Thrivent Financial For Lutherans increased its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 5.1% during the first quarter, according to its most recent filing with the SEC. The fund owned 18,010 shares of the financial services provider’s stock after buying an additional 880 shares during the period. Thrivent Financial For Lutherans’ holdings in SunTrust Banks were worth $996,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Fulton Bank N.A. boosted its position in SunTrust Banks by 2.6% in the first quarter. Fulton Bank N.A. now owns 16,253 shares of the financial services provider’s stock worth $898,000 after buying an additional 408 shares during the last quarter. CENTRAL TRUST Co boosted its position in shares of SunTrust Banks by 2.7% in the first quarter. CENTRAL TRUST Co now owns 64,261 shares of the financial services provider’s stock worth $3,554,000 after buying an additional 1,695 shares in the last quarter. Chevy Chase Trust Holdings Inc. raised its stake in SunTrust Banks by 3.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 433,755 shares of the financial services provider’s stock worth $23,986,000 after buying an additional 13,513 shares during the last quarter. Macquarie Group Ltd. raised its stake in SunTrust Banks by 2,244.1% in the fourth quarter. Macquarie Group Ltd. now owns 253,158 shares of the financial services provider’s stock worth $13,886,000 after buying an additional 242,358 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of SunTrust Banks during the fourth quarter valued at about $872,000. Institutional investors and hedge funds own 81.84% of the company’s stock.
Shares of SunTrust Banks, Inc. (NYSE:STI) traded down 1.15% during trading on Tuesday, reaching $55.97. The company had a trading volume of 181,975 shares. The company has a market capitalization of $27.18 billion, a PE ratio of 15.25 and a beta of 1.33. The stock’s 50-day moving average price is $55.13 and its 200-day moving average price is $56.32. SunTrust Banks, Inc. has a 52 week low of $41.07 and a 52 week high of $61.69.
SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, April 21st. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The firm had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.21 billion. SunTrust Banks had a return on equity of 8.14% and a net margin of 20.32%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.84 earnings per share. On average, equities analysts expect that SunTrust Banks, Inc. will post $3.96 EPS for the current fiscal year.
SunTrust Banks declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $1.32 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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Several research analysts have commented on STI shares. FBR & Co set a $65.00 target price on SunTrust Banks and gave the stock a “buy” rating in a research note on Monday, April 24th. Bank of America Corporation reiterated a “hold” rating on shares of SunTrust Banks in a research report on Monday, April 24th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of SunTrust Banks in a research report on Sunday, April 23rd. Zacks Investment Research raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a report on Tuesday, March 28th. Finally, Jefferies Group LLC raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research note on Monday, April 3rd. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $57.39.
SunTrust Banks Company Profile
SunTrust Banks, Inc is a provider of financial services. The Company’s principal subsidiary is SunTrust Bank (the Bank). The Company’s business segments include Consumer Banking and Private Wealth Management, Wholesale Banking, Mortgage Banking and Corporate Other. As of December 31, 2016, the Consumer Banking and Private Wealth Management segment consisted of three primary businesses: Consumer Banking, Consumer Lending and Private Wealth Management.
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