Sterling Bancorp (STL) Issues Earnings Results
Sterling Bancorp (NYSE:STL) released its earnings results on Tuesday. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.33, Bloomberg Earnings reports. Sterling Bancorp had a return on equity of 8.36% and a net margin of 28.23%. The firm had revenue of $126.88 million during the quarter, compared to analysts’ expectations of $133.85 million.
Sterling Bancorp (STL) traded down 4.167% on Wednesday, reaching $22.425. 914,278 shares of the company’s stock were exchanged. Sterling Bancorp has a 52-week low of $16.46 and a 52-week high of $25.85. The firm’s 50 day moving average price is $23.10 and its 200 day moving average price is $23.43. The company has a market cap of $3.04 billion, a PE ratio of 19.053 and a beta of 1.08.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Shareholders of record on Monday, August 7th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date is Thursday, August 3rd. Sterling Bancorp’s payout ratio is 23.73%.
A number of equities analysts have recently commented on the stock. BidaskClub downgraded shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday. Zacks Investment Research cut shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Sterling Bancorp in a report on Tuesday, May 30th. ValuEngine raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, May 20th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $28.00 target price on shares of Sterling Bancorp in a report on Friday, May 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. Sterling Bancorp currently has an average rating of “Buy” and a consensus target price of $27.21.
In other news, Director James F. Deutsch sold 200,000 shares of the business’s stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $23.05, for a total value of $4,610,000.00. Following the transaction, the director now owns 500 shares of the company’s stock, valued at $11,525. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Craig S. Thompson sold 3,500 shares of the business’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $22.75, for a total transaction of $79,625.00. Following the completion of the transaction, the director now directly owns 225,395 shares in the company, valued at approximately $5,127,736.25. The disclosure for this sale can be found here. Insiders have sold 211,500 shares of company stock valued at $4,875,795 over the last 90 days. 3.74% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Sterling Bancorp by 51.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock valued at $121,000 after buying an additional 1,735 shares during the last quarter. LS Investment Advisors LLC raised its position in shares of Sterling Bancorp by 33.5% in the first quarter. LS Investment Advisors LLC now owns 6,653 shares of the financial services provider’s stock valued at $158,000 after buying an additional 1,670 shares during the last quarter. World Asset Management Inc bought a new position in shares of Sterling Bancorp during the first quarter valued at approximately $203,000. Tocqueville Asset Management L.P. bought a new position in shares of Sterling Bancorp during the first quarter valued at approximately $214,000. Finally, Everence Capital Management Inc. bought a new position in shares of Sterling Bancorp during the first quarter valued at approximately $222,000. Hedge funds and other institutional investors own 86.60% of the company’s stock.
About Sterling Bancorp
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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