Vining Sparks Reaffirms “Buy” Rating for SunTrust Banks (STI)

Vining Sparks reissued their buy rating on shares of SunTrust Banks (NYSE:STI) in a research report released on Monday. The firm currently has a $85.00 price target on the financial services provider’s stock.

A number of other brokerages also recently weighed in on STI. Credit Suisse Group upgraded shares of SunTrust Banks from an underperform rating to a neutral rating and increased their price objective for the company from $56.00 to $60.00 in a research report on Monday, October 9th. Barclays increased their price objective on shares of SunTrust Banks from $68.00 to $77.00 and gave the company an equal weight rating in a research report on Tuesday, January 2nd. Morgan Stanley upgraded shares of SunTrust Banks from an equal weight rating to an overweight rating and set a $68.00 price target on the stock in a research report on Monday. Zacks Investment Research upgraded shares of SunTrust Banks from a hold rating to a buy rating and set a $74.00 price target on the stock in a research report on Tuesday, December 26th. Finally, Raymond James Financial downgraded shares of SunTrust Banks from an outperform rating to a market perform rating in a research report on Monday, October 23rd. Fourteen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $67.88.

Shares of SunTrust Banks (STI) traded up $1.03 during trading on Monday, reaching $68.89. 4,509,411 shares of the company were exchanged, compared to its average volume of 4,235,878. The company has a market capitalization of $32,790.00, a P/E ratio of 17.66, a price-to-earnings-growth ratio of 1.58 and a beta of 1.29. SunTrust Banks has a 12 month low of $51.96 and a 12 month high of $68.95. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.50.

SunTrust Banks (NYSE:STI) last issued its quarterly earnings data on Friday, October 20th. The financial services provider reported $1.06 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.06. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.30 billion. SunTrust Banks had a net margin of 20.88% and a return on equity of 8.83%. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.91 earnings per share. equities research analysts predict that SunTrust Banks will post 4.07 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Thursday, November 30th were paid a $0.40 dividend. The ex-dividend date was Wednesday, November 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.32%. SunTrust Banks’s dividend payout ratio (DPR) is presently 41.03%.

In other news, Director Kyle P. Legg sold 3,300 shares of the stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $21.82, for a total value of $72,006.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Mark A. Chancy sold 4,000 shares of the stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $60.06, for a total transaction of $240,240.00. The disclosure for this sale can be found here. Corporate insiders own 0.55% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in STI. Capital World Investors increased its stake in shares of SunTrust Banks by 20.7% in the second quarter. Capital World Investors now owns 29,513,083 shares of the financial services provider’s stock worth $1,673,982,000 after purchasing an additional 5,056,000 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of SunTrust Banks by 3,033.8% in the second quarter. Janus Henderson Group PLC now owns 2,006,553 shares of the financial services provider’s stock worth $113,812,000 after purchasing an additional 1,942,524 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of SunTrust Banks by 3,009.4% in the second quarter. Lazard Asset Management LLC now owns 1,938,443 shares of the financial services provider’s stock worth $109,948,000 after purchasing an additional 1,876,101 shares in the last quarter. American Century Companies Inc. increased its stake in shares of SunTrust Banks by 31.4% in the third quarter. American Century Companies Inc. now owns 7,293,744 shares of the financial services provider’s stock worth $435,947,000 after purchasing an additional 1,742,756 shares in the last quarter. Finally, TIAA CREF Investment Management LLC increased its stake in shares of SunTrust Banks by 70.6% in the second quarter. TIAA CREF Investment Management LLC now owns 3,534,925 shares of the financial services provider’s stock worth $200,501,000 after purchasing an additional 1,462,517 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for SunTrust Banks (NYSE:STI)

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