SunTrust Banks, Inc. (NYSE:STI) - Research analysts at Jefferies Group lifted their FY2017 earnings estimates for SunTrust Banks in a report released on Monday. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will post earnings per share of $4.03 for the year, up from their previous estimate of $3.98. Jefferies Group currently has a “Buy” rating and a $63.00 price target on the stock.
A number of other brokerages have also issued reports on STI. Wedbush raised SunTrust Banks from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $60.00 to $63.00 in a research report on Monday, May 1st. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of SunTrust Banks in a research report on Sunday. Robert W. Baird raised SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 target price on the stock in a research report on Monday, June 5th. Instinet reissued a “neutral” rating and issued a $61.00 target price on shares of SunTrust Banks in a research report on Wednesday, July 12th. Finally, BidaskClub raised SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the stock. SunTrust Banks has a consensus rating of “Hold” and a consensus price target of $58.58.
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Shares of SunTrust Banks (NYSE STI) traded up 0.26% during midday trading on Tuesday, hitting $56.88. The company had a trading volume of 1,085,888 shares. SunTrust Banks has a 12-month low of $41.07 and a 12-month high of $61.69. The firm’s 50-day moving average is $56.30 and its 200-day moving average is $56.51. The firm has a market capitalization of $27.47 billion, a P/E ratio of 15.13 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last released its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.05. The company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.94 EPS.
A number of institutional investors have recently made changes to their positions in STI. Sumitomo Life Insurance Co. boosted its position in shares of SunTrust Banks by 4.4% in the second quarter. Sumitomo Life Insurance Co. now owns 46,580 shares of the financial services provider’s stock valued at $2,642,000 after buying an additional 1,961 shares in the last quarter. Ferguson Wellman Capital Management Inc. boosted its position in shares of SunTrust Banks by 1.7% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 825,067 shares of the financial services provider’s stock valued at $46,798,000 after buying an additional 13,555 shares in the last quarter. Park Avenue Securities LLC bought a new position in shares of SunTrust Banks during the second quarter valued at $271,000. Investors Asset Management of Georgia Inc. GA ADV boosted its position in shares of SunTrust Banks by 0.9% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 23,699 shares of the financial services provider’s stock valued at $1,344,000 after buying an additional 200 shares in the last quarter. Finally, Strs Ohio boosted its position in shares of SunTrust Banks by 1.7% in the second quarter. Strs Ohio now owns 323,173 shares of the financial services provider’s stock valued at $18,330,000 after buying an additional 5,506 shares in the last quarter. 81.90% of the stock is owned by hedge funds and other institutional investors.
SunTrust Banks declared that its board has approved a share 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 buy up to 4.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
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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