FIG Partners upgraded shares of SunTrust Banks (NYSE:STI) from a market perform rating to an outperform rating in a report published on Friday morning, MarketBeat reports. FIG Partners also issued estimates for SunTrust Banks’ Q2 2018 earnings at $1.30 EPS, Q3 2018 earnings at $1.34 EPS, Q4 2018 earnings at $1.35 EPS, FY2018 earnings at $5.28 EPS, Q2 2019 earnings at $1.39 EPS, Q3 2019 earnings at $1.45 EPS, Q4 2019 earnings at $1.47 EPS and FY2019 earnings at $5.67 EPS.
Other equities analysts have also issued reports about the stock. Piper Jaffray Companies reissued a buy rating and issued a $75.00 price objective on shares of SunTrust Banks in a research report on Sunday, April 22nd. ValuEngine raised shares of SunTrust Banks from a hold rating to a buy rating in a research report on Wednesday, March 7th. Zacks Investment Research raised shares of SunTrust Banks from a hold rating to a buy rating and set a $80.00 price objective on the stock in a research report on Wednesday, March 21st. Keefe, Bruyette & Woods reissued a buy rating and issued a $75.00 price objective on shares of SunTrust Banks in a research report on Thursday, April 5th. Finally, Sandler O’Neill raised shares of SunTrust Banks from a hold rating to a buy rating in a research report on Friday. Seventeen analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. SunTrust Banks presently has an average rating of Hold and a consensus price target of $70.50.
SunTrust Banks traded up $0.31, hitting $66.02, on Friday, according to MarketBeat. 5,218,138 shares of the stock were exchanged, compared to its average volume of 2,567,111. 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 has a 52 week low of $51.96 and a 52 week high of $73.37. The firm has a market capitalization of $30.54 billion, a P/E ratio of 16.34, a price-to-earnings-growth ratio of 0.96 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 Thomson Reuters’ consensus estimate of $1.11 by $0.18. The company had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.29 billion. SunTrust Banks had a net margin of 24.92% and a return on equity of 10.05%. The company’s revenue was up .4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. research analysts anticipate that SunTrust Banks will post 5.29 EPS for the current fiscal year.
SunTrust Banks declared that its board has approved a share repurchase program on Thursday, June 28th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 6.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 15th. Investors of record on Thursday, May 31st were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend was Wednesday, May 30th. SunTrust Banks’s dividend payout ratio is 39.60%.
In other SunTrust Banks news, COO Hugh S. Cummins III sold 11,000 shares of the stock in a transaction dated Monday, May 21st. The shares were sold at an average price of $69.00, for a total transaction of $759,000.00. Following the sale, the chief operating officer now directly owns 40,198 shares in the company, valued at $2,773,662. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jerome T. Lienhard sold 8,750 shares of the stock in a transaction dated Monday, May 14th. The stock was sold at an average price of $69.06, for a total transaction of $604,275.00. Following the sale, the executive vice president now owns 41,374 shares in the company, valued at $2,857,288.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,250 shares of company stock worth $1,464,300. 0.52% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its stake in SunTrust Banks by 2.1% during the first quarter. BlackRock Inc. now owns 45,528,440 shares of the financial services provider’s stock worth $3,097,755,000 after buying an additional 951,652 shares in the last quarter. LSV Asset Management grew its stake in SunTrust Banks by 1.3% during the first quarter. LSV Asset Management now owns 6,450,022 shares of the financial services provider’s stock worth $438,859,000 after buying an additional 82,600 shares in the last quarter. Alliancebernstein L.P. grew its stake in SunTrust Banks by 522.8% during the fourth quarter. Alliancebernstein L.P. now owns 5,543,914 shares of the financial services provider’s stock worth $358,081,000 after buying an additional 4,653,780 shares in the last quarter. TIAA CREF Investment Management LLC grew its stake in SunTrust Banks by 3.0% during the fourth quarter. TIAA CREF Investment Management LLC now owns 5,175,019 shares of the financial services provider’s stock worth $334,254,000 after buying an additional 149,288 shares in the last quarter. Finally, OppenheimerFunds Inc. grew its stake in SunTrust Banks by 31.0% during the first quarter. OppenheimerFunds Inc. now owns 4,240,997 shares of the financial services provider’s stock worth $288,557,000 after buying an additional 1,002,395 shares in the last quarter. Hedge funds and other institutional investors own 83.62% 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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