Sterling Bancorp (STL) Expected to Announce Quarterly Sales of $139.95 Million
Equities research analysts expect Sterling Bancorp (NYSE:STL) to announce sales of $139.95 million for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Sterling Bancorp’s earnings. The lowest sales estimate is $139.40 million and the highest is $140.50 million. Sterling Bancorp posted sales of $122.17 million in the same quarter last year, which suggests a positive year-over-year growth rate of 14.6%. The company is expected to issue its next earnings report on Tuesday, October 24th.
On average, analysts expect that Sterling Bancorp will report full-year sales of $139.95 million for the current fiscal year. For the next year, analysts anticipate that the firm will report sales of $1.13 billion per share, with estimates ranging from $1.12 billion to $1.14 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for Sterling Bancorp.
Sterling Bancorp (NYSE:STL) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.33 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.33. The business had revenue of $126.88 million during the quarter, compared to the consensus estimate of $133.85 million. Sterling Bancorp had a net margin of 28.40% and a return on equity of 8.62%.
Several research firms have recently issued reports on STL. BidaskClub lowered shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Zacks Investment Research upgraded shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Tuesday, June 20th. Royal Bank Of Canada reiterated a “buy” rating on shares of Sterling Bancorp in a research note on Tuesday, May 30th. Finally, Maxim Group reiterated a “buy” rating and issued a $30.00 target price on shares of Sterling Bancorp in a research note on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. Sterling Bancorp has an average rating of “Buy” and an average target price of $27.07.
In related news, Director Burt Steinberg purchased 10,000 shares of Sterling Bancorp stock in a transaction that occurred on Friday, August 11th. The stock was bought at an average price of $21.88 per share, for a total transaction of $218,800.00. Following the completion of the transaction, the director now owns 135,146 shares in the company, valued at $2,956,994.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard L. O’toole purchased 4,000 shares of Sterling Bancorp stock in a transaction that occurred on Thursday, July 27th. The shares were bought at an average price of $22.60 per share, with a total value of $90,400.00. Following the transaction, the director now owns 21,291 shares of the company’s stock, valued at approximately $481,176.60. The disclosure for this purchase can be found here. 3.74% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Colony Group LLC bought a new position in Sterling Bancorp during the second quarter valued at about $2,077,000. Verition Fund Management LLC grew its position 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 valued at $457,000 after buying an additional 6,401 shares during the period. Piedmont Investment Advisors LLC bought a new position in Sterling Bancorp during the second quarter valued at about $682,000. Ameritas Investment Partners Inc. grew its position 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 valued at $269,000 after buying an additional 626 shares during the period. Finally, Susquehanna International Group LLP grew its position 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 valued at $2,830,000 after buying an additional 84,163 shares during the period. Institutional investors own 90.91% of the company’s stock.
Sterling Bancorp (NYSE STL) opened at 23.80 on Friday. The company has a 50-day moving average of $22.34 and a 200-day moving average of $22.95. The company has a market cap of $3.23 billion, a P/E ratio of 19.85 and a beta of 1.07. Sterling Bancorp has a 52-week low of $16.75 and a 52-week high of $25.85.
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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