnings ratio of 20.68 and a beta of 1.07. Sterling Bancorp has a 52 week low of $16.75 and a 52 week high of $25.85. The firm has a 50-day moving average of $22.34 and a 200-day moving average of $22.95.
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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