Jefferies Group Equities Analysts Reduce Earnings Estimates for Sterling Bancorp (STL)
Sterling Bancorp (NYSE:STL) – Analysts at Jefferies Group dropped their Q4 2017 earnings per share estimates for shares of Sterling Bancorp in a research note issued to investors on Monday. Jefferies Group analyst C. Haire now expects that the financial services provider will post earnings per share of $0.38 for the quarter, down from their prior forecast of $0.51. Jefferies Group also issued estimates for Sterling Bancorp’s FY2018 earnings at $1.95 EPS and FY2019 earnings at $2.20 EPS.
Sterling Bancorp (NYSE:STL) last released its quarterly earnings results on Tuesday, October 24th. The financial services provider reported $0.35 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.01). Sterling Bancorp had a net margin of 28.58% and a return on equity of 9.08%. The company had revenue of $134.06 million during the quarter, compared to analyst estimates of $135.09 million. During the same quarter last year, the business earned $0.29 EPS. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year.
Other equities analysts have also issued research reports about the company. Maxim Group reiterated a “buy” rating and issued a $30.00 price target on shares of Sterling Bancorp in a research report on Wednesday, October 25th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $29.00 price target on shares of Sterling Bancorp in a research report on Thursday, October 12th. Zacks Investment Research upgraded Sterling Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research report on Saturday, September 16th. JMP Securities started coverage on Sterling Bancorp in a research report on Monday, November 20th. They issued a “market perform” rating and a $25.85 price target for the company. Finally, Royal Bank of Canada decreased their price target on Sterling Bancorp from $30.00 to $29.00 and set an “outperform” rating for the company in a research report on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $27.86.
Sterling Bancorp (NYSE STL) opened at $26.00 on Wednesday. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.99 and a quick ratio of 0.99. Sterling Bancorp has a 1 year low of $21.00 and a 1 year high of $26.50. The firm has a market capitalization of $5,750.00, a price-to-earnings ratio of 20.97 and a beta of 1.04.
Institutional investors have recently made changes to their positions in the stock. Riverhead Capital Management LLC lifted its stake 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 worth $119,000 after acquiring an additional 2,119 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Sterling Bancorp by 8.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,504 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 415 shares in the last quarter. First Bank & Trust raised its stake in shares of Sterling Bancorp by 54.5% during the 3rd quarter. First Bank & Trust now owns 7,657 shares of the financial services provider’s stock worth $188,000 after purchasing an additional 2,701 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Sterling Bancorp by 82.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 7,845 shares of the financial services provider’s stock worth $193,000 after purchasing an additional 3,554 shares in the last quarter. Finally, M&T Bank Corp purchased a new stake in shares of Sterling Bancorp during the 2nd quarter worth about $205,000. 91.70% of the stock is owned by hedge funds and other institutional investors.
In related 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 completion of the sale, the director now directly owns 500 shares of the company’s stock, valued at approximately $12,655. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael E. Finn sold 4,535 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $24.05, for a total value of $109,066.75. Following the completion of the sale, the executive vice president now directly owns 35,288 shares of the company’s stock, valued at $848,676.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 753,635 shares of company stock valued at $18,727,028. Company insiders own 3.74% of the company’s stock.
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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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