Sterling Bancorp (NYSE:STL) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Sterling Bancorp (NYSE:STL) announced its quarterly earnings data on Tuesday. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.03, MarketWatch Earnings reports. The firm had revenue of $256.07 million for the quarter, compared to analysts’ expectations of $247.27 million. Sterling Bancorp had a return on equity of 5.83% and a net margin of 21.32%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period last year, the business posted $0.54 earnings per share.

NYSE:STL traded down $1.12 during mid-day trading on Thursday, reaching $19.73. 41,216 shares of the stock were exchanged, compared to its average volume of 3,455,409. The business has a fifty day moving average price of $18.43 and a 200 day moving average price of $13.92. The firm has a market capitalization of $3.83 billion, a PE ratio of 16.55 and a beta of 1.68. Sterling Bancorp has a 1-year low of $7.01 and a 1-year high of $21.17. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.22.

In related news, General Counsel James P. Blose sold 4,000 shares of Sterling Bancorp stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $16.13, for a total transaction of $64,520.00. Following the transaction, the general counsel now directly owns 37,986 shares of the company’s stock, valued at $612,714.18. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.96% of the stock is owned by insiders.

STL has been the topic of a number of recent research reports. B. Riley raised their target price on Sterling Bancorp from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, January 7th. Zacks Investment Research cut Sterling Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 22nd. TheStreet upgraded Sterling Bancorp from a “c+” rating to a “b-” rating in a research note on Monday, December 28th. Finally, Seaport Global Securities initiated coverage on Sterling Bancorp in a research note on Thursday, December 17th. They issued a “buy” rating and a $23.00 target price on the stock. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $20.58.

About Sterling Bancorp

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides various banking products and services to commercial, consumer, and municipal clients in the United States. The company accepts deposit products, including checking, savings, money market, time, and interest and non-interest bearing demand deposits, as well as certificates of deposit and mortgage escrow funds.

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Earnings History for Sterling Bancorp (NYSE:STL)

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