Bluestein R H & Co. cut its position in shares of SunTrust Banks (NYSE:STI) by 2.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 787,009 shares of the financial services provider’s stock after selling 22,764 shares during the quarter. SunTrust Banks accounts for about 2.9% of Bluestein R H & Co.’s portfolio, making the stock its 6th biggest holding. Bluestein R H & Co. owned about 0.17% of SunTrust Banks worth $53,548,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Valeo Financial Advisors LLC grew its holdings in shares of SunTrust Banks by 107.5% during the fourth quarter. Valeo Financial Advisors LLC now owns 1,627 shares of the financial services provider’s stock worth $105,000 after buying an additional 843 shares in the last quarter. Icon Wealth Partners LLC bought a new position in shares of SunTrust Banks during the fourth quarter worth about $156,000. Avestar Capital LLC bought a new position in shares of SunTrust Banks during the fourth quarter worth about $162,000. WealthTrust Axiom LLC bought a new position in shares of SunTrust Banks during the fourth quarter worth about $202,000. Finally, Quantitative Systematic Strategies LLC bought a new position in shares of SunTrust Banks during the fourth quarter worth about $202,000. Institutional investors and hedge funds own 83.68% of the company’s stock.
A number of research analysts recently issued reports on the company. Credit Suisse Group reiterated a “neutral” rating and set a $73.00 price objective (up from $71.00) on shares of SunTrust Banks in a report on Wednesday, March 14th. Zacks Investment Research cut SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Tuesday, February 27th. Morgan Stanley increased their price target on SunTrust Banks from $78.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. ValuEngine raised SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $75.00 price target on shares of SunTrust Banks in a research report on Thursday, April 5th. Eighteen research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $70.50.
SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, April 20th. 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. SunTrust Banks had a return on equity of 10.05% and a net margin of 24.92%. The company had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same period last year, the firm posted $0.91 earnings per share. The business’s revenue was up .4% on a year-over-year basis. equities research analysts anticipate that SunTrust Banks will post 5.28 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Thursday, May 31st will be given a $0.40 dividend. The ex-dividend date is Wednesday, May 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.31%. SunTrust Banks’s payout ratio is 39.60%.
In other SunTrust Banks news, Director Steven C. Voorhees acquired 6,000 shares of the business’s stock in a transaction dated Friday, May 4th. The stock was bought at an average cost of $65.96 per share, with a total value of $395,760.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $659,600. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Hugh S. Cummins III sold 11,000 shares of the stock in a transaction that occurred on Monday, May 21st. The stock was sold at an average price of $69.00, for a total value of $759,000.00. Following the transaction, the chief operating officer now owns 40,198 shares in the company, valued at approximately $2,773,662. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,250 shares of company stock valued at $1,464,300. Insiders own 0.52% of the company’s stock.
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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