Boston Advisors LLC cut its position in SunTrust Banks Inc. (NYSE:STI) by 16.2% during the second quarter, Holdings Channel reports. The firm owned 277,395 shares of the financial services provider’s stock after selling 53,697 shares during the period. Boston Advisors LLC’s holdings in SunTrust Banks were worth $11,395,000 as of its most recent filing with the SEC.
Several other hedge funds have also bought and sold shares of the company. Panagora Asset Management Inc. increased its stake in SunTrust Banks by 0.5% in the first quarter. Panagora Asset Management Inc. now owns 2,371,568 shares of the financial services provider’s stock worth $85,566,000 after buying an additional 11,760 shares during the period. Endeavour Capital Advisors Inc. increased its position in shares of SunTrust Banks by 69.1% in the first quarter. Endeavour Capital Advisors Inc. now owns 912,310 shares of the financial services provider’s stock valued at $32,916,000 after buying an additional 372,871 shares during the last quarter. AMP Capital Investors Ltd increased its position in shares of SunTrust Banks by 10.7% in the first quarter. AMP Capital Investors Ltd now owns 294,737 shares of the financial services provider’s stock valued at $10,755,000 after buying an additional 28,469 shares during the last quarter. 1st Global Advisors Inc. purchased a new position in shares of SunTrust Banks during the second quarter valued at approximately $202,000. Finally, Envestnet Asset Management Inc. increased its position in shares of SunTrust Banks by 4.6% in the first quarter. Envestnet Asset Management Inc. now owns 212,692 shares of the financial services provider’s stock valued at $7,674,000 after buying an additional 9,279 shares during the last quarter. Hedge funds and other institutional investors own 82.37% of the company’s stock.
Shares of SunTrust Banks Inc. (NYSE:STI) traded down 3.30% on Monday, reaching $42.72. 3,765,472 shares of the company’s stock were exchanged. SunTrust Banks Inc. has a one year low of $31.07 and a one year high of $45.24. The firm has a market capitalization of $21.42 billion, a P/E ratio of 11.57 and a beta of 1.31. The firm has a 50 day moving average of $43.24 and a 200 day moving average of $41.29.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings data on Friday, July 22nd. The financial services provider reported $0.94 EPS for the quarter, topping the consensus estimate of $0.88 by $0.06. SunTrust Banks had a net margin of 22.31% and a return on equity of 8.53%. The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same period in the prior year, the business posted $0.89 EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts predict that SunTrust Banks Inc. will post $3.51 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were paid a dividend of $0.26 per share. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Monday, August 29th. SunTrust Banks’s dividend payout ratio is presently 28.18%.
STI has been the topic of several analyst reports. Zacks Investment Research upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a report on Wednesday, September 21st. Wells Fargo & Co. reiterated a “buy” rating on shares of SunTrust Banks in a report on Sunday, July 10th. Barclays PLC reiterated an “equal weight” rating and set a $46.00 price target on shares of SunTrust Banks in a report on Sunday, July 10th. Deutsche Bank AG reiterated a “buy” rating on shares of SunTrust Banks in a report on Wednesday, June 15th. Finally, Credit Agricole SA upped their price target on shares of SunTrust Banks from $52.00 to $54.00 and gave the company a “buy” rating in a report on Friday. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. SunTrust Banks currently has an average rating of “Buy” and an average price target of $44.45.
In related news, insider Susan S. Johnson sold 1,118 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $42.40, for a total transaction of $47,403.20. Following the sale, the insider now directly owns 1,119 shares of the company’s stock, valued at approximately $47,445.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.67% of the company’s stock.
SunTrust Banks Company Profile
SunTrust Banks, Inc is a bank holding company and a financial holding company. Through its principal subsidiary, SunTrust Bank, the Company offers a line of financial services for consumers and businesses, including deposit, credit, mortgage banking, and trust and investment services. The Company’s other subsidiaries provide asset and wealth management, securities brokerage, and capital market services.
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