Oppenheimer & Co. Inc. Boosts Position in SunTrust Banks, Inc. (STI)

Oppenheimer & Co. Inc. boosted its stake in SunTrust Banks, Inc. (NYSE:STI) by 20.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 8,952 shares of the financial services provider’s stock after purchasing an additional 1,540 shares during the period. Oppenheimer & Co. Inc.’s holdings in SunTrust Banks were worth $598,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. LSV Asset Management boosted its position in SunTrust Banks by 0.3% in the 2nd quarter. LSV Asset Management now owns 6,471,822 shares of the financial services provider’s stock valued at $427,269,000 after buying an additional 21,800 shares during the period. Boston Partners boosted its position in SunTrust Banks by 1.3% in the 2nd quarter. Boston Partners now owns 5,449,455 shares of the financial services provider’s stock valued at $359,773,000 after buying an additional 71,355 shares during the period. Northern Trust Corp boosted its position in SunTrust Banks by 1.7% in the 2nd quarter. Northern Trust Corp now owns 5,163,571 shares of the financial services provider’s stock valued at $340,899,000 after buying an additional 87,873 shares during the period. Bank of Montreal Can boosted its position in SunTrust Banks by 6.5% in the 3rd quarter. Bank of Montreal Can now owns 4,387,551 shares of the financial services provider’s stock valued at $293,045,000 after buying an additional 269,665 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its position in SunTrust Banks by 4.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,849,018 shares of the financial services provider’s stock valued at $123,496,000 after buying an additional 82,122 shares during the period. Hedge funds and other institutional investors own 84.07% of the company’s stock.

Several brokerages have commented on STI. Jefferies Financial Group reissued a “buy” rating and issued a $80.00 price target on shares of SunTrust Banks in a research report on Tuesday, July 24th. Argus raised their price target on shares of SunTrust Banks to $81.00 and gave the company a “buy” rating in a research report on Wednesday, July 25th. ValuEngine cut shares of SunTrust Banks from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. Zacks Investment Research raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $76.00 price target for the company in a research report on Monday, July 16th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $79.00 price target on shares of SunTrust Banks in a research report on Monday, July 23rd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $77.00.

In other news, EVP Jorge Arrieta sold 2,500 shares of SunTrust Banks stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $73.13, for a total transaction of $182,825.00. Following the completion of the sale, the executive vice president now directly owns 6,148 shares of the company’s stock, valued at approximately $449,603.24. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.52% of the stock is currently owned by insiders.

SunTrust Banks stock opened at $62.83 on Thursday. The firm has a market cap of $28.08 billion, a PE ratio of 15.55, a PEG ratio of 1.03 and a beta of 1.27. SunTrust Banks, Inc. has a 12-month low of $56.30 and a 12-month high of $75.08. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.95 and a quick ratio of 0.93.

SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, October 19th. The financial services provider reported $1.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.17. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.35 billion. SunTrust Banks had a net margin of 28.17% and a return on equity of 11.66%. The company’s revenue for the quarter was down .8% on a year-over-year basis. During the same period in the previous year, the company earned $1.06 EPS. As a group, sell-side analysts forecast that SunTrust Banks, Inc. will post 5.59 earnings per share for the current year.

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About SunTrust Banks

SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, and institutions in the United States. It operates through two segments, Consumer and Wholesale. The Consumer segment provides deposits and payments; home equity and personal credit lines; auto, student, and other lending products; credit cards; discount/online and full-service brokerage products; professional investment advisory products and services; and trust services, as well as family office solutions.

Further Reading: When is a capital gain realized?

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

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