Sterling Bancorp (NYSE:STL) – Jefferies Group reduced their Q4 2017 earnings per share (EPS) estimates for Sterling Bancorp in a report released on Monday, according to Zacks Investment Research. Jefferies Group analyst C. Haire now anticipates that the financial services provider will post earnings of $0.38 per share for the quarter, down from their previous forecast of $0.51. Jefferies Group currently has a “Buy” rating and a $30.00 price target on the stock. Jefferies Group also issued estimates for Sterling Bancorp’s FY2018 earnings at $1.95 EPS and FY2019 earnings at $2.20 EPS.
Other equities analysts have also recently issued research reports about the stock. Maxim Group boosted their price target on shares of Sterling Bancorp from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $29.00 price target on shares of Sterling Bancorp in a research note on Thursday, October 12th. Zacks Investment Research cut shares of Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. Finally, JMP Securities initiated coverage on shares of Sterling Bancorp in a research note on Monday, November 20th. They issued a “market perform” rating and a $25.85 price target for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $28.36.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The company had revenue of $265.00 million during the quarter, compared to analysts’ expectations of $267.08 million. Sterling Bancorp had a net margin of 12.46% and a return on equity of 8.93%. The business’s quarterly revenue was up 115.3% on a year-over-year basis.
Several institutional investors have recently made changes to their positions in STL. Schwab Charles Investment Management Inc. boosted its stake in shares of Sterling Bancorp by 5.2% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 561,783 shares of the financial services provider’s stock valued at $13,062,000 after purchasing an additional 27,670 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Sterling Bancorp by 8.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,504 shares of the financial services provider’s stock valued at $128,000 after purchasing an additional 415 shares in the last quarter. Swiss National Bank raised its holdings in Sterling Bancorp by 1.8% during the 2nd quarter. Swiss National Bank now owns 215,452 shares of the financial services provider’s stock valued at $5,009,000 after buying an additional 3,800 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Sterling Bancorp by 3.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 665,300 shares of the financial services provider’s stock valued at $15,468,000 after buying an additional 22,064 shares during the last quarter. Finally, Engineers Gate Manager LP raised its holdings in Sterling Bancorp by 8.7% during the 2nd quarter. Engineers Gate Manager LP now owns 26,243 shares of the financial services provider’s stock valued at $610,000 after buying an additional 2,097 shares during the last quarter. 91.70% of the stock is owned by institutional investors.
In other news, Director Thomas G. Kahn sold 30,000 shares of the company’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $23.69, for a total value of $710,700.00. Following the completion of the sale, the director now owns 44,774 shares of the company’s stock, valued at approximately $1,060,696.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael E. Finn sold 4,535 shares of the company’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $24.05, for a total transaction of $109,066.75. Following the completion of the sale, the executive vice president now directly owns 35,288 shares of the company’s stock, valued at approximately $848,676.40. The disclosure for this sale can be found here. Insiders sold a total of 299,535 shares of company stock valued at $7,299,217 in the last ninety days. 3.74% of the stock is owned by corporate insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 20th. Stockholders of record on Monday, February 5th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Friday, February 2nd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.12%. Sterling Bancorp’s dividend payout ratio (DPR) is 36.36%.
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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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