Whittier Trust Co. of Nevada Inc. decreased its holdings in shares of SunTrust Banks, Inc. (NYSE:STI) by 15.1% during the second quarter, HoldingsChannel reports. The fund owned 1,133 shares of the financial services provider’s stock after selling 202 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in SunTrust Banks were worth $71,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Moors & Cabot Inc. raised its holdings in SunTrust Banks by 52.1% during the 1st quarter. Moors & Cabot Inc. now owns 7,946 shares of the financial services provider’s stock valued at $474,000 after acquiring an additional 2,723 shares during the period. Toronto Dominion Bank grew its position in shares of SunTrust Banks by 15.6% during the 1st quarter. Toronto Dominion Bank now owns 290,422 shares of the financial services provider’s stock valued at $17,203,000 after purchasing an additional 39,143 shares in the last quarter. Kessler Investment Group LLC grew its position in shares of SunTrust Banks by 64.0% during the 1st quarter. Kessler Investment Group LLC now owns 1,048 shares of the financial services provider’s stock valued at $62,000 after purchasing an additional 409 shares in the last quarter. Rowland & Co. Investment Counsel ADV grew its position in shares of SunTrust Banks by 0.5% during the 1st quarter. Rowland & Co. Investment Counsel ADV now owns 66,428 shares of the financial services provider’s stock valued at $3,936,000 after purchasing an additional 358 shares in the last quarter. Finally, Denali Advisors LLC grew its position in shares of SunTrust Banks by 1,084.2% during the 1st quarter. Denali Advisors LLC now owns 22,500 shares of the financial services provider’s stock valued at $1,333,000 after purchasing an additional 20,600 shares in the last quarter. 80.20% of the stock is currently owned by institutional investors and hedge funds.
In related news, Vice Chairman Mark A. Chancy sold 20,973 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $65.21, for a total value of $1,367,649.33. Following the completion of the transaction, the insider now directly owns 246,630 shares in the company, valued at $16,082,742.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert Ryan Richards sold 1,844 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $62.58, for a total transaction of $115,397.52. Following the completion of the transaction, the insider now owns 2,083 shares of the company’s stock, valued at $130,354.14. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by insiders.
A number of research analysts have recently commented on the stock. Morgan Stanley reduced their price target on shares of SunTrust Banks from $73.00 to $68.00 and set an “equal weight” rating for the company in a research report on Monday, April 22nd. Zacks Investment Research lowered shares of SunTrust Banks from a “hold” rating to a “sell” rating in a research report on Tuesday, April 9th. Argus set a $81.00 price target on shares of SunTrust Banks and gave the company a “buy” rating in a research report on Friday, July 19th. Finally, ValuEngine upgraded shares of SunTrust Banks from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $69.45.
NYSE:STI traded down $2.29 during midday trading on Monday, hitting $61.25. The company had a trading volume of 543,453 shares, compared to its average volume of 3,226,280. SunTrust Banks, Inc. has a 52-week low of $46.05 and a 52-week high of $75.08. The stock has a fifty day simple moving average of $64.13. The firm has a market cap of $28.20 billion, a P/E ratio of 10.75, a PEG ratio of 1.17 and a beta of 1.47. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.98 and a quick ratio of 0.97.
SunTrust Banks (NYSE:STI) last announced its earnings results on Thursday, July 18th. The financial services provider reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.02. SunTrust Banks had a net margin of 23.92% and a return on equity of 11.86%. The company had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same period in the previous year, the business earned $1.49 earnings per share. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. On average, sell-side analysts predict that SunTrust Banks, Inc. will post 5.6 earnings per share for the current year.
SunTrust Banks Profile
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, institutions, and not-for-profit entities in the United States. It operates in 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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