SunTrust Banks (NYSE:STI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday, January 5th. The firm presently has a $72.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 4.51% from the stock’s previous close.
According to Zacks, “SunTrust’s shares have outperformed the industry over the past six months. Also, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. Easing margin pressure, rise in loan demand and initiatives to control costs should continue to support the company’s profitability. Moreover, improving asset quality is another positive for the company. Further, a lower corporate tax rate is likely to support financials. However, significant exposure to risky loan portfolios and slowdown in mortgage business are the major near-term concerns for the company.”
STI has been the topic of a number of other research reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $77.00 price target on shares of SunTrust Banks in a research note on Friday, December 29th. UBS Group reissued a “neutral” rating and issued a $62.00 price objective (up previously from $61.00) on shares of SunTrust Banks in a research report on Friday, October 6th. Citigroup lowered shares of SunTrust Banks from an “outperform” rating to a “market perform” rating in a research report on Monday, October 23rd. They noted that the move was a valuation call. Royal Bank of Canada reissued a “buy” rating and issued a $65.00 price objective on shares of SunTrust Banks in a research report on Monday, October 23rd. Finally, FBR & Co reissued a “hold” rating and issued a $62.00 price objective on shares of SunTrust Banks in a research report on Friday, October 20th. Fourteen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $67.88.
Shares of SunTrust Banks (STI) traded up $1.03 on Friday, reaching $68.89. 4,509,411 shares of the company’s stock were exchanged, compared to its average volume of 4,250,000. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.93 and a current ratio of 0.94. SunTrust Banks has a 1 year low of $51.96 and a 1 year high of $68.95. The company has a market capitalization of $32,790.00, a price-to-earnings ratio of 17.66, a P/E/G ratio of 1.34 and a beta of 1.29.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Friday, October 20th. The financial services provider reported $1.06 earnings per share 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 firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same quarter in the previous year, the firm posted $0.91 earnings per share. The business’s revenue was up 3.7% on a year-over-year basis. research analysts forecast that SunTrust Banks will post 4.06 EPS for the current year.
In related news, Vice Chairman Mark A. Chancy sold 4,000 shares of the business’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $60.06, for a total transaction of $240,240.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kyle P. Legg sold 3,300 shares of the business’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $21.82, for a total transaction of $72,006.00. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Fiduciary Trust Co. acquired a new position in shares of SunTrust Banks in the second quarter valued at $118,000. Advisory Services Network LLC increased its holdings in shares of SunTrust Banks by 0.9% in the second quarter. Advisory Services Network LLC now owns 2,140 shares of the financial services provider’s stock valued at $121,000 after purchasing an additional 20 shares during the last quarter. Westwood Holdings Group Inc. acquired a new position in shares of SunTrust Banks in the second quarter valued at $136,000. Tiedemann Wealth Management LLC increased its holdings in shares of SunTrust Banks by 12.1% in the third quarter. Tiedemann Wealth Management LLC now owns 26,961 shares of the financial services provider’s stock valued at $142,000 after purchasing an additional 2,920 shares during the last quarter. Finally, Dupont Capital Management Corp increased its holdings in shares of SunTrust Banks by 55.2% in the third quarter. Dupont Capital Management Corp now owns 2,623 shares of the financial services provider’s stock valued at $157,000 after purchasing an additional 933 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.
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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.
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