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

Wall Street brokerages forecast that Sterling Bancorp (NYSE:STL) will post $260.37 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Sterling Bancorp’s earnings. The lowest sales estimate is $257.10 million and the highest is $262.10 million. Sterling Bancorp posted sales of $284.08 million during the same quarter last year, which suggests a negative year over year growth rate of 8.3%. The firm is scheduled to issue its next earnings results on Tuesday, July 23rd.

According to Zacks, 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 financial year, analysts anticipate that the firm will report 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 analysts that that provide coverage for 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 Zacks’ consensus estimate of $0.49 by $0.01. The business had revenue of $263.90 million during the quarter, compared to analyst estimates of $262.59 million. Sterling Bancorp had a return on equity of 10.57% and a net margin of 33.40%. The company’s revenue was up .5% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS.

A number of equities analysts have weighed in on STL shares. ValuEngine upgraded Sterling Bancorp from a “strong sell” rating to a “sell” rating in a research note on Monday, February 4th. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Wednesday, January 30th. Maxim Group reiterated a “buy” rating and set a $36.00 price objective on shares of Sterling Bancorp in a research note on Thursday, January 24th. Finally, FIG Partners reiterated an “outperform” rating on shares of Sterling Bancorp in a research note on Monday, April 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $25.60.

Shares of NYSE STL traded down $0.19 during trading on Friday, reaching $20.62. 2,729,018 shares of the company traded hands, compared to its average volume of 2,525,397. The firm has a market capitalization of $4.32 billion, a P/E ratio of 10.31 and a beta of 1.30. Sterling Bancorp has a 12-month low of $15.62 and a 12-month high of $25.65. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.95 and a current ratio of 0.97.

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 20th. Investors of record on Monday, May 6th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $0.28 annualized dividend and a dividend yield of 1.36%. Sterling Bancorp’s dividend payout ratio is presently 14.00%.

In other Sterling Bancorp news, insider Thomas X. Geisel sold 12,335 shares of the company’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 transaction, the insider now owns 27,047 shares in the company, valued at approximately $569,339.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Brian T. Edwards sold 9,855 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $20.19, for a total transaction of $198,972.45. Following the completion of the transaction, the insider now owns 98,050 shares in the company, valued at approximately $1,979,629.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 151,718 shares of company stock valued at $3,211,167. 1.67% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc increased its stake in Sterling Bancorp by 2.2% in the 3rd quarter. Legal & General Group Plc now owns 244,461 shares of the financial services provider’s stock valued at $5,378,000 after buying an additional 5,308 shares during the period. Marshall Wace LLP bought a new stake in Sterling Bancorp in the third quarter worth approximately $832,000. Federated Investors Inc. PA grew its position in Sterling Bancorp by 1,771.5% in the third quarter. Federated Investors Inc. PA now owns 1,398,178 shares of the financial services provider’s stock worth $30,760,000 after acquiring an additional 1,323,471 shares in the last quarter. Vanguard Group Inc grew its position in Sterling Bancorp by 4.5% in the third quarter. Vanguard Group Inc now owns 19,590,740 shares of the financial services provider’s stock worth $430,995,000 after acquiring an additional 849,267 shares in the last quarter. Finally, Hennessy Advisors Inc. grew its position in Sterling Bancorp by 28.2% in the fourth quarter. Hennessy Advisors Inc. now owns 250,000 shares of the financial services provider’s stock worth $4,128,000 after acquiring an additional 55,000 shares in the last quarter. Hedge funds and other institutional investors own 93.86% of the company’s stock.

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.

See Also: Compound Annual Growth Rate (CAGR)

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Earnings History and Estimates for Sterling Bancorp (NYSE:STL)

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