Sterling Bancorp Inc [Southfield Down 3.87% To $5.21 After Earnings Miss

Monday, May 1, 2023 - Sterling Bancorp Inc [Southfield (SBT) reported downside earnings and revenues today.

Wall Street earnings per share (EPS) projections for Sterling Bancorp Inc [Southfield were at $0.10. The company missed those estimates with an EPS loss of $0.01 per share. The loss of $0.01 per share (which represents a -110% EPS surprise) led to the company's profits falling 110% compared to last year when the firm reported an EPS of $0.10. The decline in Sterling Bancorp Inc [Southfield's annual growth rate represents how the business isn't performing well amid current economic conditions.

Revenues were downbeat at $18 million. That represents a 20.85% decrease in revenues from the year-ago report and is 2.26% lower than consensus estimates set at $18.4 million.

The stock is down 3.87% to $5.21 after the report.

Sterling Bancorp Inc [Southfield's profit margins took a hit as earnings fell at a faster pace than revenues.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 17.

Sterling Bancorp Inc is a unitary savings and loan holding company. Its primary business is the operation of its wholly-owned subsidiary, Sterling Bank, through which it offers a range of loan products to the residential and commercial markets, as well as retail banking services. The products and services offered by the bank include saving and current accounts, demand and term deposits, payment cards, trade finance, fund transfer, treasury and cash management. It provides services such as construction loans, residential real estate, commercial real estate, commercial lines of credit and other consumer loans.