Jefferies Group Comments on Sterling Bancorp’s FY2018 Earnings (STL)

Sterling Bancorp (NYSE:STL) – Stock analysts at Jefferies Group lowered their FY2018 earnings per share (EPS) estimates for shares of Sterling Bancorp in a research note issued to investors on Thursday. Jefferies Group analyst C. Haire now anticipates that the financial services provider will earn $1.65 per share for the year, down from their prior estimate of $1.70.

Sterling Bancorp (NYSE:STL) last announced its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). The firm had revenue of $134.06 million for the quarter, compared to analysts’ expectations of $135.09 million. Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. The business’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.29 EPS.

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Several other research firms have also issued reports on STL. Zacks Investment Research raised Sterling Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research note on Wednesday, October 11th. Royal Bank Of Canada decreased their target price on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 3rd. Keefe, Bruyette & Woods reissued a “buy” rating and set a $29.00 target price on shares of Sterling Bancorp in a research note on Thursday, October 12th. Maxim Group reissued a “buy” rating and set a $30.00 target price on shares of Sterling Bancorp in a research note on Wednesday, October 25th. Finally, BidaskClub raised Sterling Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $27.69.

Shares of Sterling Bancorp (STL) traded down 1.76% during trading on Monday, hitting $25.05. The stock had a trading volume of 58,828 shares. Sterling Bancorp has a 12 month low of $17.40 and a 12 month high of $25.85. The stock has a market cap of $3.40 billion, a price-to-earnings ratio of 20.89 and a beta of 1.07. The company’s 50 day moving average price is $24.03 and its 200 day moving average price is $23.10.

Hedge funds have recently bought and sold shares of the business. First Bank & Trust raised its position in Sterling Bancorp by 402.6% in the 2nd quarter. First Bank & Trust now owns 4,956 shares of the financial services provider’s stock valued at $115,000 after purchasing an additional 3,970 shares in the last quarter. Riverhead Capital Management LLC raised its position in Sterling Bancorp by 70.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 5,119 shares of the financial services provider’s stock valued at $119,000 after purchasing an additional 2,119 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in 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. M&T Bank Corp acquired a new stake in Sterling Bancorp in the 2nd quarter valued at about $205,000. Finally, World Asset Management Inc raised its position in Sterling Bancorp by 3.0% in the 2nd quarter. World Asset Management Inc now owns 8,842 shares of the financial services provider’s stock valued at $206,000 after purchasing an additional 261 shares in the last quarter. 91.18% of the stock is currently owned by institutional investors.

In other Sterling Bancorp news, Director James F. Deutsch sold 300,000 shares of the stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $25.31, for a total value of $7,593,000.00. Following the sale, the director now owns 500 shares of the company’s stock, valued at approximately $12,655. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Burt Steinberg purchased 10,000 shares of Sterling Bancorp stock in a transaction on Friday, August 11th. The stock was bought at an average cost of $21.88 per share, for a total transaction of $218,800.00. Following the transaction, the director now directly owns 135,146 shares in the company, valued at $2,956,994.48. The disclosure for this purchase can be found here. 3.74% of the stock is owned by company insiders.

The business also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Shareholders of record on Monday, November 6th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date is Friday, November 3rd. Sterling Bancorp’s dividend payout ratio is currently 22.58%.

About Sterling Bancorp

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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