SunTrust Banks (NYSE:STI) announced its quarterly earnings results on Friday. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.18, Bloomberg Earnings reports. The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.29 billion. SunTrust Banks had a net margin of 23.35% and a return on equity of 9.18%. The business’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.91 EPS.
NYSE:STI traded up $0.57 during mid-day trading on Friday, hitting $67.60. 1,133,561 shares of the company’s stock traded hands, compared to its average volume of 3,438,391. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.43. SunTrust Banks has a 1 year low of $51.96 and a 1 year high of $73.37. The company has a market capitalization of $30,631.52, a P/E ratio of 16.44, a price-to-earnings-growth ratio of 0.99 and a beta of 1.33.
A number of brokerages have recently issued reports on STI. Credit Suisse Group reiterated a “neutral” rating and issued a $73.00 price target (up previously from $71.00) on shares of SunTrust Banks in a report on Wednesday, March 14th. Zacks Investment Research downgraded shares of SunTrust Banks from a “buy” rating to a “hold” rating in a report on Tuesday, February 27th. Morgan Stanley increased their price target on shares of SunTrust Banks from $78.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. ValuEngine upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. Finally, Oppenheimer reiterated a “hold” rating on shares of SunTrust Banks in a report on Monday, January 22nd. Eighteen research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. SunTrust Banks has an average rating of “Hold” and a consensus target price of $69.76.
Institutional investors have recently added to or reduced their stakes in the business. Valeo Financial Advisors LLC boosted its stake in shares of SunTrust Banks by 107.5% during the 4th quarter. Valeo Financial Advisors LLC now owns 1,627 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 843 shares during the last quarter. Icon Wealth Partners LLC acquired a new stake in shares of SunTrust Banks during the 4th quarter worth about $156,000. Avestar Capital LLC acquired a new stake in shares of SunTrust Banks during the 4th quarter worth about $162,000. Quantitative Systematic Strategies LLC acquired a new stake in shares of SunTrust Banks during the 4th quarter worth about $202,000. Finally, WealthTrust Axiom LLC acquired a new stake in shares of SunTrust Banks during the 4th quarter worth about $202,000. 83.63% of the stock is currently owned by institutional investors.
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About SunTrust Banks
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, and institutions in the United States. It operates through two segments, Consumer and Wholesale. The Consumer segment provides deposits and payments; home equity and personal credit lines; auto, student, and other lending products; credit cards; discount/online and full-service brokerage products; professional investment advisory products and services; and trust services, as well as family office solutions.
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