BlueCrest Capital Management Ltd Sells 65,329 Shares of SunTrust Banks, Inc. (STI)

BlueCrest Capital Management Ltd decreased its holdings in shares of SunTrust Banks, Inc. (NYSE:STI) by 38.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 102,674 shares of the financial services provider’s stock after selling 65,329 shares during the quarter. BlueCrest Capital Management Ltd’s holdings in SunTrust Banks were worth $5,824,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in STI. Capital World Investors raised its stake in SunTrust Banks by 20.7% during the second quarter. Capital World Investors now owns 29,513,083 shares of the financial services provider’s stock valued at $1,673,982,000 after purchasing an additional 5,056,000 shares in the last quarter. Janus Henderson Group PLC raised its stake in SunTrust Banks by 3,033.8% during the second quarter. Janus Henderson Group PLC now owns 2,006,553 shares of the financial services provider’s stock valued at $113,812,000 after purchasing an additional 1,942,524 shares in the last quarter. Lazard Asset Management LLC raised its stake in SunTrust Banks by 3,009.4% during the second quarter. Lazard Asset Management LLC now owns 1,938,443 shares of the financial services provider’s stock valued at $109,948,000 after purchasing an additional 1,876,101 shares in the last quarter. Investec Asset Management LTD raised its stake in SunTrust Banks by 64.9% during the first quarter. Investec Asset Management LTD now owns 4,321,742 shares of the financial services provider’s stock valued at $238,992,000 after purchasing an additional 1,701,169 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its stake in SunTrust Banks by 70.6% during the second quarter. TIAA CREF Investment Management LLC now owns 3,534,925 shares of the financial services provider’s stock valued at $200,501,000 after purchasing an additional 1,462,517 shares in the last quarter. 81.19% of the stock is currently owned by institutional investors.

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In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of SunTrust Banks stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $57.34, for a total value of $46,330.72. Following the completion of the transaction, the insider now directly owns 3,515 shares of the company’s stock, valued at approximately $201,550.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.

Shares of SunTrust Banks, Inc. (NYSE:STI) traded up 0.21% on Friday, reaching $60.77. 3,244,386 shares of the company’s stock traded hands. SunTrust Banks, Inc. has a 52 week low of $44.25 and a 52 week high of $61.69. The firm has a market capitalization of $29.27 billion, a P/E ratio of 16.16 and a beta of 1.31. The firm’s 50 day moving average is $56.47 and its 200 day moving average is $56.11.

SunTrust Banks (NYSE:STI) last released its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.05. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate 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 was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 EPS. Analysts expect that SunTrust Banks, Inc. will post $4.05 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were given a $0.40 dividend. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. This represents a $1.60 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend was Tuesday, August 29th. SunTrust Banks’s payout ratio is currently 42.67%.

SunTrust Banks declared that its board has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $1.32 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

STI has been the topic of a number of recent research reports. Piper Jaffray Companies reaffirmed a “buy” rating and set a $63.00 price target on shares of SunTrust Banks in a research note on Monday, August 28th. Zacks Investment Research downgraded shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Monday, September 25th. Robert W. Baird reaffirmed a “hold” rating and set a $55.00 price target on shares of SunTrust Banks in a research note on Friday, August 25th. BidaskClub raised shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $63.00 target price (up previously from $62.00) on shares of SunTrust Banks in a research note on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $61.55.

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.

Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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