Envestnet Asset Management Inc. lowered its holdings in SunTrust Banks, Inc. (NYSE:STI) by 2.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,204 shares of the financial services provider’s stock after selling 2,308 shares during the period. Envestnet Asset Management Inc.’s holdings in SunTrust Banks were worth $4,912,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of SunTrust Banks by 0.7% in the second quarter. Vanguard Group Inc. now owns 32,947,441 shares of the financial services provider’s stock valued at $1,868,780,000 after purchasing an additional 227,501 shares in the last quarter. FMR LLC lifted its holdings in shares of SunTrust Banks by 4.3% in the second quarter. FMR LLC now owns 29,614,981 shares of the financial services provider’s stock valued at $1,679,761,000 after purchasing an additional 1,219,272 shares in the last quarter. Capital World Investors lifted its holdings in shares of SunTrust Banks by 20.7% in the second quarter. Capital World Investors now owns 29,513,083 shares of the financial services provider’s stock valued at $1,673,982,000 after purchasing an additional 5,056,000 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of SunTrust Banks by 31.4% in the third quarter. American Century Companies Inc. now owns 7,293,744 shares of the financial services provider’s stock valued at $435,947,000 after purchasing an additional 1,742,756 shares in the last quarter. Finally, Boston Partners lifted its holdings in shares of SunTrust Banks by 6.8% in the third quarter. Boston Partners now owns 6,812,235 shares of the financial services provider’s stock valued at $407,167,000 after purchasing an additional 433,042 shares in the last quarter. Institutional investors own 80.82% of the company’s stock.
SunTrust Banks, Inc. (STI) traded up $0.44 during trading on Friday, reaching $65.20. 2,557,400 shares of the company’s stock traded hands, compared to its average volume of 3,476,639. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.94 and a quick ratio of 0.93. SunTrust Banks, Inc. has a 52-week low of $51.96 and a 52-week high of $65.36. The firm has a market capitalization of $31,037.35, a P/E ratio of 16.89, a price-to-earnings-growth ratio of 1.76 and a beta of 1.29.
SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, October 20th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.06. SunTrust Banks had a net margin of 20.88% and a return on equity of 8.83%. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.30 billion. During the same period in the prior year, the company earned $0.91 earnings per share. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. equities research analysts forecast that SunTrust Banks, Inc. will post 4.06 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend is Wednesday, November 29th. SunTrust Banks’s dividend payout ratio (DPR) is 41.03%.
In related news, Director Kyle P. Legg sold 3,300 shares of the stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $21.82, for a total value of $72,006.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Mark A. Chancy sold 4,000 shares of the stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $60.06, for a total transaction of $240,240.00. The disclosure for this sale can be found here. 0.55% of the stock is owned by corporate insiders.
A number of research firms have recently weighed in on STI. Nomura upped their price target on shares of SunTrust Banks from $63.00 to $64.00 and gave the stock a “neutral” rating in a research note on Thursday, October 26th. Barclays upped their price target on shares of SunTrust Banks from $65.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Monday, October 23rd. Robert W. Baird reaffirmed a “hold” rating and issued a $55.00 price target on shares of SunTrust Banks in a research note on Friday, August 25th. Credit Suisse Group raised shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $56.00 to $60.00 in a research note on Monday, October 9th. Finally, Zacks Investment Research downgraded shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Wednesday, October 11th. Seventeen investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $63.97.
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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.
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