Comerica Bank lowered its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 2.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 140,608 shares of the financial services provider’s stock after selling 3,198 shares during the period. Comerica Bank’s holdings in SunTrust Banks were worth $8,020,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in STI. Guardian Life Insurance Co. of America increased its stake in SunTrust Banks by 1.0% in 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 buying an additional 18 shares in the last quarter. Canal Capital Management LLC increased its stake in SunTrust Banks by 0.4% in the second quarter. Canal Capital Management LLC now owns 6,318 shares of the financial services provider’s stock valued at $358,000 after buying an additional 27 shares in the last quarter. Capital Management Corp VA increased its stake in SunTrust Banks by 0.4% in the first quarter. Capital Management Corp VA now owns 8,163 shares of the financial services provider’s stock valued at $451,000 after buying an additional 35 shares in the last quarter. Great Lakes Advisors LLC increased its stake in SunTrust Banks by 0.5% in the first quarter. Great Lakes Advisors LLC now owns 8,984 shares of the financial services provider’s stock valued at $497,000 after buying an additional 43 shares in the last quarter. Finally, Ronald Blue & Co. LLC increased its stake in SunTrust Banks by 0.9% in the first quarter. Ronald Blue & Co. LLC now owns 6,315 shares of the financial services provider’s stock valued at $349,000 after buying an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 82.08% of the company’s stock.
SunTrust Banks, Inc. (NYSE:STI) opened at 56.13 on Friday. SunTrust Banks, Inc. has a 52 week low of $42.36 and a 52 week high of $61.69. The company has a market cap of $27.03 billion, a P/E ratio of 14.93 and a beta of 1.33. The firm has a 50-day moving average price of $57.06 and a 200-day moving average price of $56.67.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the previous year, the company posted $0.94 earnings per share. SunTrust Banks’s revenue was up 2.0% compared to the same quarter last year. Equities research analysts anticipate that SunTrust Banks, Inc. will post $4.04 EPS for the current fiscal year.
SunTrust Banks announced that its Board of Directors has approved a stock buyback program on Wednesday, June 28th that permits the company to repurchase $1.32 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 4.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.85%. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s payout ratio is presently 27.73%.
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Several equities research analysts have recently commented on the company. Robert W. Baird upgraded 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. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of SunTrust Banks in a report on Sunday, July 23rd. Barclays PLC boosted their price objective on 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 boosted their price objective on 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 restated a “hold” rating and set a $58.00 price objective on shares of SunTrust Banks in a report on Monday, May 15th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $60.08.
In related 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 value of $46,330.72. Following the completion of the sale, the insider now owns 3,515 shares of the company’s stock, valued at $201,550.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.
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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