Sterling Bancorp (NYSE:STL) – Investment analysts at Jefferies Financial Group increased their Q1 2021 earnings estimates for shares of Sterling Bancorp in a report released on Friday, April 9th. Jefferies Financial Group analyst C. Haire now expects that the financial services provider will earn $0.47 per share for the quarter, up from their prior forecast of $0.44. Jefferies Financial Group also issued estimates for Sterling Bancorp’s Q2 2021 earnings at $0.48 EPS, Q4 2021 earnings at $0.52 EPS, FY2021 earnings at $2.00 EPS and FY2022 earnings at $2.25 EPS.
STL has been the subject of several other research reports. Hovde Group raised shares of Sterling Bancorp from a “market perform” rating to an “outperform” rating and upped their target price for the company from $18.00 to $24.00 in a research note on Friday, January 22nd. TheStreet raised shares of Sterling Bancorp from a “c+” rating to a “b-” rating in a research report on Monday, December 28th. B. Riley increased their price objective on shares of Sterling Bancorp from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, January 7th. Seaport Global Securities assumed coverage on shares of Sterling Bancorp in a research report on Thursday, December 17th. They set a “buy” rating and a $23.00 price objective for the company. Finally, Zacks Investment Research raised shares of Sterling Bancorp from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research report on Wednesday, March 31st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $22.57.
Sterling Bancorp (NYSE:STL) last issued its earnings results on Tuesday, January 19th. The financial services provider reported $0.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.03. Sterling Bancorp had a net margin of 21.32% and a return on equity of 5.83%. The firm had revenue of $256.07 million during the quarter, compared to the consensus estimate of $247.27 million. During the same quarter in the prior year, the firm earned $0.54 earnings per share. The business’s quarterly revenue was down 3.2% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 16th. Investors of record on Monday, February 1st were issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend was Friday, January 29th. Sterling Bancorp’s payout ratio is 13.53%.
In other Sterling Bancorp news, insider Thomas X. Geisel sold 8,452 shares of the stock in a transaction on Friday, March 5th. The shares were sold at an average price of $22.72, for a total value of $192,029.44. Also, insider Javier L. Evan sold 3,000 shares of the stock in a transaction on Thursday, March 11th. The shares were sold at an average price of $23.84, for a total transaction of $71,520.00. Following the completion of the sale, the insider now owns 27,104 shares of the company’s stock, valued at approximately $646,159.36. The disclosure for this sale can be found here. Corporate insiders own 0.96% of the company’s stock.
A number of hedge funds have recently made changes to their positions in STL. Captrust Financial Advisors lifted its stake in Sterling Bancorp by 45.7% in the fourth quarter. Captrust Financial Advisors now owns 2,315 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 726 shares during the last quarter. Private Capital Group LLC acquired a new stake in shares of Sterling Bancorp during the 4th quarter worth about $44,000. CWM LLC acquired a new stake in shares of Sterling Bancorp during the 4th quarter worth about $46,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Sterling Bancorp during the 4th quarter worth about $66,000. Finally, Alpha DNA Investment Management LLC acquired a new stake in shares of Sterling Bancorp during the 4th quarter worth about $72,000. Hedge funds and other institutional investors own 81.24% 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 interest and non-interest checking, savings, money market, time, and demand deposits, as well as certificates of deposit.
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