SunTrust Banks (STI) Issues Quarterly Earnings Results, Beats Expectations By $0.04 EPS

SunTrust Banks (NYSE:STI) released its quarterly earnings results on Friday. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.04, Bloomberg Earnings reports. The business had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.32 billion. SunTrust Banks had a return on equity of 8.83% and a net margin of 20.88%. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 EPS.

Shares of SunTrust Banks (NYSE:STI) opened at $68.58 on Friday. The firm has a market capitalization of $32,341.70, a price-to-earnings ratio of 17.58, a PEG ratio of 1.35 and a beta of 1.29. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.50. SunTrust Banks has a 1 year low of $51.96 and a 1 year high of $69.56.

In other news, Vice Chairman Mark A. Chancy sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $60.06, for a total transaction of $240,240.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kyle P. Legg sold 3,300 shares of the company’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $21.82, for a total value of $72,006.00. The disclosure for this sale can be found here. Corporate insiders own 0.55% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. Advisory Services Network LLC lifted its position in shares of SunTrust Banks by 0.9% during the 2nd quarter. Advisory Services Network LLC now owns 2,140 shares of the financial services provider’s stock worth $121,000 after buying an additional 20 shares during the last quarter. Balentine LLC lifted its position in shares of SunTrust Banks by 2.9% during the 2nd quarter. Balentine LLC now owns 3,148 shares of the financial services provider’s stock worth $179,000 after buying an additional 90 shares during the last quarter. Krilogy Financial LLC lifted its position in shares of SunTrust Banks by 1.8% during the 2nd quarter. Krilogy Financial LLC now owns 5,153 shares of the financial services provider’s stock worth $292,000 after buying an additional 90 shares during the last quarter. Thrivent Financial For Lutherans lifted its position in shares of SunTrust Banks by 1.7% during the 2nd quarter. Thrivent Financial For Lutherans now owns 18,320 shares of the financial services provider’s stock worth $1,039,000 after buying an additional 310 shares during the last quarter. Finally, Investec Asset Management PTY Ltd lifted its position in shares of SunTrust Banks by 3.4% during the 3rd quarter. Investec Asset Management PTY Ltd now owns 28,280 shares of the financial services provider’s stock worth $1,688,000 after buying an additional 926 shares during the last quarter. Institutional investors and hedge funds own 80.71% of the company’s stock.

Several research firms recently issued reports on STI. Nomura boosted their price target on SunTrust Banks from $62.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, September 28th. Robert W. Baird restated a “hold” rating and issued a $55.00 price target on shares of SunTrust Banks in a research note on Sunday, October 1st. Goldman Sachs Group restated a “buy” rating and issued a $74.00 price target on shares of SunTrust Banks in a research note on Thursday, January 4th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $62.00 price target on shares of SunTrust Banks in a research note on Tuesday, October 3rd. Finally, Jefferies Group restated a “buy” rating and issued a $69.00 price target on shares of SunTrust Banks in a research note on Thursday, October 12th. Fourteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $67.88.

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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.

Earnings History for SunTrust Banks (NYSE:STI)

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