SunTrust Banks, Inc. (NYSE:STI) – Jefferies Group issued their FY2019 earnings per share (EPS) estimates for SunTrust Banks in a research note issued on Monday. Jefferies Group analyst K. Usdin anticipates that the financial services provider will earn $4.80 per share for the year. Jefferies Group has a “Buy” rating and a $69.00 price objective on the stock.
STI has been the subject of a number of other research reports. Robert W. Baird reiterated a “hold” rating and set a $55.00 price objective on shares of SunTrust Banks in a research note on Friday, August 25th. Credit Suisse Group upgraded SunTrust Banks from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $56.00 to $60.00 in a research note on Monday. Morgan Stanley upgraded SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price target for the company in a research note on Thursday, August 3rd. Zacks Investment Research upgraded SunTrust Banks from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research note on Friday, September 22nd. Finally, UBS AG restated a “neutral” rating and issued a $62.00 price target (up previously from $61.00) on shares of SunTrust Banks in a research note on Friday, October 6th. Seventeen equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. SunTrust Banks presently has an average rating of “Hold” and an average price target of $62.48.
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Shares of SunTrust Banks (STI) traded down 0.83% on Tuesday, reaching $59.67. The company’s stock had a trading volume of 2,115,897 shares. The company has a market cap of $28.74 billion, a price-to-earnings ratio of 15.87 and a beta of 1.31. SunTrust Banks has a 52-week low of $44.25 and a 52-week high of $61.69. The stock has a 50-day moving average of $56.84 and a 200 day moving average of $56.25.
SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. The business had revenue of $2.23 billion during 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 quarterly revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.94 EPS.
A number of large investors have recently added to or reduced their stakes in the business. Guardian Life Insurance Co. of America grew its holdings in SunTrust Banks by 1.0% during the first quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 18 shares during the period. Advisory Services Network LLC grew its holdings in SunTrust Banks by 0.9% during the second quarter. Advisory Services Network LLC now owns 2,140 shares of the financial services provider’s stock valued at $121,000 after purchasing an additional 20 shares during the period. Canal Capital Management LLC grew its holdings in SunTrust Banks by 0.4% during the second quarter. Canal Capital Management LLC now owns 6,318 shares of the financial services provider’s stock valued at $358,000 after purchasing an additional 27 shares during the period. Capital Management Corp VA grew its holdings in SunTrust Banks by 0.5% during the second quarter. Capital Management Corp VA now owns 8,201 shares of the financial services provider’s stock valued at $465,000 after purchasing an additional 38 shares during the period. Finally, Smith Salley & Associates grew its holdings in SunTrust Banks by 1.3% during the second quarter. Smith Salley & Associates now owns 5,139 shares of the financial services provider’s stock valued at $291,000 after purchasing an additional 66 shares during the period. 81.18% of the stock is owned by institutional investors and hedge funds.
In related news, insider Susan S. Johnson sold 808 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $57.34, for a total transaction of $46,330.72. Following the completion of the sale, the insider now owns 3,515 shares in the company, valued at $201,550.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.55% of the stock is currently owned by corporate insiders.
SunTrust Banks announced that its board has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 4.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend was Tuesday, August 29th. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s dividend payout ratio is 42.67%.
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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