Citigroup Inc. reiterated their neutral rating on shares of SunTrust Banks, Inc. (NYSE:STI) in a research report released on Monday. They currently have a $63.00 price target on the financial services provider’s stock, up from their previous price target of $60.00.
STI has been the subject of several other research reports. UBS AG reiterated a neutral rating and issued a $62.00 target price (up previously from $61.00) on shares of SunTrust Banks in a research report on Friday, October 6th. BidaskClub lowered SunTrust Banks from a buy rating to a hold rating in a research report on Saturday, June 24th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $62.00 target price on shares of SunTrust Banks in a research report on Tuesday, October 3rd. Morgan Stanley reiterated an underweight rating and issued a $63.00 target price (up previously from $62.00) on shares of SunTrust Banks in a research report on Tuesday, July 25th. Finally, Zacks Investment Research upgraded SunTrust Banks from a hold rating to a buy rating and set a $64.00 target price for the company in a research report on Friday, September 22nd. Seventeen analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $62.48.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $0.98 by $0.05. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The business’s revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.94 EPS.
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The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were issued a $0.40 dividend. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, August 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.68%. SunTrust Banks’s dividend payout ratio (DPR) is 42.67%.
SunTrust Banks announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $1.32 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of SunTrust Banks stock in a transaction on Monday, August 14th. The stock was sold at an average price of $57.34, for a total transaction of $46,330.72. Following the sale, the insider now 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 this hyperlink. 0.55% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in STI. Oxford Asset Management bought a new stake in SunTrust Banks during the 1st quarter valued at $564,000. ProVise Management Group LLC raised its stake in SunTrust Banks by 13.0% during the 1st quarter. ProVise Management Group LLC now owns 7,458 shares of the financial services provider’s stock valued at $412,000 after acquiring an additional 858 shares in the last quarter. Cibc World Markets Corp raised its stake in SunTrust Banks by 52.6% during the 1st quarter. Cibc World Markets Corp now owns 51,338 shares of the financial services provider’s stock valued at $2,839,000 after acquiring an additional 17,700 shares in the last quarter. Mastrapasqua Asset Management Inc. bought a new stake in SunTrust Banks during the 1st quarter valued at $2,859,000. Finally, Dynamic Technology Lab Private Ltd raised its stake in SunTrust Banks by 197.2% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 13,811 shares of the financial services provider’s stock valued at $764,000 after acquiring an additional 9,164 shares in the last quarter. 81.18% of the stock is currently owned by hedge funds and other institutional investors.
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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