Commerce Bank lifted its holdings in SunTrust Banks, Inc. (NYSE:STI) by 11.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,562 shares of the financial services provider’s stock after purchasing an additional 474 shares during the quarter. Commerce Bank’s holdings in SunTrust Banks were worth $259,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Guardian Life Insurance Co. of America grew its holdings in shares of SunTrust Banks by 1.0% in the first quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 18 shares in the last quarter. Bronfman E.L. Rothschild L.P. grew its holdings in shares of SunTrust Banks by 9.2% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,269 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 192 shares in the last quarter. Independent Portfolio Consultants Inc. grew its holdings in shares of SunTrust Banks by 184.7% in the second quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock valued at $150,000 after purchasing an additional 1,718 shares in the last quarter. Huntington National Bank grew its holdings in shares of SunTrust Banks by 2.9% in the second quarter. Huntington National Bank now owns 2,809 shares of the financial services provider’s stock valued at $159,000 after purchasing an additional 80 shares in the last quarter. Finally, Kings Point Capital Management purchased a new position in shares of SunTrust Banks in the first quarter valued at $195,000. 81.19% of the stock is owned by hedge funds and other institutional investors.
Shares of SunTrust Banks, Inc. (NYSE STI) opened at 53.57 on Tuesday. The stock’s 50 day moving average price is $56.31 and its 200 day moving average price is $56.28. SunTrust Banks, Inc. has a 52-week low of $42.36 and a 52-week high of $61.69. The company has a market capitalization of $25.80 billion, a P/E ratio of 14.25 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last posted its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.05. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The firm had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the prior year, the company earned $0.94 EPS. SunTrust Banks’s revenue was up 2.0% on a year-over-year basis. On average, equities research analysts forecast that SunTrust Banks, Inc. will post $4.04 earnings per share for the current fiscal year.
SunTrust Banks declared that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to buyback $1.32 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 4.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be paid a dividend of $0.40 per share. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date is Tuesday, August 29th. This represents a $1.60 annualized dividend and a yield of 2.99%. SunTrust Banks’s dividend payout ratio is presently 42.67%.
A number of research analysts recently weighed in on STI shares. Piper Jaffray Companies reissued a “buy” rating and issued a $63.00 target price on shares of SunTrust Banks in a report on Monday, August 28th. BidaskClub raised shares of SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. Morgan Stanley reissued an “underweight” rating and issued a $63.00 target price (up from $62.00) on shares of SunTrust Banks in a report on Tuesday, July 25th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of SunTrust Banks in a report on Sunday, July 23rd. Finally, Instinet reissued a “neutral” rating and issued a $61.00 target price on shares of SunTrust Banks in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $60.39.
In related news, insider Susan S. Johnson sold 808 shares of the stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $57.34, for a total transaction of $46,330.72. Following the transaction, the insider now owns 3,515 shares of the company’s stock, valued at approximately $201,550.10. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.55% of the stock is currently owned by corporate insiders.
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SunTrust Banks 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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