Stock analysts at Wedbush initiated coverage on shares of SunTrust Banks Inc. (NYSE:STI) in a research note issued to investors on Thursday, The Fly reports. The firm set a “neutral” rating on the financial services provider’s stock.
Several other research firms have also recently weighed in on STI. Credit Suisse Group AG reaffirmed a “sell” rating on shares of SunTrust Banks in a research note on Tuesday, July 12th. Compass Point raised their target price on shares of SunTrust Banks from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, July 26th. Zacks Investment Research cut shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Monday, September 26th. Deutsche Bank AG reaffirmed a “buy” rating on shares of SunTrust Banks in a research note on Wednesday, June 15th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $45.00 target price on shares of SunTrust Banks in a research note on Friday, July 15th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $44.45.
Shares of SunTrust Banks (NYSE:STI) traded up 0.13% during trading on Thursday, hitting $45.79. 3,875,054 shares of the stock traded hands. The stock has a market cap of $22.96 billion, a PE ratio of 12.40 and a beta of 1.31. SunTrust Banks has a 12 month low of $31.07 and a 12 month high of $46.21. The firm’s 50-day moving average price is $43.61 and its 200-day moving average price is $41.62.
SunTrust Banks (NYSE:STI) last posted its earnings results on Friday, July 22nd. The financial services provider reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.06. The company earned $2.19 billion during the quarter, compared to analysts’ expectations of $2.14 billion. SunTrust Banks had a net margin of 22.31% and a return on equity of 8.53%. SunTrust Banks’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the company posted $0.89 earnings per share. Analysts anticipate that SunTrust Banks will post $3.51 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend was Monday, August 29th. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.24. SunTrust Banks’s payout ratio is currently 28.18%.
In other SunTrust Banks news, insider Susan S. Johnson sold 1,118 shares of the business’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 owns 1,119 shares of the company’s stock, valued at approximately $47,445.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.67% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Copper Rock Capital Partners LLC increased its stake in SunTrust Banks by 12.4% in the third quarter. Copper Rock Capital Partners LLC now owns 10,837 shares of the financial services provider’s stock valued at $468,000 after buying an additional 1,199 shares in the last quarter. Burke & Herbert Bank & Trust Co. bought a new stake in SunTrust Banks during the third quarter valued at $210,000. First National Bank of Mount Dora Trust Investment Services increased its stake in SunTrust Banks by 0.5% in the third quarter. First National Bank of Mount Dora Trust Investment Services now owns 223,619 shares of the financial services provider’s stock valued at $9,795,000 after buying an additional 1,034 shares in the last quarter. Washington Trust Bank increased its stake in SunTrust Banks by 0.9% in the third quarter. Washington Trust Bank now owns 4,461 shares of the financial services provider’s stock valued at $195,000 after buying an additional 41 shares in the last quarter. Finally, Macquarie Group Ltd. increased its stake in SunTrust Banks by 4.1% in the second quarter. Macquarie Group Ltd. now owns 11,245 shares of the financial services provider’s stock valued at $462,000 after buying an additional 445 shares in the last quarter. 82.37% of the stock is currently owned by institutional investors.
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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