U.S. Markets closed

Sterling Bancorp meets 1Q profit forecasts

MONTEBELLO, N.Y. (AP) _ Sterling Bancorp (STL) on Tuesday reported first-quarter earnings of $39.1 million.

The Montebello, New York-based bank said it had earnings of 29 cents per share. Earnings, adjusted for one-time gains and costs, were 31 cents per share.

The results met Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of 31 cents per share.

The bank holding company posted revenue of $138.8 million in the period. Its adjusted revenue was $121.6 million, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $127.8 million.

Sterling Bancorp shares have risen almost 2 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $23.80, an increase of 43 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on STL at https://www.zacks.com/ap/STL


Keywords: Sterling Bancorp, Earnings Report