Cynosure Advisors LLC lifted its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 294.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 30,839 shares of the financial services provider’s stock after buying an additional 23,011 shares during the quarter. SunTrust Banks makes up approximately 0.5% of Cynosure Advisors LLC’s portfolio, making the stock its 15th biggest position. Cynosure Advisors LLC’s holdings in SunTrust Banks were worth $2,098,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new position in shares of SunTrust Banks during the first quarter worth about $393,000. Ibex Wealth Advisors acquired a new position in shares of SunTrust Banks during the first quarter worth about $2,889,000. Principal Financial Group Inc. grew its position in shares of SunTrust Banks by 50.0% during the first quarter. Principal Financial Group Inc. now owns 1,414,818 shares of the financial services provider’s stock worth $96,264,000 after buying an additional 471,824 shares in the last quarter. Summit Trail Advisors LLC lifted its stake in SunTrust Banks by 6,663.1% during the first quarter. Summit Trail Advisors LLC now owns 159,204 shares of the financial services provider’s stock worth $159,000 after purchasing an additional 156,850 shares during the last quarter. Finally, Handelsbanken Fonder AB purchased a new stake in SunTrust Banks during the first quarter worth approximately $10,546,000. 83.61% of the stock is owned by institutional investors and hedge funds.
In other news, Director Agnes Bundy Scanlan sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 2nd. The stock was sold at an average price of $67.35, for a total transaction of $101,025.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven C. Voorhees purchased 6,000 shares of the business’s stock in a transaction dated Friday, May 4th. The shares were bought at an average price of $65.96 per share, with a total value of $395,760.00. Following the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $659,600. The disclosure for this purchase can be found here. Insiders have sold 21,250 shares of company stock valued at $1,464,300 in the last 90 days. Company insiders own 0.52% of the company’s stock.
SunTrust Banks traded down $0.34, reaching $68.24, on Thursday, according to MarketBeat.com. The stock had a trading volume of 31,782 shares, compared to its average volume of 2,731,542. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.48. SunTrust Banks, Inc. has a 12-month low of $51.96 and a 12-month high of $73.37. The stock has a market cap of $32.04 billion, a P/E ratio of 16.97, a P/E/G ratio of 1.01 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings data on Friday, April 20th. The financial services provider reported $1.29 earnings per share 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 quarter in the previous year, the business earned $0.91 earnings per share. The firm’s revenue for the quarter was up .4% on a year-over-year basis. research analysts predict that SunTrust Banks, Inc. will post 5.29 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 15th. Shareholders of record on Thursday, May 31st were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend was Wednesday, May 30th. SunTrust Banks’s dividend payout ratio is currently 39.60%.
Several equities research analysts recently weighed in on the company. Credit Suisse Group restated a “neutral” rating and set a $73.00 target price (up previously from $71.00) on shares of SunTrust Banks in a research note on Wednesday, March 14th. ValuEngine cut SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Stephens cut SunTrust Banks from an “overweight” rating to an “equal weight” rating in a research note on Monday, April 23rd. They noted that the move was a valuation call. Zacks Investment Research cut SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Monday, March 26th. Finally, BMO Capital Markets decreased their target price on SunTrust Banks from $79.00 to $77.00 and set a “market perform” rating for the company in a research note on Friday, April 20th. Eighteen research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $70.50.
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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