Steward Partners Investment Advisory LLC acquired a new position in shares of SunTrust Banks, Inc. (NYSE:STI) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,764 shares of the financial services provider’s stock, valued at approximately $236,000.
Other hedge funds have also recently modified their holdings of the company. Moors & Cabot Inc. raised its holdings in SunTrust Banks by 52.1% during the first quarter. Moors & Cabot Inc. now owns 7,946 shares of the financial services provider’s stock worth $474,000 after purchasing an additional 2,723 shares during the last quarter. Toronto Dominion Bank raised its holdings in SunTrust Banks by 15.6% during the first quarter. Toronto Dominion Bank now owns 290,422 shares of the financial services provider’s stock worth $17,203,000 after purchasing an additional 39,143 shares during the last quarter. Kessler Investment Group LLC increased its position in SunTrust Banks by 64.0% during the first quarter. Kessler Investment Group LLC now owns 1,048 shares of the financial services provider’s stock worth $62,000 after buying an additional 409 shares in the last quarter. Clean Yield Group purchased a new position in SunTrust Banks during the second quarter worth $84,000. Finally, Stephens Inc. AR increased its position in SunTrust Banks by 0.9% during the first quarter. Stephens Inc. AR now owns 111,781 shares of the financial services provider’s stock worth $6,623,000 after buying an additional 965 shares in the last quarter. 80.30% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have weighed in on STI shares. Morgan Stanley dropped their price target on SunTrust Banks from $73.00 to $68.00 and set an “equal weight” rating for the company in a research report on Monday, April 22nd. Argus set a $81.00 price target on SunTrust Banks and gave the stock a “buy” rating in a research report on Friday, July 19th. Finally, ValuEngine raised SunTrust Banks from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $69.45.
Shares of SunTrust Banks stock opened at $60.79 on Wednesday. SunTrust Banks, Inc. has a twelve month low of $46.05 and a twelve month high of $75.08. The firm has a market capitalization of $27.12 billion, a PE ratio of 10.66, a P/E/G ratio of 1.28 and a beta of 1.48. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.85. The firm has a fifty day moving average price of $63.70.
SunTrust Banks (NYSE:STI) last issued its earnings results on Thursday, July 18th. The financial services provider reported $1.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.46 by $0.02. SunTrust Banks had a return on equity of 11.86% and a net margin of 23.92%. The firm had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same quarter last year, the firm earned $1.49 earnings per share. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, analysts predict that SunTrust Banks, Inc. will post 5.6 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.68%. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.50. SunTrust Banks’s dividend payout ratio (DPR) is presently 35.09%.
SunTrust Banks Company Profile
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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