Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in SunTrust Banks, Inc. (NYSE:STI) by 19.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 120,297 shares of the financial services provider’s stock after buying an additional 19,995 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in SunTrust Banks were worth $6,823,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue purchased a new position in SunTrust Banks during the first quarter worth about $224,000. Capital Management Corp VA increased its position 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 worth $451,000 after buying an additional 35 shares in the last quarter. Russell Investments Group Ltd. increased its position in SunTrust Banks by 15.6% in the first quarter. Russell Investments Group Ltd. now owns 653,525 shares of the financial services provider’s stock worth $36,143,000 after buying an additional 88,168 shares in the last quarter. Financial Architects Inc increased its position in SunTrust Banks by 318.8% in the first quarter. Financial Architects Inc now owns 56,709 shares of the financial services provider’s stock worth $3,136,000 after buying an additional 43,167 shares in the last quarter. Finally, Whittier Trust Co. increased its position in SunTrust Banks by 3.1% in the first quarter. Whittier Trust Co. now owns 1,909 shares of the financial services provider’s stock worth $105,000 after buying an additional 58 shares in the last quarter. Hedge funds and other institutional investors own 82.08% of the company’s stock.
SunTrust Banks, Inc. (STI) opened at 56.41 on Friday. SunTrust Banks, Inc. has a 52-week low of $42.36 and a 52-week high of $61.69. The stock has a market cap of $27.17 billion, a P/E ratio of 15.00 and a beta of 1.33. The firm’s 50-day moving average price is $56.91 and its 200 day moving average price is $56.63.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 20.51% and a return on equity of 8.48%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period last year, the firm posted $0.94 earnings per share. Equities analysts predict that SunTrust Banks, Inc. will post $4.04 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.84%. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Tuesday, August 29th. SunTrust Banks’s dividend payout ratio (DPR) is currently 27.73%.
SunTrust Banks declared that its Board of Directors has authorized a share repurchase program on Wednesday, June 28th that permits the company to buyback $1.32 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 4.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
A number of research analysts recently issued reports on STI shares. Wedbush upgraded SunTrust Banks from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $60.00 to $63.00 in a research note on Monday, May 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $58.00 price objective on shares of SunTrust Banks in a research report on Friday, May 5th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $60.00 price objective on shares of SunTrust Banks in a research report on Thursday, May 18th. Robert W. Baird raised SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 price objective for the company in a research report on Monday, June 5th. Finally, BidaskClub raised SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. One research 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 presently has an average rating of “Hold” and a consensus price target of $60.08.
In other news, insider Susan S. Johnson sold 808 shares of SunTrust Banks stock in a transaction on Monday, August 14th. The shares were sold at an average price of $57.34, for a total transaction of $46,330.72. Following the transaction, the insider now directly owns 3,515 shares of the company’s stock, valued at $201,550.10. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company 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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