Public Employees Retirement Association of Colorado decreased its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 0.8% during the second quarter, Holdings Channel reports. The fund owned 91,192 shares of the financial services provider’s stock after selling 704 shares during the period. Public Employees Retirement Association of Colorado’s holdings in SunTrust Banks were worth $5,172,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in STI. TNB Financial bought a new position in SunTrust Banks during the first quarter valued at approximately $457,000. Koshinski Asset Management Inc. bought a new position in SunTrust Banks during the first quarter valued at approximately $381,000. Gulf International Bank UK Ltd boosted its position in SunTrust Banks by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 155,890 shares of the financial services provider’s stock valued at $8,620,000 after buying an additional 2,050 shares during the last quarter. Chesley Taft & Associates LLC boosted its position in SunTrust Banks by 3.1% in the first quarter. Chesley Taft & Associates LLC now owns 22,665 shares of the financial services provider’s stock valued at $1,253,000 after buying an additional 690 shares during the last quarter. Finally, Gillespie Robinson & Grimm Inc. boosted its position in SunTrust Banks by 0.3% in the first quarter. Gillespie Robinson & Grimm Inc. now owns 418,281 shares of the financial services provider’s stock valued at $23,131,000 after buying an additional 1,260 shares during the last quarter. Hedge funds and other institutional investors own 81.83% of the company’s stock.
SunTrust Banks, Inc. (STI) opened at 58.45 on Friday. The firm has a market cap of $28.23 billion, a P/E ratio of 15.55 and a beta of 1.33. The company’s 50-day moving average is $56.48 and its 200 day moving average is $56.56. SunTrust Banks, Inc. has a 12 month low of $41.46 and a 12 month high of $61.69.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.05. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter last year, the business earned $0.94 earnings per share. SunTrust Banks’s revenue was up 2.0% on a year-over-year basis. Equities research analysts expect that SunTrust Banks, Inc. will post $4.04 EPS for the current fiscal year.
SunTrust Banks declared that its board has initiated a share buyback 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 reacquire up to 4.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
Several research firms recently commented on STI. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $58.00 target price on shares of SunTrust Banks in a research note on Friday, May 5th. Morgan Stanley upgraded shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 target price for the company in a research note on Thursday. BidaskClub upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Instinet reiterated a “neutral” rating and set a $61.00 target price on shares of SunTrust Banks in a research note on Wednesday, July 12th. Finally, Wedbush upgraded shares of SunTrust Banks from a “neutral” rating to an “outperform” rating and upped their target price for the company from $60.00 to $63.00 in a research note on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $58.58.
About SunTrust Banks
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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