Sterling Bancorp (NYSE:STL) Expected to Post Earnings of $0.51 Per Share

Equities analysts forecast that Sterling Bancorp (NYSE:STL) will announce earnings per share of $0.51 for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Sterling Bancorp’s earnings. The highest EPS estimate is $0.53 and the lowest is $0.48. Sterling Bancorp posted earnings of $0.45 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 13.3%. The business is expected to announce its next quarterly earnings report after the market closes on Wednesday, October 20th.

On average, analysts expect that Sterling Bancorp will report full year earnings of $2.04 per share for the current fiscal year, with EPS estimates ranging from $1.95 to $2.10. For the next fiscal year, analysts forecast that the firm will post earnings of $2.09 per share, with EPS estimates ranging from $2.00 to $2.20. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research firms that that provide coverage for Sterling Bancorp.

Sterling Bancorp (NYSE:STL) last posted its quarterly earnings results on Tuesday, July 20th. The financial services provider reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Sterling Bancorp had a return on equity of 8.56% and a net margin of 33.30%. The business had revenue of $249.02 million for the quarter, compared to analysts’ expectations of $252.52 million. During the same quarter in the prior year, the business earned $0.29 EPS. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis.

Separately, Zacks Investment Research cut Sterling Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, August 17th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Sterling Bancorp currently has a consensus rating of “Buy” and an average target price of $25.71.

STL traded up $0.31 during trading hours on Friday, reaching $26.12. The company’s stock had a trading volume of 72,019 shares, compared to its average volume of 2,708,288. Sterling Bancorp has a 52 week low of $11.61 and a 52 week high of $27.22. The company’s 50-day moving average is $23.36 and its 200-day moving average is $24.02. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market cap of $5.03 billion, a PE ratio of 14.26 and a beta of 1.70.

The business also recently declared a quarterly dividend, which was paid on Monday, August 16th. Investors of record on Monday, August 2nd were given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend was Friday, July 30th. Sterling Bancorp’s payout ratio is currently 23.33%.

Several hedge funds and other institutional investors have recently modified their holdings of STL. Versor Investments LP bought a new position in shares of Sterling Bancorp in the second quarter worth $84,570,000. FMR LLC boosted its stake in Sterling Bancorp by 81,198.3% in the first quarter. FMR LLC now owns 1,713,769 shares of the financial services provider’s stock valued at $31,928,000 after buying an additional 1,711,661 shares in the last quarter. Citigroup Inc. boosted its stake in Sterling Bancorp by 350.1% in the second quarter. Citigroup Inc. now owns 1,704,977 shares of the financial services provider’s stock valued at $42,266,000 after buying an additional 1,326,141 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Sterling Bancorp by 19.6% in the first quarter. Principal Financial Group Inc. now owns 3,327,268 shares of the financial services provider’s stock valued at $76,594,000 after buying an additional 546,350 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in Sterling Bancorp by 18.3% in the second quarter. Bank of America Corp DE now owns 3,282,035 shares of the financial services provider’s stock valued at $81,360,000 after buying an additional 507,588 shares in the last quarter. Institutional investors own 81.87% of the company’s stock.

About Sterling Bancorp

Sterling Bancorp operates as a financial and bank holding company of Sterling National Bank, which engages in the provision of commercial, business, and consumer banking products and services through its subsidiary. The company was founded in 1888 and is headquartered in Pearl River, NY.

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

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