First American Trust FSB boosted its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 5.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,034 shares of the financial services provider’s stock after purchasing an additional 1,850 shares during the quarter. First American Trust FSB’s holdings in SunTrust Banks were worth $2,445,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Private Capital Group LLC boosted its position in shares of SunTrust Banks by 2,085.5% in the first quarter. Private Capital Group LLC now owns 1,508 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 1,439 shares during the period. First Personal Financial Services boosted its position in shares of SunTrust Banks by 114.3% in the first quarter. First Personal Financial Services now owns 1,963 shares of the financial services provider’s stock valued at $133,000 after acquiring an additional 1,047 shares during the period. Summit Trail Advisors LLC boosted its position in shares of SunTrust Banks by 6,663.1% in the first quarter. Summit Trail Advisors LLC now owns 159,204 shares of the financial services provider’s stock valued at $159,000 after acquiring an additional 156,850 shares during the period. Avestar Capital LLC bought a new stake in shares of SunTrust Banks in the fourth quarter valued at about $162,000. Finally, Adviser Investments LLC bought a new stake in shares of SunTrust Banks in the first quarter valued at about $201,000. 84.17% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Agnes Bundy Scanlan sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 2nd. The stock was sold at an average price of $67.35, for a total value of $101,025.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven C. Voorhees acquired 6,000 shares of the stock in a transaction dated Friday, May 4th. The stock was purchased at an average cost of $65.96 per share, with a total value of $395,760.00. Following the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $659,600. The disclosure for this purchase can be found here. In the last three months, insiders have sold 21,250 shares of company stock valued at $1,464,300. Insiders own 0.52% of the company’s stock.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, July 20th. The financial services provider reported $1.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.19. The firm had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.33 billion. SunTrust Banks had a return on equity of 10.94% and a net margin of 26.41%. The business’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.03 earnings per share. sell-side analysts predict that SunTrust Banks, Inc. will post 5.57 earnings per share for the current year.
SunTrust Banks declared that its board has initiated a stock buyback plan on Thursday, June 28th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 6.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
A number of equities research analysts have recently issued reports on STI shares. Sandler O’Neill raised shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Friday, June 29th. BMO Capital Markets dropped their price target on SunTrust Banks from $79.00 to $77.00 and set a “market perform” rating for the company in a research note on Friday, April 20th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $75.00 price target on shares of SunTrust Banks in a research note on Thursday, April 5th. Sanford C. Bernstein raised SunTrust Banks from a “market perform” rating to an “outperform” rating in a research note on Wednesday, June 27th. They noted that the move was a valuation call. Finally, ValuEngine downgraded SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. One analyst has rated the stock with a sell rating, twelve have given a hold rating and sixteen have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $72.13.
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.
Further Reading: Earnings Per Share (EPS) Explained
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