New Mexico Educational Retirement Board lowered its position in SunTrust Banks, Inc. (NYSE:STI) by 9.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,926 shares of the financial services provider’s stock after selling 4,900 shares during the period. New Mexico Educational Retirement Board’s holdings in SunTrust Banks were worth $2,574,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Global X Management Co. LLC raised its position in shares of SunTrust Banks by 35.3% in the second quarter. Global X Management Co. LLC now owns 6,399 shares of the financial services provider’s stock worth $363,000 after buying an additional 1,669 shares in the last quarter. HL Financial Services LLC raised its position in shares of SunTrust Banks by 14.2% in the second quarter. HL Financial Services LLC now owns 23,733 shares of the financial services provider’s stock worth $1,346,000 after buying an additional 2,948 shares in the last quarter. Advisor Partners LLC raised its position in shares of SunTrust Banks by 10.7% in the second quarter. Advisor Partners LLC now owns 12,550 shares of the financial services provider’s stock worth $712,000 after buying an additional 1,214 shares in the last quarter. Korea Investment CORP raised its position in shares of SunTrust Banks by 2.1% in the second quarter. Korea Investment CORP now owns 717,470 shares of the financial services provider’s stock worth $40,695,000 after buying an additional 14,868 shares in the last quarter. Finally, Stratos Wealth Partners LTD. raised its position in shares of SunTrust Banks by 2.2% in the second quarter. Stratos Wealth Partners LTD. now owns 8,059 shares of the financial services provider’s stock worth $457,000 after buying an additional 172 shares in the last quarter. 82.10% of the stock is currently owned by institutional investors.
Shares of SunTrust Banks, Inc. (NYSE:STI) opened at 57.60 on Thursday. The stock’s 50 day moving average price is $56.79 and its 200 day moving average price is $56.69. The firm has a market capitalization of $27.82 billion, a P/E ratio of 15.32 and a beta of 1.33. SunTrust Banks, Inc. has a 52 week low of $41.46 and a 52 week high of $61.69.
SunTrust Banks (NYSE:STI) last announced its earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $0.98 by $0.05. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.29 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The business’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 EPS. On average, analysts predict that SunTrust Banks, Inc. will post $4.04 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Tuesday, August 29th. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s dividend payout ratio (DPR) is 27.73%.
SunTrust Banks declared that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
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A number of research analysts have weighed in on the company. Wells Fargo & Company assumed coverage on SunTrust Banks in a research note on Wednesday. They set an “outperform” rating on the stock. Morgan Stanley raised SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price target on the stock in a research note on Thursday, August 3rd. Royal Bank Of Canada reissued a “buy” rating and set a $60.00 price target on shares of SunTrust Banks in a research note on Thursday, July 27th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of SunTrust Banks in a research note on Sunday, July 23rd. Finally, BidaskClub lowered SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $58.58.
SunTrust Banks Company Profile
SunTrust Banks, Inc is a provider of financial services. The Company’s principal subsidiary is SunTrust Bank (the Bank). The Company’s business segments include Consumer Banking and Private Wealth Management, Wholesale Banking, Mortgage Banking and Corporate Other. As of December 31, 2016, the Consumer Banking and Private Wealth Management segment consisted of three primary businesses: Consumer Banking, Consumer Lending and Private Wealth Management.
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