Sterling Bancorp (NYSE:STL) – Analysts at Jefferies Financial Group boosted their FY2019 earnings estimates for shares of Sterling Bancorp in a report issued on Tuesday, January 8th. Jefferies Financial Group analyst C. Haire now expects that the financial services provider will earn $2.00 per share for the year, up from their previous estimate of $1.98.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $0.51 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.51. Sterling Bancorp had a return on equity of 9.96% and a net margin of 23.31%. The business had revenue of $272.20 million for the quarter, compared to the consensus estimate of $278.79 million. During the same quarter last year, the business posted $0.35 earnings per share. The company’s revenue for the quarter was up 96.3% on a year-over-year basis.
Other equities research analysts also recently issued research reports about the company. Hovde Group lowered their price target on Sterling Bancorp from $30.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, October 25th. Maxim Group reiterated a “buy” rating and issued a $36.00 price objective on shares of Sterling Bancorp in a report on Thursday, October 25th. Stephens reiterated a “buy” rating and issued a $21.00 price objective on shares of Sterling Bancorp in a report on Wednesday, December 19th. TheStreet downgraded Sterling Bancorp from a “b-” rating to a “c+” rating in a report on Thursday, January 3rd. Finally, ValuEngine downgraded Sterling Bancorp from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. Sterling Bancorp presently has an average rating of “Buy” and an average price target of $28.14.
NYSE STL opened at $17.38 on Friday. Sterling Bancorp has a twelve month low of $15.62 and a twelve month high of $25.65. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.14. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 12.41 and a beta of 1.17.
In related news, Director Richard L. O’toole acquired 5,000 shares of the firm’s stock in a transaction dated Thursday, October 25th. The shares were purchased at an average price of $17.01 per share, for a total transaction of $85,050.00. Following the completion of the acquisition, the director now owns 35,713 shares in the company, valued at $607,478.13. The purchase was disclosed in a filing with the SEC, which is available at this link. 2.09% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC bought a new stake in shares of Sterling Bancorp in the third quarter worth about $114,000. Janney Montgomery Scott LLC bought a new stake in shares of Sterling Bancorp in the third quarter worth about $206,000. Qube Research & Technologies Ltd bought a new stake in shares of Sterling Bancorp in the second quarter worth about $222,000. MML Investors Services LLC bought a new stake in shares of Sterling Bancorp in the third quarter worth about $227,000. Finally, Panagora Asset Management Inc. grew its stake in shares of Sterling Bancorp by 76.0% in the third quarter. Panagora Asset Management Inc. now owns 12,506 shares of the financial services provider’s stock worth $275,000 after purchasing an additional 5,400 shares during the last quarter. 93.92% of the stock is currently owned by institutional investors.
About Sterling Bancorp
Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, money market, savings, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.
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