Payden & Rygel Invests $11.24 Million in SunTrust Banks, Inc. (STI)

Payden & Rygel bought a new stake in SunTrust Banks, Inc. (NYSE:STI) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 188,000 shares of the financial services provider’s stock, valued at approximately $11,237,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Advisory Services Network LLC raised its position in shares of SunTrust Banks by 0.9% during the 2nd quarter. Advisory Services Network LLC now owns 2,140 shares of the financial services provider’s stock valued at $121,000 after acquiring an additional 20 shares in the last quarter. Intrust Bank NA raised its position in shares of SunTrust Banks by 0.4% during the 2nd quarter. Intrust Bank NA now owns 16,568 shares of the financial services provider’s stock valued at $940,000 after acquiring an additional 70 shares in the last quarter. Cadence Capital Management LLC raised its position in shares of SunTrust Banks by 0.4% during the 2nd quarter. Cadence Capital Management LLC now owns 20,181 shares of the financial services provider’s stock valued at $1,145,000 after acquiring an additional 88 shares in the last quarter. Balentine LLC raised its position in shares of SunTrust Banks by 2.9% during the 2nd quarter. Balentine LLC now owns 3,148 shares of the financial services provider’s stock valued at $179,000 after acquiring an additional 90 shares in the last quarter. Finally, Krilogy Financial LLC raised its position in shares of SunTrust Banks by 1.8% during the 2nd quarter. Krilogy Financial LLC now owns 5,153 shares of the financial services provider’s stock valued at $292,000 after acquiring an additional 90 shares in the last quarter. 80.82% of the stock is currently owned by institutional investors.

In other news, Director Kyle P. Legg sold 3,300 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $21.82, for a total value of $72,006.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Mark A. Chancy sold 4,000 shares of the stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $60.06, for a total value of $240,240.00. The disclosure for this sale can be found here. Corporate insiders own 0.55% of the company’s stock.

Several equities research analysts recently issued reports on the company. Nomura upped their price target on SunTrust Banks from $62.00 to $63.00 and gave the company a “neutral” rating in a research report on Thursday, September 28th. Robert W. Baird restated a “hold” rating and set a $55.00 price objective on shares of SunTrust Banks in a research note on Sunday, October 1st. Wells Fargo & Company assumed coverage on SunTrust Banks in a research note on Wednesday, August 9th. They set an “outperform” rating and a $70.00 price objective for the company. Keefe, Bruyette & Woods restated a “hold” rating and set a $62.00 price objective on shares of SunTrust Banks in a research note on Tuesday, October 3rd. Finally, Jefferies Group restated a “buy” rating and set a $69.00 price objective on shares of SunTrust Banks in a research note on Thursday, October 12th. Seventeen analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $63.97.

SunTrust Banks, Inc. (STI) traded up $0.41 during trading hours on Thursday, hitting $64.44. The stock had a trading volume of 5,400,500 shares, compared to its average volume of 3,386,762. SunTrust Banks, Inc. has a 12 month low of $51.96 and a 12 month high of $65.36. The company has a market capitalization of $30,480.41, a PE ratio of 16.59, a price-to-earnings-growth ratio of 1.72 and a beta of 1.29. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.93 and a current ratio of 0.94.

SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, October 20th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.06. SunTrust Banks had a return on equity of 8.83% and a net margin of 20.88%. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.30 billion. During the same quarter in the prior year, the business posted $0.91 earnings per share. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. equities analysts expect that SunTrust Banks, Inc. will post 4.06 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.48%. SunTrust Banks’s payout ratio is 41.03%.

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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.

Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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