Commonwealth of Pennsylvania Public School Empls Retrmt SYS lowered its position in SunTrust Banks, Inc. (NYSE:STI) by 1.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,919 shares of the financial services provider’s stock after selling 533 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in SunTrust Banks were worth $2,037,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Guardian Life Insurance Co. of America boosted its position in SunTrust Banks by 1.0% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock valued at $105,000 after acquiring an additional 18 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of SunTrust Banks during the 1st quarter valued at $117,000. Bronfman E.L. Rothschild L.P. lifted its holdings in shares of SunTrust Banks by 9.2% during the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 2,269 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 192 shares during the last quarter. Independent Portfolio Consultants Inc. lifted its holdings in shares of SunTrust Banks by 184.7% during the 2nd quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock valued at $150,000 after purchasing an additional 1,718 shares during the last quarter. Finally, Huntington National Bank lifted its holdings in shares of SunTrust Banks by 2.9% during the 2nd quarter. Huntington National Bank now owns 2,809 shares of the financial services provider’s stock valued at $159,000 after purchasing an additional 80 shares during the last quarter. 81.19% of the stock is currently owned by institutional investors and hedge funds.
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STI has been the subject of a number of recent research reports. Robert W. Baird reiterated a “hold” rating and set a $55.00 price objective on shares of SunTrust Banks in a research note on Friday, August 25th. Morgan Stanley upgraded SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 target price on the stock in a research report on Thursday, August 3rd. Royal Bank Of Canada restated a “buy” rating and set a $60.00 target price on shares of SunTrust Banks in a research report on Thursday, May 18th. Keefe, Bruyette & Woods set a $58.00 target price on SunTrust Banks and gave the company a “hold” rating in a research report on Thursday, July 6th. Finally, BidaskClub cut SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the stock. SunTrust Banks currently has a consensus rating of “Hold” and a consensus price target of $60.39.
SunTrust Banks, Inc. (STI) traded down 0.393% during trading on Friday, reaching $54.525. 1,045,603 shares of the company’s stock traded hands. SunTrust Banks, Inc. has a 1-year low of $42.36 and a 1-year high of $61.69. The stock has a market capitalization of $26.26 billion, a P/E ratio of 14.501 and a beta of 1.33. The stock has a 50-day moving average price of $56.04 and a 200 day moving average price of $56.21.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.29 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. SunTrust Banks’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period last year, the company posted $0.94 EPS. Equities research analysts expect that SunTrust Banks, Inc. will post $4.05 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.40 per share. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. This represents a $1.60 annualized dividend and a yield of 2.92%. The ex-dividend date is Tuesday, August 29th. SunTrust Banks’s dividend payout ratio (DPR) is 42.67%.
SunTrust Banks declared that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to buyback $1.32 billion in shares. This buyback authorization allows the financial services provider to purchase up to 4.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $57.34, for a total transaction of $46,330.72. Following the sale, the insider now directly owns 3,515 shares in the company, valued at approximately $201,550.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.55% of the company’s stock.
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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