Sterling Bancorp (NYSE:STL) – Piper Jaffray Companies cut their Q2 2019 earnings per share (EPS) estimates for Sterling Bancorp in a research note issued to investors on Friday, October 26th. Piper Jaffray Companies analyst M. Breese now forecasts that the financial services provider will post earnings of $0.50 per share for the quarter, down from their previous estimate of $0.52. Piper Jaffray Companies also issued estimates for Sterling Bancorp’s Q3 2019 earnings at $0.51 EPS, Q4 2019 earnings at $0.54 EPS, FY2019 earnings at $2.02 EPS, Q1 2020 earnings at $0.50 EPS, Q2 2020 earnings at $0.52 EPS, Q3 2020 earnings at $0.54 EPS and FY2020 earnings at $2.15 EPS.
Several other research analysts have also issued reports on the stock. Maxim Group reaffirmed a “buy” rating and issued a $36.00 target price on shares of Sterling Bancorp in a research note on Thursday. Hovde Group reduced their target price on shares of Sterling Bancorp from $30.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday. ValuEngine lowered shares of Sterling Bancorp from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 17th. Finally, Zacks Investment Research lowered shares of Sterling Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $28.84.
Sterling Bancorp (NYSE:STL) last issued its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $0.51 EPS for the quarter, hitting analysts’ consensus estimates of $0.51. Sterling Bancorp had a net margin of 23.31% and a return on equity of 9.96%. The firm had revenue of $272.20 million for the quarter, compared to analyst estimates of $278.79 million. During the same quarter in the prior year, the firm earned $0.35 EPS. The company’s revenue was up 96.3% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 19th. Stockholders of record on Monday, November 5th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Friday, November 2nd. Sterling Bancorp’s dividend payout ratio (DPR) is presently 20.00%.
In other news, General Counsel James P. Blose sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $22.25, for a total value of $44,500.00. Following the transaction, the general counsel now owns 20,322 shares of the company’s stock, valued at approximately $452,164.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard L. O’toole bought 5,000 shares of Sterling Bancorp stock in a transaction dated Thursday, October 25th. The stock was acquired at an average cost of $17.01 per share, for a total transaction of $85,050.00. Following the purchase, the director now directly owns 35,713 shares in the company, valued at approximately $607,478.13. The disclosure for this purchase can be found here. 2.09% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. Janus Henderson Group PLC acquired a new stake in shares of Sterling Bancorp in the 2nd quarter valued at approximately $23,115,000. Wells Fargo & Company MN raised its position in shares of Sterling Bancorp by 8.0% in the 2nd quarter. Wells Fargo & Company MN now owns 3,090,337 shares of the financial services provider’s stock valued at $72,622,000 after acquiring an additional 230,192 shares during the period. Aperio Group LLC raised its position in shares of Sterling Bancorp by 25.5% in the 2nd quarter. Aperio Group LLC now owns 49,149 shares of the financial services provider’s stock valued at $1,155,000 after acquiring an additional 10,002 shares during the period. Qube Research & Technologies Ltd acquired a new stake in shares of Sterling Bancorp in the 2nd quarter valued at approximately $222,000. Finally, LMR Partners LLP acquired a new stake in shares of Sterling Bancorp in the 2nd quarter valued at approximately $7,250,000. Institutional investors and hedge funds own 92.17% of the company’s stock.
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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