AMG National Trust Bank held its position in SunTrust Banks, Inc. (NYSE:STI) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,781 shares of the financial services provider’s stock at the end of the 2nd quarter. AMG National Trust Bank’s holdings in SunTrust Banks were worth $214,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in STI. Guardian Life Insurance Co. of America raised its holdings in shares of SunTrust Banks by 1.0% during the first 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 during the period. Advisory Services Network LLC acquired a new stake in shares of SunTrust Banks during the first quarter valued at approximately $117,000. Fiduciary Trust Co. acquired a new stake in shares of SunTrust Banks during the second quarter valued at approximately $118,000. Bronfman E.L. Rothschild L.P. raised its holdings in shares of SunTrust Banks by 9.2% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,269 shares of the financial services provider’s stock valued at $125,000 after acquiring an additional 192 shares during the period. Finally, Independent Portfolio Consultants Inc. raised its holdings in shares of SunTrust Banks by 184.7% during the second quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock valued at $150,000 after acquiring an additional 1,718 shares during the period. Institutional investors and hedge funds own 81.19% of the company’s stock.
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Shares of SunTrust Banks, Inc. (NYSE STI) traded down 0.26% during trading on Friday, hitting $54.60. 1,493,125 shares of the stock were exchanged. The firm’s 50-day moving average is $56.04 and its 200 day moving average is $56.21. SunTrust Banks, Inc. has a 1-year low of $42.36 and a 1-year high of $61.69. The company has a market cap of $26.30 billion, a P/E ratio of 14.52 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last announced its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.05. The company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.29 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. SunTrust Banks’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.94 earnings per share. Equities analysts forecast that SunTrust Banks, Inc. will post $4.05 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors 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 yield of 2.92%. The ex-dividend date is Tuesday, August 29th. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s payout ratio is 42.67%.
SunTrust Banks declared that its board has approved a share buyback plan 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
A number of research analysts recently commented on STI shares. Robert W. Baird reaffirmed a “hold” rating and set a $55.00 price objective on shares of SunTrust Banks in a research report on Friday, August 25th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $63.00 price objective on shares of SunTrust Banks in a research report on Monday, August 28th. Wells Fargo & Company started coverage on shares of SunTrust Banks in a research report on Wednesday, August 9th. They set an “outperform” rating and a $70.00 price objective on the stock. Morgan Stanley raised shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price objective on the stock in a research report on Thursday, August 3rd. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $60.00 price objective on shares of SunTrust Banks in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $60.39.
In related 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 completion of the transaction, the insider now owns 3,515 shares of the company’s stock, valued at $201,550.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.55% of the stock is owned by insiders.
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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