Edward Jones upgraded shares of SunTrust Banks (NYSE:STI) from a hold rating to a buy rating in a research note released on Wednesday, MarketBeat reports.
Several other analysts have also weighed in on STI. Zacks Investment Research raised shares of SunTrust Banks from a hold rating to a buy rating and set a $76.00 price objective for the company in a report on Monday, July 16th. Keefe, Bruyette & Woods reissued a buy rating and set a $79.00 price target on shares of SunTrust Banks in a research note on Monday, July 23rd. Barclays raised their price objective on shares of SunTrust Banks from $77.00 to $79.00 and gave the company a $72.58 rating in a research note on Monday, July 23rd. BMO Capital Markets raised their price objective on shares of SunTrust Banks from $73.00 to $74.00 and gave the company a $72.58 rating in a research note on Monday, July 23rd. Finally, B. Riley raised shares of SunTrust Banks from a neutral rating to a buy rating and raised their price objective for the company from $70.00 to $81.00 in a research note on Monday, July 23rd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company. SunTrust Banks currently has an average rating of Hold and a consensus price target of $77.00.
NYSE:STI traded down $0.01 during trading hours on Wednesday, reaching $62.49. The company’s stock had a trading volume of 3,075,049 shares, compared to its average volume of 5,047,161. The company has a current ratio of 0.95, a quick ratio of 0.93 and a debt-to-equity ratio of 0.65. SunTrust Banks has a one year low of $56.30 and a one year high of $75.08. The stock has a market capitalization of $28.87 billion, a PE ratio of 15.47, a P/E/G ratio of 1.06 and a beta of 1.26.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings data on Friday, October 19th. The financial services provider reported $1.56 EPS for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.17. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. SunTrust Banks had a net margin of 28.17% and a return on equity of 11.66%. The firm’s revenue for the quarter was down .8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.06 earnings per share. On average, sell-side analysts forecast that SunTrust Banks will post 5.59 earnings per share for the current fiscal year.
In other news, EVP Jorge Arrieta sold 2,500 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $73.13, for a total transaction of $182,825.00. Following the completion of the sale, the executive vice president now owns 6,148 shares of the company’s stock, valued at approximately $449,603.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.52% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the business. Argent Trust Co increased its stake in SunTrust Banks by 2.6% in the second quarter. Argent Trust Co now owns 35,901 shares of the financial services provider’s stock worth $2,370,000 after purchasing an additional 906 shares during the period. Beacon Investment Advisory Services Inc. lifted its holdings in shares of SunTrust Banks by 1.8% during the second quarter. Beacon Investment Advisory Services Inc. now owns 45,648 shares of the financial services provider’s stock worth $3,014,000 after purchasing an additional 797 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in shares of SunTrust Banks by 3.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,748,113 shares of the financial services provider’s stock worth $115,411,000 after purchasing an additional 56,665 shares during the period. NumerixS Investment Technologies Inc raised its position in SunTrust Banks by 53.8% during the second quarter. NumerixS Investment Technologies Inc now owns 6,000 shares of the financial services provider’s stock valued at $394,000 after acquiring an additional 2,099 shares in the last quarter. Finally, New England Research & Management Inc. raised its position in SunTrust Banks by 117.4% during the third quarter. New England Research & Management Inc. now owns 24,350 shares of the financial services provider’s stock valued at $1,626,000 after acquiring an additional 13,150 shares in the last quarter. Institutional investors and hedge funds own 84.13% of the company’s stock.
SunTrust Banks Company 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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