SunTrust Banks, Inc. (NYSE:STI) - Analysts at Oppenheimer Holdings increased their FY2017 earnings per share estimates for SunTrust Banks in a research report issued to clients and investors on Sunday. Oppenheimer Holdings analyst B. Chittenden now expects that the financial services provider will post earnings per share of $4.00 for the year, up from their previous estimate of $3.98. Oppenheimer Holdings currently has a “Hold” rating on the stock. Oppenheimer Holdings also issued estimates for SunTrust Banks’ Q4 2017 earnings at $1.02 EPS.
SunTrust Banks (NYSE:STI) last posted its quarterly 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. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same period last year, the firm earned $0.94 EPS. The company’s revenue for the quarter was up 2.0% on a year-over-year basis.
Other research analysts have also recently issued reports about the stock. Robert W. Baird upgraded shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 price objective for the company in a report on Monday, June 5th. Royal Bank Of Canada reiterated a “buy” rating and issued a $60.00 price objective on shares of SunTrust Banks in a report on Thursday. Barclays PLC increased their price objective on shares of SunTrust Banks from $62.00 to $65.00 and gave the company an “equal weight” rating in a report on Monday, April 24th. Rafferty Capital Markets increased their price objective on shares of SunTrust Banks from $63.00 to $64.50 and gave the company a “buy” rating in a report on Monday, April 24th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $58.00 price objective on shares of SunTrust Banks in a report on Monday, May 15th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $58.58.
SunTrust Banks (NYSE STI) traded up 0.538% during midday trading on Wednesday, hitting $57.035. 590,280 shares of the stock were exchanged. The firm’s 50-day moving average is $56.30 and its 200 day moving average is $56.51. The stock has a market cap of $27.54 billion, a price-to-earnings ratio of 15.169 and a beta of 1.33. SunTrust Banks has a 52 week low of $41.07 and a 52 week high of $61.69.
SunTrust Banks announced that its board has initiated a share repurchase program 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
A number of large investors have recently added to or reduced their stakes in the company. Wealthfront Inc. increased its stake in SunTrust Banks by 9.1% in the fourth quarter. Wealthfront Inc. now owns 11,118 shares of the financial services provider’s stock worth $610,000 after buying an additional 931 shares during the last quarter. USA Financial Portformulas Corp bought a new stake in SunTrust Banks during the fourth quarter worth about $3,221,000. Whalerock Point Partners LLC bought a new stake in SunTrust Banks during the fourth quarter worth about $251,000. Pegasus Partners Ltd. increased its stake in SunTrust Banks by 3.4% in the fourth quarter. Pegasus Partners Ltd. now owns 18,866 shares of the financial services provider’s stock worth $1,035,000 after buying an additional 626 shares during the last quarter. Finally, Teachers Advisors LLC increased its stake in SunTrust Banks by 0.3% in the fourth quarter. Teachers Advisors LLC now owns 1,945,009 shares of the financial services provider’s stock worth $106,684,000 after buying an additional 4,937 shares during the last quarter. Institutional investors own 81.90% of the company’s stock.
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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