Sterling Bancorp to Post Q4 2017 Earnings of $0.38 Per Share, Jefferies Group Forecasts (STL)
Sterling Bancorp (NYSE:STL) – Equities researchers at Jefferies Group lowered their Q4 2017 earnings per share estimates for shares of Sterling Bancorp in a research report issued on Monday. Jefferies Group analyst C. Haire now expects that the financial services provider will post earnings per share of $0.38 for the quarter, down from their previous estimate of $0.51. Jefferies Group also issued estimates for Sterling Bancorp’s FY2018 earnings at $1.95 EPS and FY2019 earnings at $2.20 EPS.
Sterling Bancorp (NYSE:STL) last posted its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.01). The firm had revenue of $134.06 million during the quarter, compared to the consensus estimate of $135.09 million. Sterling Bancorp had a return on equity of 9.08% and a net margin of 28.58%. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.29 EPS.
Other equities analysts have also recently issued reports about the company. Keefe, Bruyette & Woods restated a “buy” rating and issued a $29.00 target price on shares of Sterling Bancorp in a report on Thursday, October 12th. Royal Bank of Canada decreased their target price on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a report on Tuesday, October 3rd. Maxim Group restated a “buy” rating and issued a $30.00 target price on shares of Sterling Bancorp in a report on Wednesday, October 25th. Zacks Investment Research cut Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 14th. Finally, JMP Securities began coverage on Sterling Bancorp in a report on Monday, November 20th. They issued a “market perform” rating and a $25.85 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $27.59.
Sterling Bancorp (NYSE:STL) opened at $25.60 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.76. The stock has a market capitalization of $5,680.00, a price-to-earnings ratio of 20.65 and a beta of 1.04. Sterling Bancorp has a 1-year low of $21.00 and a 1-year high of $26.50.
In other news, Director Monte N. Redman sold 165,000 shares of Sterling Bancorp stock in a transaction on Friday, November 24th. The stock was sold at an average price of $23.93, for a total transaction of $3,948,450.00. Following the transaction, the director now owns 428,077 shares in the company, valued at $10,243,882.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James F. Deutsch sold 300,000 shares of Sterling Bancorp stock in a transaction on Friday, October 27th. The shares were sold at an average price of $25.31, for a total value of $7,593,000.00. Following the transaction, the director now owns 500 shares in the company, valued at approximately $12,655. The disclosure for this sale can be found here. Insiders have sold 753,635 shares of company stock worth $18,727,028 in the last quarter. 3.74% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Sterling Bancorp by 0.7% during the second quarter. BlackRock Inc. now owns 16,098,764 shares of the financial services provider’s stock valued at $374,296,000 after buying an additional 105,766 shares in the last quarter. State Street Corp grew its holdings in shares of Sterling Bancorp by 38.2% during the second quarter. State Street Corp now owns 8,198,819 shares of the financial services provider’s stock valued at $190,624,000 after buying an additional 2,267,814 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Sterling Bancorp by 16.3% during the second quarter. Alliancebernstein L.P. now owns 3,312,473 shares of the financial services provider’s stock valued at $77,015,000 after buying an additional 463,922 shares in the last quarter. Victory Capital Management Inc. grew its stake in Sterling Bancorp by 2.2% in the third quarter. Victory Capital Management Inc. now owns 3,264,660 shares of the financial services provider’s stock valued at $80,474,000 after purchasing an additional 69,900 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Sterling Bancorp by 4.0% in the second quarter. Northern Trust Corp now owns 2,756,462 shares of the financial services provider’s stock valued at $64,087,000 after purchasing an additional 106,638 shares in the last quarter. Institutional investors and hedge funds own 91.70% of the company’s stock.
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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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