Graves Light Private Wealth Management Inc. boosted its holdings in SunTrust Banks, Inc. (NYSE:STI) by 2.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,856 shares of the financial services provider’s stock after buying an additional 247 shares during the period. Graves Light Private Wealth Management Inc.’s holdings in SunTrust Banks were worth $557,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of STI. FMR LLC boosted its stake in SunTrust Banks by 59.9% in the 1st quarter. FMR LLC now owns 23,269,649 shares of the financial services provider’s stock worth $1,378,727,000 after buying an additional 8,716,823 shares during the last quarter. CNH Partners LLC acquired a new stake in SunTrust Banks in the 1st quarter worth about $240,779,000. Alpine Associates Management Inc. acquired a new stake in SunTrust Banks in the 1st quarter worth about $114,713,000. Boston Partners lifted its stake in shares of SunTrust Banks by 43.7% in the 1st quarter. Boston Partners now owns 6,241,376 shares of the financial services provider’s stock valued at $369,802,000 after purchasing an additional 1,898,260 shares in the last quarter. Finally, IndexIQ Advisors LLC lifted its stake in shares of SunTrust Banks by 1,064.1% in the 1st quarter. IndexIQ Advisors LLC now owns 1,198,368 shares of the financial services provider’s stock valued at $71,004,000 after purchasing an additional 1,095,427 shares in the last quarter. 80.34% of the stock is currently owned by hedge funds and other institutional investors.
STI has been the topic of several research analyst reports. Zacks Investment Research lowered SunTrust Banks from a “hold” rating to a “sell” rating in a research note on Tuesday, April 9th. Morgan Stanley reduced their price objective on SunTrust Banks from $73.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Monday, April 22nd. ValuEngine raised SunTrust Banks from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Finally, Argus set a $81.00 price objective on SunTrust Banks and gave the company a “buy” rating in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $69.45.
SunTrust Banks (NYSE:STI) last announced its earnings results on Thursday, July 18th. The financial services provider reported $1.48 EPS for the quarter, beating the consensus estimate of $1.46 by $0.02. The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.39 billion. SunTrust Banks had a return on equity of 11.86% and a net margin of 23.92%. The company’s revenue was up 10.5% on a year-over-year basis. During the same period last year, the business posted $1.49 EPS. Equities research analysts expect that SunTrust Banks, Inc. will post 5.6 EPS for the current year.
In related news, Vice Chairman Mark A. Chancy sold 20,973 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $65.21, for a total transaction of $1,367,649.33. Following the sale, the insider now directly owns 246,630 shares in the company, valued at approximately $16,082,742.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Robert Ryan Richards sold 1,844 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $62.58, for a total value of $115,397.52. Following the sale, the insider now owns 2,083 shares in the company, valued at $130,354.14. The disclosure for this sale can be found here. Company insiders own 0.42% of the company’s stock.
About SunTrust Banks
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, institutions, and not-for-profit entities in the United States. It operates in two segments, Consumer and Wholesale. The Consumer segment provides deposits and payments; home equity and personal credit lines; auto, student, and other lending products; credit cards; discount/online and full-service brokerage products; professional investment advisory products and services; and trust services, as well as family office solutions.
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