Regentatlantic Capital LLC lowered its position in SunTrust Banks, Inc. (NYSE:STI) by 1.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,932 shares of the financial services provider’s stock after selling 263 shares during the period. Regentatlantic Capital LLC’s holdings in SunTrust Banks were worth $790,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Whittier Trust Co. raised its position in shares of SunTrust Banks by 3.1% in the first quarter. Whittier Trust Co. now owns 1,909 shares of the financial services provider’s stock worth $105,000 after buying an additional 58 shares during the period. Guardian Life Insurance Co. of America raised its position in shares of SunTrust Banks by 1.0% in the first quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock worth $105,000 after buying an additional 18 shares during the period. Advisory Services Network LLC acquired a new position in shares of SunTrust Banks during the first quarter worth approximately $117,000. Bronfman E.L. Rothschild L.P. raised its position in shares of SunTrust Banks by 9.2% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,269 shares of the financial services provider’s stock worth $125,000 after buying an additional 192 shares during the period. Finally, Independent Portfolio Consultants Inc. raised its position in shares of SunTrust Banks by 184.7% in the second quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock worth $150,000 after buying an additional 1,718 shares during the period. Institutional investors own 82.08% of the company’s stock.
SunTrust Banks, Inc. (NYSE STI) opened at 57.46 on Thursday. SunTrust Banks, Inc. has a 1-year low of $42.36 and a 1-year high of $61.69. The firm has a market cap of $27.67 billion, a price-to-earnings ratio of 15.28 and a beta of 1.33. The firm has a 50-day moving average price of $57.08 and a 200 day moving average price of $56.68.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. The company had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The firm’s revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 EPS. Equities analysts predict that SunTrust Banks, Inc. will post $4.04 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.78%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Tuesday, August 29th. SunTrust Banks’s payout ratio is currently 27.73%.
SunTrust Banks declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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A number of brokerages have recently commented on STI. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of SunTrust Banks in a report on Sunday, April 23rd. BidaskClub lowered SunTrust Banks from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Morgan Stanley restated an “underweight” rating and issued a $63.00 target price (up from $62.00) on shares of SunTrust Banks in a research note on Tuesday, July 25th. Keefe, Bruyette & Woods set a $58.00 target price on SunTrust Banks and gave the company a “hold” rating in a research note on Monday, June 5th. Finally, Wells Fargo & Company began coverage on SunTrust Banks in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $70.00 target price for the company. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $60.08.
In other news, insider Susan S. Johnson sold 808 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $57.34, for a total value of $46,330.72. Following the transaction, the insider now directly owns 3,515 shares of the company’s stock, valued at approximately $201,550.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is owned by insiders.
SunTrust Banks Company 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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