Natixis trimmed its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 66.2% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 48,570 shares of the financial services provider’s stock after selling 95,252 shares during the quarter. Natixis’ holdings in SunTrust Banks were worth $3,207,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of STI. Argent Trust Co grew its stake in SunTrust Banks by 37.3% during the fourth quarter. Argent Trust Co now owns 4,715 shares of the financial services provider’s stock worth $304,000 after buying an additional 1,281 shares during the last quarter. Neuberger Berman Group LLC grew its stake in SunTrust Banks by 164.3% during the first quarter. Neuberger Berman Group LLC now owns 855,031 shares of the financial services provider’s stock worth $58,176,000 after buying an additional 531,467 shares during the last quarter. Teacher Retirement System of Texas grew its stake in SunTrust Banks by 42.4% during the first quarter. Teacher Retirement System of Texas now owns 184,396 shares of the financial services provider’s stock worth $12,546,000 after buying an additional 54,867 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in SunTrust Banks by 10.2% during the first quarter. Envestnet Asset Management Inc. now owns 103,853 shares of the financial services provider’s stock worth $7,055,000 after buying an additional 9,624 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its stake in SunTrust Banks by 17.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 33,745 shares of the financial services provider’s stock worth $2,296,000 after buying an additional 5,025 shares during the last quarter. 83.87% of the stock is currently owned by hedge funds and other institutional investors.
In other SunTrust Banks news, EVP Jorge Arrieta sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $73.13, for a total value of $182,825.00. Following the transaction, the executive vice president now directly owns 6,148 shares of the company’s stock, valued at $449,603.24. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.52% of the stock is currently owned by company insiders.
Several analysts have weighed in on STI shares. BMO Capital Markets upped their price objective on shares of SunTrust Banks from $73.00 to $74.00 and gave the stock a “$72.58” rating in a research note on Monday, July 23rd. Barclays upped their price objective on shares of SunTrust Banks from $77.00 to $79.00 and gave the stock a “$72.58” rating in a research note on Monday, July 23rd. Jefferies Financial Group reissued a “buy” rating and set a $80.00 price target on shares of SunTrust Banks in a research note on Tuesday, July 24th. Zacks Investment Research raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a research note on Monday, July 16th. Finally, Argus raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Monday, July 2nd. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $72.73.
STI opened at $68.59 on Monday. SunTrust Banks, Inc. has a one year low of $54.35 and a one year high of $75.08. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.54. The company has a market cap of $32.89 billion, a PE ratio of 16.98, a P/E/G ratio of 1.09 and a beta of 1.26.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings data on Friday, July 20th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.19. SunTrust Banks had a net margin of 26.41% and a return on equity of 10.94%. The firm had revenue of $2.32 billion for the quarter, compared to analysts’ expectations of $2.33 billion. During the same period last year, the firm earned $1.03 earnings per share. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. equities analysts anticipate that SunTrust Banks, Inc. will post 5.61 EPS for the current fiscal year.
SunTrust Banks declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 28th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 6.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Friday, August 31st will be paid a $0.50 dividend. The ex-dividend date of this dividend is Thursday, August 30th. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.40. This represents a $2.00 dividend on an annualized basis and a yield of 2.92%. SunTrust Banks’s dividend payout ratio (DPR) is presently 49.50%.
SunTrust Banks Profile
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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