FBR & Co lowered shares of SunTrust Banks, Inc. (NYSE:STI) from a buy rating to a neutral rating in a research note issued to investors on Tuesday, Marketbeat reports. The firm currently has $62.00 price target on the financial services provider’s stock. FBR & Co also issued estimates for SunTrust Banks’ Q3 2017 earnings at $1.08 EPS, Q4 2017 earnings at $1.07 EPS, FY2017 earnings at $4.10 EPS, Q1 2018 earnings at $1.02 EPS, Q2 2018 earnings at $1.13 EPS, Q3 2018 earnings at $1.15 EPS, Q4 2018 earnings at $1.14 EPS, FY2018 earnings at $4.45 EPS and FY2019 earnings at $5.00 EPS.
STI has been the subject of a number of other reports. Robert W. Baird reissued a hold rating and set a $55.00 price target on shares of SunTrust Banks in a research note on Friday, August 25th. Credit Suisse Group raised SunTrust Banks from an underperform rating to a neutral rating and lifted their target price for the company from $56.00 to $60.00 in a research report on Monday. Morgan Stanley raised SunTrust Banks from an underweight rating to an equal weight rating and set a $63.00 target price for the company in a research report on Thursday, August 3rd. Zacks Investment Research raised SunTrust Banks from a hold rating to a buy rating and set a $64.00 target price for the company in a research report on Friday, September 22nd. Finally, UBS AG reaffirmed a neutral rating and set a $62.00 target price (up from $61.00) on shares of SunTrust Banks in a research report on Friday, October 6th. Seventeen analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. SunTrust Banks presently has an average rating of Hold and a consensus price target of $62.48.
Shares of SunTrust Banks (NYSE:STI) traded down 0.42% during trading on Tuesday, hitting $59.42. The company had a trading volume of 2,638,859 shares. The stock’s 50-day moving average price is $56.94 and its 200 day moving average price is $56.27. SunTrust Banks has a 52 week low of $44.45 and a 52 week high of $61.69. The company has a market capitalization of $28.62 billion, a P/E ratio of 15.80 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.05. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same period last year, the company earned $0.94 EPS. SunTrust Banks’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, equities research analysts forecast that SunTrust Banks will post $4.05 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were issued a dividend of $0.40 per share. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, August 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.68%. SunTrust Banks’s dividend payout ratio (DPR) is presently 42.67%.
SunTrust Banks declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 28th that permits the company to buyback $1.32 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 4.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $57.34, for a total transaction of $46,330.72. Following the transaction, the insider now owns 3,515 shares of the company’s stock, valued at $201,550.10. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.55% of the company’s stock.
Several hedge funds have recently modified their holdings of STI. Oxford Asset Management purchased a new position in shares of SunTrust Banks during the first quarter worth about $564,000. Mastrapasqua Asset Management Inc. purchased a new position in shares of SunTrust Banks during the first quarter worth about $2,859,000. Dynamic Technology Lab Private Ltd grew its holdings in shares of SunTrust Banks by 197.2% during the first quarter. Dynamic Technology Lab Private Ltd now owns 13,811 shares of the financial services provider’s stock worth $764,000 after buying an additional 9,164 shares during the last quarter. Westpac Banking Corp grew its holdings in shares of SunTrust Banks by 25.5% during the first quarter. Westpac Banking Corp now owns 543,721 shares of the financial services provider’s stock worth $29,655,000 after buying an additional 110,403 shares during the last quarter. Finally, Comerica Securities Inc. grew its holdings in shares of SunTrust Banks by 39.9% during the first quarter. Comerica Securities Inc. now owns 5,631 shares of the financial services provider’s stock worth $311,000 after buying an additional 1,606 shares during the last quarter. 81.18% of the stock is currently owned by institutional investors.
About SunTrust Banks
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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