Sumitomo Mitsui Asset Management Company LTD raised its stake in shares of SunTrust Banks Inc. (NYSE:STI) by 1.1% during the second quarter, Holdings Channel reports. The fund owned 38,926 shares of the financial services provider’s stock after buying an additional 418 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in SunTrust Banks were worth $1,599,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. American Century Companies Inc. raised its position in shares of SunTrust Banks by 64.4% in the second quarter. American Century Companies Inc. now owns 8,267,226 shares of the financial services provider’s stock valued at $339,618,000 after buying an additional 3,238,624 shares during the last quarter. Bank of Montreal Can purchased a new stake in SunTrust Banks during the second quarter valued at $55,797,000. Canada Pension Plan Investment Board increased its stake in SunTrust Banks by 476.5% in the first quarter. Canada Pension Plan Investment Board now owns 735,651 shares of the financial services provider’s stock valued at $26,542,000 after buying an additional 608,040 shares during the period. Smith Asset Management Group LP purchased a new stake in SunTrust Banks during the second quarter valued at $21,758,000. Finally, Natixis increased its stake in SunTrust Banks by 285.0% in the first quarter. Natixis now owns 633,437 shares of the financial services provider’s stock valued at $22,854,000 after buying an additional 468,893 shares during the period. Institutional investors own 82.36% of the company’s stock.
SunTrust Banks Inc. (NYSE:STI) traded up 1.45% during trading on Tuesday, hitting $45.36. The stock had a trading volume of 3,850,400 shares. SunTrust Banks Inc. has a 1-year low of $31.07 and a 1-year high of $46.47. The stock’s 50-day moving average price is $44.24 and its 200-day moving average price is $42.15. The company has a market capitalization of $22.74 billion, a P/E ratio of 12.28 and a beta of 1.31.
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 Thomson Reuters’ 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 business earned $2.19 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same period last year, the business posted $0.89 earnings per share. SunTrust Banks’s quarterly revenue was up 6.9% compared to the same quarter last year. Analysts expect that SunTrust Banks Inc. will post $3.51 earnings per share for the current year.
Several equities research analysts recently weighed in on STI shares. Sanford C. Bernstein downgraded SunTrust Banks from an “outperform” rating to a “market perform” rating and set a $43.00 price objective on the stock. in a report on Tuesday, August 16th. They noted that the move was a valuation call. Wells Fargo & Co. reissued a “buy” rating on shares of SunTrust Banks in a report on Sunday, July 10th. Robert W. Baird downgraded SunTrust Banks from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $43.00 to $41.00 in a report on Friday, July 15th. Wedbush started coverage on SunTrust Banks in a report on Thursday, October 6th. They set a “neutral” rating and a $47.00 price objective on the stock. Finally, Zacks Investment Research downgraded SunTrust Banks from a “buy” rating to a “hold” rating in a report on Monday, September 26th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. SunTrust Banks currently has an average rating of “Buy” and an average price target of $44.91.
In other SunTrust Banks news, insider Susan S. Johnson sold 1,118 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $42.40, for a total value of $47,403.20. Following the completion of the sale, the insider now directly owns 1,119 shares in the company, valued at $47,445.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.67% of the stock is currently owned by company insiders.
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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