Sterling Bancorp (NYSE:STL) – Jefferies Group boosted their FY2017 earnings per share (EPS) estimates for Sterling Bancorp in a note issued to investors on Thursday. Jefferies Group analyst C. Haire now forecasts that the financial services provider will post earnings of $1.38 per share for the year, up from their prior forecast of $1.37. Jefferies Group has a “Buy” rating and a $28.00 price objective on the stock. Jefferies Group also issued estimates for Sterling Bancorp’s Q4 2017 earnings at $0.38 EPS.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.33 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.33. Sterling Bancorp had a return on equity of 8.62% and a net margin of 28.40%. The company had revenue of $126.88 million for the quarter, compared to analysts’ expectations of $133.85 million.
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STL has been the topic of a number of other research reports. Zacks Investment Research cut Sterling Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, June 17th. BidaskClub cut Sterling Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. ValuEngine raised Sterling Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, May 20th. FBR & Co set a $25.00 price objective on Sterling Bancorp and gave the stock a “hold” rating in a report on Thursday, May 4th. Finally, Stephens initiated coverage on Sterling Bancorp in a report on Wednesday, April 5th. They set an “overweight” rating on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have given a buy rating to the stock. Sterling Bancorp has an average rating of “Buy” and a consensus price target of $27.07.
Sterling Bancorp (NYSE STL) opened at 22.70 on Friday. The company has a 50 day moving average price of $23.19 and a 200-day moving average price of $23.42. Sterling Bancorp has a 12 month low of $16.62 and a 12 month high of $25.85. The company has a market cap of $3.08 billion, a PE ratio of 18.93 and a beta of 1.08.
A number of institutional investors have recently made changes to their positions in STL. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Sterling Bancorp by 51.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,089 shares of the financial services provider’s stock worth $121,000 after buying an additional 1,735 shares in the last quarter. LS Investment Advisors LLC raised its position in shares of Sterling Bancorp by 33.5% in the first quarter. LS Investment Advisors LLC now owns 6,653 shares of the financial services provider’s stock worth $158,000 after buying an additional 1,670 shares in the last quarter. World Asset Management Inc acquired a new position in shares of Sterling Bancorp during the first quarter worth $203,000. Tocqueville Asset Management L.P. acquired a new position in shares of Sterling Bancorp during the first quarter worth $214,000. Finally, Everence Capital Management Inc. acquired a new position in shares of Sterling Bancorp during the first quarter worth $222,000. Institutional investors and hedge funds own 86.60% of the company’s stock.
In other Sterling Bancorp news, General Counsel James P. Blose sold 3,000 shares of the company’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $24.00, for a total value of $72,000.00. Following the transaction, the general counsel now directly owns 18,433 shares in the company, valued at approximately $442,392. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Craig S. Thompson sold 2,000 shares of the company’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $21.62, for a total value of $43,240.00. The disclosure for this sale can be found here. Insiders sold a total of 210,500 shares of company stock worth $4,851,925 over the last 90 days. Corporate insiders own 3.74% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Shareholders of record on Monday, August 7th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $0.28 dividend on an annualized basis and a yield of 1.23%. Sterling Bancorp’s dividend payout ratio is currently 23.33%.
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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