Investec Asset Management LTD lessened its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 0.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,304,365 shares of the financial services provider’s stock after selling 17,377 shares during the quarter. SunTrust Banks makes up approximately 1.2% of Investec Asset Management LTD’s portfolio, making the stock its 22nd biggest position. Investec Asset Management LTD owned 0.89% of SunTrust Banks worth $244,144,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Keybank National Association OH boosted its stake in shares of SunTrust Banks by 2.5% during the second quarter. Keybank National Association OH now owns 147,647 shares of the financial services provider’s stock valued at $8,375,000 after purchasing an additional 3,564 shares during the period. Park National Corp OH boosted its stake in shares of SunTrust Banks by 0.8% during the second quarter. Park National Corp OH now owns 9,907 shares of the financial services provider’s stock valued at $562,000 after purchasing an additional 80 shares during the period. Ballentine Partners LLC purchased a new stake in shares of SunTrust Banks during the first quarter valued at approximately $275,000. Nordea Investment Management AB boosted its stake in shares of SunTrust Banks by 11.9% during the first quarter. Nordea Investment Management AB now owns 213,040 shares of the financial services provider’s stock valued at $11,781,000 after purchasing an additional 22,620 shares during the period. Finally, Congress Asset Management Co. MA boosted its stake in shares of SunTrust Banks by 2.7% during the first quarter. Congress Asset Management Co. MA now owns 729,210 shares of the financial services provider’s stock valued at $40,325,000 after purchasing an additional 19,361 shares during the period. 81.19% of the stock is owned by hedge funds and other institutional investors.
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STI has been the subject of a number of analyst reports. BidaskClub raised SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Royal Bank Of Canada reissued a “buy” rating and set a $60.00 price objective on shares of SunTrust Banks in a research note on Thursday, July 27th. Piper Jaffray Companies reissued a “buy” rating and set a $63.00 price objective on shares of SunTrust Banks in a research note on Monday, August 28th. Morgan Stanley raised SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price objective for the company in a research note on Thursday, August 3rd. Finally, Keefe, Bruyette & Woods set a $58.00 price objective on SunTrust Banks and gave the company a “hold” rating in a research note on Thursday, July 6th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $60.39.
SunTrust Banks, Inc. (NYSE:STI) traded up 0.16% on Friday, hitting $54.83. The stock had a trading volume of 4,310,375 shares. SunTrust Banks, Inc. has a 12 month low of $42.36 and a 12 month high of $61.69. The stock has a market cap of $26.41 billion, a P/E ratio of 14.58 and a beta of 1.33. The company’s 50 day moving average is $55.99 and its 200-day moving average is $56.18.
SunTrust Banks (NYSE:STI) last posted its earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $0.98 by $0.05. The firm had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. SunTrust Banks’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period last year, the company earned $0.94 earnings per share. Analysts forecast that SunTrust Banks, Inc. will post $4.05 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.92%. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, August 29th. SunTrust Banks’s dividend payout ratio (DPR) is 42.67%.
SunTrust Banks announced that its board has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 4.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related 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 sale, the insider now directly owns 3,515 shares of the company’s stock, valued at $201,550.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.55% of the stock is owned by company insiders.
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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