Stephens Inc. AR decreased its holdings in shares of SunTrust Banks, Inc. (NYSE:STI) by 1.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 72,346 shares of the financial services provider’s stock after selling 824 shares during the period. Stephens Inc. AR’s holdings in SunTrust Banks were worth $4,103,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in STI. Park National Corp OH grew its position in shares of SunTrust Banks by 0.8% during the second quarter. Park National Corp OH now owns 9,907 shares of the financial services provider’s stock worth $562,000 after acquiring an additional 80 shares during the last quarter. Trust Co. of Virginia VA grew its position in shares of SunTrust Banks by 74.3% during the first quarter. Trust Co. of Virginia VA now owns 9,343 shares of the financial services provider’s stock worth $517,000 after acquiring an additional 3,984 shares during the last quarter. Ballentine Partners LLC bought a new position in shares of SunTrust Banks during the first quarter worth about $275,000. Nordea Investment Management AB grew its position in shares of SunTrust Banks by 11.9% during the first quarter. Nordea Investment Management AB now owns 213,040 shares of the financial services provider’s stock worth $11,781,000 after acquiring an additional 22,620 shares during the last quarter. Finally, Congress Asset Management Co. MA grew its position in shares of SunTrust Banks by 2.7% during the first quarter. Congress Asset Management Co. MA now owns 729,210 shares of the financial services provider’s stock worth $40,325,000 after acquiring an additional 19,361 shares during the last quarter. Hedge funds and other institutional investors own 81.19% of the company’s stock.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the firm’s 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 in the company, valued at $201,550.10. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.55% of the stock is owned by company insiders.
Several equities analysts have recently commented on the stock. Morgan Stanley upgraded shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price target for the company in a research report on Thursday, August 3rd. BidaskClub upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, July 5th. Wells Fargo & Company assumed coverage on shares of SunTrust Banks in a research report on Wednesday, August 9th. They set an “outperform” rating and a $70.00 price target for the company. Keefe, Bruyette & Woods set a $58.00 price target on shares of SunTrust Banks and gave the stock a “hold” rating in a research report on Thursday, July 6th. Finally, Instinet restated a “neutral” rating and set a $61.00 price target on shares of SunTrust Banks in a research report on Wednesday, July 12th. One 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 company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $60.39.
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Shares of SunTrust Banks, Inc. (STI) traded up 1.316% during midday trading on Tuesday, reaching $54.275. 427,350 shares of the company’s stock were exchanged. SunTrust Banks, Inc. has a 1-year low of $42.36 and a 1-year high of $61.69. The company has a market capitalization of $26.14 billion, a PE ratio of 14.435 and a beta of 1.33. The firm has a 50-day moving average of $56.31 and a 200-day moving average of $56.28.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.05. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The company’s revenue was up 2.0% on a year-over-year basis. During the same period last year, the company earned $0.94 earnings per share. Equities analysts expect that SunTrust Banks, Inc. will post $4.04 earnings per share for the current fiscal year.
SunTrust Banks declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.99%. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Tuesday, August 29th. SunTrust Banks’s dividend payout ratio (DPR) is presently 42.67%.
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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