SunTrust Banks, Inc. (STI) Holdings Trimmed by LSV Asset Management

LSV Asset Management lessened its holdings in shares of SunTrust Banks, Inc. (NYSE:STI) by 0.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,181,612 shares of the financial services provider’s stock after selling 5,853 shares during the quarter. LSV Asset Management owned about 1.28% of SunTrust Banks worth $350,621,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Fiduciary Trust Co. acquired a new stake in SunTrust Banks in the second quarter valued at approximately $118,000. Los Angeles Capital Management & Equity Research Inc. raised its holdings in SunTrust Banks by 0.3% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 221,175 shares of the financial services provider’s stock valued at $12,545,000 after acquiring an additional 737 shares in the last quarter. Calamos Advisors LLC raised its holdings in SunTrust Banks by 2.8% in the second quarter. Calamos Advisors LLC now owns 61,755 shares of the financial services provider’s stock valued at $3,503,000 after acquiring an additional 1,673 shares in the last quarter. Meiji Yasuda Life Insurance Co raised its holdings in SunTrust Banks by 46.7% in the second quarter. Meiji Yasuda Life Insurance Co now owns 8,800 shares of the financial services provider’s stock valued at $499,000 after acquiring an additional 2,800 shares in the last quarter. Finally, Todd Asset Management LLC raised its holdings in SunTrust Banks by 7.7% in the second quarter. Todd Asset Management LLC now owns 535,889 shares of the financial services provider’s stock valued at $30,396,000 after acquiring an additional 38,504 shares in the last quarter. 81.19% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages recently weighed in on STI. BidaskClub cut shares of SunTrust Banks from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Morgan Stanley reiterated an “underweight” rating and issued a $63.00 price target (up from $62.00) on shares of SunTrust Banks in a research note on Tuesday, July 25th. Keefe, Bruyette & Woods set a $58.00 price target on shares of SunTrust Banks and gave the company a “hold” rating in a research note on Monday, June 5th. Wells Fargo & Company assumed coverage on shares of SunTrust Banks in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $70.00 price target on the stock. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $63.00 price target on shares of SunTrust Banks in a research note on Monday, August 28th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the company. SunTrust Banks currently has an average rating of “Hold” and an average target price of $60.39.

SunTrust Banks, Inc. (NYSE:STI) traded up 0.66% on Wednesday, hitting $55.00. The stock had a trading volume of 491,785 shares. The company has a market cap of $26.49 billion, a PE ratio of 14.63 and a beta of 1.33. SunTrust Banks, Inc. has a one year low of $42.36 and a one year high of $61.69. The stock has a 50-day moving average of $56.23 and a 200-day moving average of $56.26.

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 firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate 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 was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.94 earnings per share. Equities analysts expect that SunTrust Banks, Inc. will post $4.04 earnings per share for the current fiscal year.

SunTrust Banks declared that its board has approved a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders 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 yield of 2.93%. The ex-dividend date is Tuesday, August 29th. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s payout ratio is 42.67%.

In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $57.34, for a total transaction of $46,330.72. Following the transaction, the insider now owns 3,515 shares of the company’s stock, valued at $201,550.10. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.55% of the stock is owned by insiders.

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SunTrust Banks 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.

Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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