Quantbot Technologies LP Buys Shares of 8,692 SunTrust Banks, Inc. (STI)

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Quantbot Technologies LP bought a new stake in shares of SunTrust Banks, Inc. (NYSE:STI) in the 3rd quarter, HoldingsChannel.com reports. The fund bought 8,692 shares of the financial services provider’s stock, valued at approximately $580,000.

Several other institutional investors have also made changes to their positions in the company. Cornerstone Wealth Management LLC acquired a new stake in SunTrust Banks in the second quarter valued at about $164,000. Migdal Insurance & Financial Holdings Ltd. lifted its position in SunTrust Banks by 8,334.4% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,699 shares of the financial services provider’s stock valued at $178,000 after purchasing an additional 2,667 shares during the period. Smith Asset Management Group LP lifted its position in SunTrust Banks by 4.7% in the second quarter. Smith Asset Management Group LP now owns 422,898 shares of the financial services provider’s stock valued at $28,001,000 after purchasing an additional 18,908 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in SunTrust Banks in the second quarter valued at about $2,314,000. Finally, D.A. Davidson & CO. acquired a new stake in SunTrust Banks in the second quarter valued at about $236,000. 82.80% of the stock is owned by hedge funds and other institutional investors.

STI stock opened at $56.94 on Friday. SunTrust Banks, Inc. has a 12-month low of $56.58 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. The company has a market cap of $26.26 billion, a PE ratio of 11.05, a P/E/G ratio of 0.96 and a beta of 1.25.

SunTrust Banks (NYSE:STI) last posted its quarterly earnings results on Friday, October 19th. The financial services provider reported $1.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.17. SunTrust Banks had a net margin of 28.17% and a return on equity of 11.66%. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the firm earned $1.06 EPS. The company’s revenue for the quarter was down .8% on a year-over-year basis. On average, analysts forecast that SunTrust Banks, Inc. will post 5.61 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Friday, November 30th will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, November 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.51%. SunTrust Banks’s payout ratio is 49.50%.

A number of brokerages recently commented on STI. Credit Suisse Group reduced their price objective on shares of SunTrust Banks from $75.00 to $70.00 and set a “neutral” rating for the company in a research report on Friday. ValuEngine downgraded shares of SunTrust Banks from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. Edward Jones upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, October 31st. BMO Capital Markets reduced their price objective on shares of SunTrust Banks from $74.00 to $70.00 and set a “market perform” rating for the company in a research report on Monday, October 22nd. Finally, Wedbush set a $75.00 price objective on shares of SunTrust Banks and gave the company a “hold” rating in a research report on Thursday, September 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $76.73.

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About SunTrust Banks

SunTrust Banks, Inc is a bank and financial holding company that engages in the provision of financial services. It offers deposit, credit, mortgage banking, trust and investment, asset management, securities brokerage, and capital market services. It operates through the following segments: Consumer, Wholesale, and Corporate Other.

Further Reading: Consumer Price Index (CPI)

Want to see what other hedge funds are holding STI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SunTrust Banks, Inc. (NYSE:STI).

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

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