Sterling Bancorp (STL) Expected to Announce Quarterly Sales of $260.37 Million

Wall Street brokerages expect that Sterling Bancorp (NYSE:STL) will report $260.37 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Sterling Bancorp’s earnings, with the highest sales estimate coming in at $262.10 million and the lowest estimate coming in at $257.10 million. Sterling Bancorp reported sales of $284.08 million in the same quarter last year, which indicates a negative year-over-year growth rate of 8.3%. The firm is expected to announce its next quarterly earnings report on Tuesday, July 23rd.

On average, analysts expect that Sterling Bancorp will report full-year sales of $1.05 billion for the current year, with estimates ranging from $1.03 billion to $1.07 billion. For the next fiscal year, analysts anticipate that the company will post sales of $1.06 billion, with estimates ranging from $1.02 billion to $1.09 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Sterling Bancorp.

Sterling Bancorp (NYSE:STL) last released its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.01. The firm had revenue of $263.90 million for the quarter, compared to analyst estimates of $262.59 million. Sterling Bancorp had a net margin of 33.40% and a return on equity of 10.57%. The company’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 EPS.

Several research analysts have weighed in on the stock. FIG Partners reiterated an “outperform” rating on shares of Sterling Bancorp in a research note on Monday, April 29th. Zacks Investment Research lowered shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, April 5th. ValuEngine upgraded shares of Sterling Bancorp from a “strong sell” rating to a “sell” rating in a research note on Monday, April 1st. Finally, Maxim Group reiterated a “buy” rating and issued a $36.00 price objective on shares of Sterling Bancorp in a research note on Thursday, January 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. Sterling Bancorp has a consensus rating of “Hold” and a consensus target price of $25.60.

Sterling Bancorp stock traded down $0.67 during trading hours on Friday, hitting $20.73. The company had a trading volume of 78,117 shares, compared to its average volume of 2,221,821. The firm has a market cap of $4.49 billion, a PE ratio of 10.41 and a beta of 1.30. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.95 and a current ratio of 0.97. Sterling Bancorp has a fifty-two week low of $15.62 and a fifty-two week high of $25.65.

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 20th. Shareholders of record on Monday, May 6th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.35%. The ex-dividend date is Friday, May 3rd. Sterling Bancorp’s dividend payout ratio is 14.00%.

In other Sterling Bancorp news, insider Thomas X. Geisel sold 12,335 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $21.05, for a total value of $259,651.75. Following the completion of the sale, the insider now directly owns 27,047 shares of the company’s stock, valued at $569,339.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brian T. Edwards sold 9,855 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $20.19, for a total transaction of $198,972.45. Following the completion of the sale, the insider now directly owns 98,050 shares of the company’s stock, valued at $1,979,629.50. The disclosure for this sale can be found here. Insiders sold 151,718 shares of company stock valued at $3,211,167 over the last three months. Insiders own 1.67% of the company’s stock.

A number of hedge funds have recently bought and sold shares of STL. Rockefeller Capital Management L.P. boosted its holdings in shares of Sterling Bancorp by 325.6% during the 1st quarter. Rockefeller Capital Management L.P. now owns 1,809 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,384 shares during the period. Shine Investment Advisory Services Inc. boosted its stake in Sterling Bancorp by 137.2% during the 1st quarter. Shine Investment Advisory Services Inc. now owns 1,988 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 1,150 shares during the last quarter. JOYN Advisors Inc. boosted its stake in Sterling Bancorp by 559.8% during the 4th quarter. JOYN Advisors Inc. now owns 2,547 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 2,161 shares during the last quarter. Bremer Bank National Association acquired a new stake in Sterling Bancorp during the 1st quarter worth approximately $46,000. Finally, Bremer Trust National Association acquired a new stake in Sterling Bancorp during the 4th quarter worth approximately $62,000. 93.86% of the stock is owned by institutional investors.

About Sterling Bancorp

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.

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