SunTrust Banks, Inc. (STI) Expected to Announce Quarterly Sales of $2.31 Billion

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Equities analysts expect SunTrust Banks, Inc. (NYSE:STI) to report sales of $2.31 billion for the current quarter, Zacks reports. Seven analysts have made estimates for SunTrust Banks’ earnings, with estimates ranging from $2.29 billion to $2.36 billion. SunTrust Banks posted sales of $2.23 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 3.6%. The firm is scheduled to issue its next quarterly earnings results before the market opens on Friday, July 20th.

On average, analysts expect that SunTrust Banks will report full-year sales of $9.31 billion for the current fiscal year, with estimates ranging from $9.19 billion to $9.45 billion. For the next fiscal year, analysts forecast that the company will post sales of $9.71 billion per share, with estimates ranging from $9.46 billion to $9.94 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for SunTrust Banks.

SunTrust Banks (NYSE:STI) last posted its quarterly earnings results on Friday, April 20th. The financial services provider reported $1.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.18. The company had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.29 billion. SunTrust Banks had a return on equity of 10.05% and a net margin of 24.92%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.91 EPS.

A number of research analysts have recently weighed in on the company. FIG Partners raised SunTrust Banks from a “market perform” rating to an “outperform” rating in a research note on Friday. Sandler O’Neill raised SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Friday. Sanford C. Bernstein raised SunTrust Banks from a “market perform” rating to an “outperform” rating in a research note on Wednesday. They noted that the move was a valuation call. Credit Suisse Group raised their price objective on SunTrust Banks from $73.00 to $74.00 and gave the stock a “neutral” rating in a research note on Monday, April 23rd. Finally, Stephens downgraded SunTrust Banks from an “overweight” rating to an “equal weight” rating in a research note on Monday, April 23rd. They noted that the move was a valuation call. Seventeen analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $70.50.

Shares of SunTrust Banks traded up $0.31, reaching $66.02, during trading hours on Thursday, MarketBeat reports. The company had a trading volume of 5,218,138 shares, compared to its average volume of 2,567,111. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.48. The company has a market cap of $30.69 billion, a P/E ratio of 16.34, a price-to-earnings-growth ratio of 0.97 and a beta of 1.31. SunTrust Banks has a 1-year low of $51.96 and a 1-year high of $73.37.

The company also recently announced a quarterly dividend, which was paid on Friday, June 15th. Shareholders of record on Thursday, May 31st were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend was Wednesday, May 30th. SunTrust Banks’s dividend payout ratio (DPR) is presently 39.60%.

SunTrust Banks declared that its board has initiated a share buyback program on Thursday, June 28th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 6.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

In other SunTrust Banks news, COO Hugh S. Cummins III sold 11,000 shares of the stock in a transaction dated Monday, May 21st. The stock was sold at an average price of $69.00, for a total transaction of $759,000.00. Following the completion of the transaction, the chief operating officer now owns 40,198 shares in the company, valued at approximately $2,773,662. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jerome T. Lienhard sold 8,750 shares of the firm’s stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $69.06, for a total value of $604,275.00. Following the completion of the transaction, the executive vice president now owns 41,374 shares of the company’s stock, valued at approximately $2,857,288.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,250 shares of company stock valued at $1,464,300. Corporate insiders own 0.52% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in STI. Alliancebernstein L.P. grew its holdings in shares of SunTrust Banks by 522.8% in the 4th quarter. Alliancebernstein L.P. now owns 5,543,914 shares of the financial services provider’s stock valued at $358,081,000 after acquiring an additional 4,653,780 shares in the last quarter. Lazard Asset Management LLC grew its holdings in shares of SunTrust Banks by 54.0% in the 4th quarter. Lazard Asset Management LLC now owns 6,615,575 shares of the financial services provider’s stock valued at $427,299,000 after acquiring an additional 2,319,782 shares in the last quarter. Schafer Cullen Capital Management Inc. bought a new position in shares of SunTrust Banks in the 4th quarter valued at about $81,267,000. Renaissance Technologies LLC grew its holdings in shares of SunTrust Banks by 1,837.6% in the 4th quarter. Renaissance Technologies LLC now owns 1,224,917 shares of the financial services provider’s stock valued at $79,117,000 after acquiring an additional 1,161,700 shares in the last quarter. Finally, OppenheimerFunds Inc. grew its holdings in shares of SunTrust Banks by 31.0% in the 1st quarter. OppenheimerFunds Inc. now owns 4,240,997 shares of the financial services provider’s stock valued at $288,557,000 after acquiring an additional 1,002,395 shares in the last quarter. Institutional investors own 83.62% of the company’s stock.

SunTrust Banks Company Profile

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.

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Earnings History and Estimates for SunTrust Banks (NYSE:STI)

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