Eastern Bank reduced its stake in SunTrust Banks, Inc. (NYSE:STI) by 9.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,242 shares of the financial services provider’s stock after selling 670 shares during the period. Eastern Bank’s holdings in SunTrust Banks were worth $429,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. MRA Associates USA LLC acquired a new position in shares of SunTrust Banks in the second quarter valued at $25,000. Venturi Wealth Management LLC acquired a new position in shares of SunTrust Banks in the third quarter valued at $32,000. Manchester Financial Inc. bought a new stake in shares of SunTrust Banks in the second quarter valued at about $34,000. Private Capital Group LLC boosted its position in shares of SunTrust Banks by 60.0% in the second quarter. Private Capital Group LLC now owns 664 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 249 shares during the period. Finally, Burt Wealth Advisors bought a new stake in shares of SunTrust Banks in the second quarter valued at about $43,000. Hedge funds and other institutional investors own 80.40% of the company’s stock.
In related news, insider Ellen Koebler sold 4,000 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $60.84, for a total transaction of $243,360.00. Following the completion of the sale, the insider now owns 1 shares of the company’s stock, valued at $60.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.42% of the company’s stock.
STI traded up $0.21 on Friday, hitting $70.82. 1,075,594 shares of the stock were exchanged, compared to its average volume of 2,314,422. SunTrust Banks, Inc. has a 12 month low of $46.05 and a 12 month high of $71.75. The business has a 50-day moving average of $68.18 and a two-hundred day moving average of $64.44. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.99 and a quick ratio of 0.98. The firm has a market capitalization of $31.71 billion, a price-to-earnings ratio of 12.42, a PEG ratio of 1.62 and a beta of 1.53.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.40 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.40. SunTrust Banks had a net margin of 22.31% and a return on equity of 11.40%. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.33 billion. During the same quarter in the prior year, the business posted $1.56 earnings per share. SunTrust Banks’s revenue was up 2.6% compared to the same quarter last year. Equities research analysts expect that SunTrust Banks, Inc. will post 5.52 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 18th. Investors of record on Friday, November 8th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $2.24 annualized dividend and a yield of 3.16%. SunTrust Banks’s dividend payout ratio is 39.30%.
A number of equities research analysts have recently issued reports on the stock. Argus set a $81.00 target price on shares of SunTrust Banks and gave the company a “buy” rating in a research report on Friday, July 19th. Jefferies Financial Group raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and boosted their target price for the company from $67.00 to $75.00 in a research report on Tuesday, October 8th. Morgan Stanley boosted their target price on shares of SunTrust Banks from $66.00 to $71.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Finally, UBS Group reduced their target price on shares of SunTrust Banks from $69.00 to $67.00 and set a “neutral” rating for the company in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $68.20.
About SunTrust Banks
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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