Sterling Bancorp (SBT) Releases Earnings Results, Beats Estimates By $0.01 EPS

Sterling Bancorp (NASDAQ:SBT) announced its earnings results on Monday, October 29th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.29 by $0.01, MarketWatch Earnings reports. The firm had revenue of $35.03 million for the quarter. Sterling Bancorp had a net margin of 31.33% and a return on equity of 19.34%.

Shares of NASDAQ:SBT traded down $0.03 on Thursday, hitting $8.92. 27,220 shares of the company were exchanged, compared to its average volume of 30,828. Sterling Bancorp has a one year low of $8.87 and a one year high of $14.98. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.16 and a current ratio of 1.21. The company has a market cap of $474.99 million and a price-to-earnings ratio of 8.15.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Sunday, November 25th will be issued a $0.01 dividend. The ex-dividend date is Wednesday, November 21st. This represents a $0.04 annualized dividend and a yield of 0.45%.

In related news, Director Seth S. Meltzer acquired 7,000 shares of the company’s stock in a transaction dated Thursday, October 25th. The shares were bought at an average price of $9.82 per share, for a total transaction of $68,740.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 3.00% of the company’s stock.

A hedge fund recently raised its stake in Sterling Bancorp stock. Bank of New York Mellon Corp increased its holdings in shares of Sterling Bancorp (NASDAQ:SBT) by 8.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 57,406 shares of the company’s stock after acquiring an additional 4,604 shares during the period. Bank of New York Mellon Corp owned about 0.11% of Sterling Bancorp worth $767,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 31.16% of the company’s stock.

Separately, Sandler O’Neill set a $13.00 target price on shares of Sterling Bancorp and gave the stock a “buy” rating in a report on Tuesday, October 30th.

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About Sterling Bancorp

Sterling Bancorp, Inc is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City, and a loan production office in Seattle, Washington. Sterling offers a broad range of loan products to the residential and commercial markets, as well as retail and business banking services.

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