Elkfork Partners LLC purchased a new position in SunTrust Banks, Inc. (NYSE:STI) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 38,082 shares of the financial services provider’s stock, valued at approximately $2,460,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Valeo Financial Advisors LLC lifted its position in shares of SunTrust Banks by 107.5% in the 4th quarter. Valeo Financial Advisors LLC now owns 1,627 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 843 shares during the period. Icon Wealth Partners LLC acquired a new position in shares of SunTrust Banks in the 4th quarter worth approximately $156,000. Avestar Capital LLC acquired a new position in shares of SunTrust Banks in the 4th quarter worth approximately $162,000. Quantitative Systematic Strategies LLC acquired a new position in shares of SunTrust Banks in the 4th quarter worth approximately $202,000. Finally, WealthTrust Axiom LLC acquired a new position in shares of SunTrust Banks in the 4th quarter worth approximately $202,000. Hedge funds and other institutional investors own 83.59% of the company’s stock.
SunTrust Banks, Inc. (STI) opened at $65.97 on Monday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.92 and a current ratio of 0.93. SunTrust Banks, Inc. has a 1-year low of $51.96 and a 1-year high of $73.37. The firm has a market cap of $30,893.75, a price-to-earnings ratio of 14.73, a price-to-earnings-growth ratio of 1.04 and a beta of 1.33.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Wednesday, February 28th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $1.60 annualized dividend and a yield of 2.43%. SunTrust Banks’s payout ratio is 35.71%.
In other SunTrust Banks news, EVP Jerome T. Lienhard sold 29,248 shares of the company’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $17.37, for a total transaction of $508,037.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Mark A. Chancy sold 7,500 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $70.13, for a total transaction of $525,975.00. Following the transaction, the insider now owns 149,955 shares in the company, valued at approximately $10,516,344.15. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,348 shares of company stock worth $1,289,757. Corporate insiders own 0.52% of the company’s stock.
A number of research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $77.00 price target on shares of SunTrust Banks in a research report on Friday, December 29th. ValuEngine upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. Credit Suisse Group restated a “neutral” rating and issued a $73.00 price target (up previously from $71.00) on shares of SunTrust Banks in a research report on Wednesday, March 14th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $79.00 target price on shares of SunTrust Banks in a research report on Sunday, January 21st. Fifteen investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $69.61.
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SunTrust Banks 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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