Calamos Advisors LLC raised its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 2.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 61,755 shares of the financial services provider’s stock after purchasing an additional 1,673 shares during the quarter. Calamos Advisors LLC’s holdings in SunTrust Banks were worth $3,503,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the business. Meiji Yasuda Life Insurance Co grew its stake in SunTrust Banks by 46.7% during the 2nd quarter. Meiji Yasuda Life Insurance Co now owns 8,800 shares of the financial services provider’s stock valued at $499,000 after purchasing an additional 2,800 shares during the last quarter. Todd Asset Management LLC lifted its holdings in shares of SunTrust Banks by 7.7% in the 2nd quarter. Todd Asset Management LLC now owns 535,889 shares of the financial services provider’s stock valued at $30,396,000 after buying an additional 38,504 shares during the period. Mcmillion Capital Management Inc. acquired a new position in shares of SunTrust Banks in the 2nd quarter valued at about $2,683,000. Bronfman E.L. Rothschild L.P. lifted its holdings in shares of SunTrust Banks by 320.5% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 9,541 shares of the financial services provider’s stock valued at $541,000 after buying an additional 7,272 shares during the period. Finally, Commerce Bank lifted its holdings in shares of SunTrust Banks by 11.6% in the 2nd quarter. Commerce Bank now owns 4,562 shares of the financial services provider’s stock valued at $259,000 after buying an additional 474 shares during the period. Institutional investors and hedge funds own 81.19% of the company’s stock.
Several equities analysts have recently issued reports on the company. Zacks Investment Research raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Friday. Robert W. Baird reissued a “hold” rating and issued a $55.00 price objective on shares of SunTrust Banks in a report on Friday, August 25th. Piper Jaffray Companies reissued a “buy” rating and issued a $63.00 price objective on shares of SunTrust Banks in a report on Monday, August 28th. Wells Fargo & Company started coverage on SunTrust Banks in a report on Wednesday, August 9th. They issued an “outperform” rating and a $70.00 price target for the company. Finally, Morgan Stanley raised SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price target for the company in a report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $60.55.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $57.34, for a total value of $46,330.72. Following the completion of the sale, the insider now owns 3,515 shares in the company, valued at approximately $201,550.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.55% of the stock is owned by corporate insiders.
SunTrust Banks, Inc. (STI) opened at 57.22 on Friday. SunTrust Banks, Inc. has a 12 month low of $42.36 and a 12 month high of $61.69. The stock has a market capitalization of $27.56 billion, a price-to-earnings ratio of 15.22 and a beta of 1.33. The company has a 50-day moving average price of $55.92 and a 200 day moving average price of $56.06.
SunTrust Banks (NYSE:STI) last released its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.05. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter in the prior year, the firm earned $0.94 EPS. The company’s revenue was up 2.0% compared to the same quarter last year. Equities analysts predict that SunTrust Banks, Inc. will post $4.05 earnings per share for the current year.
SunTrust Banks announced that its board has initiated a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $1.32 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were given a $0.40 dividend. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $1.60 dividend on an annualized basis and a yield of 2.80%. SunTrust Banks’s dividend payout ratio is presently 42.67%.
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.
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