California Public Employees Retirement System lifted its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 2.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,547,495 shares of the financial services provider’s stock after acquiring an additional 33,395 shares during the quarter. California Public Employees Retirement System owned 0.33% of SunTrust Banks worth $92,494,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Fiduciary Trust Co. purchased a new stake in shares of SunTrust Banks during the second quarter worth $118,000. Advisory Services Network LLC grew its stake in shares of 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 worth $121,000 after purchasing an additional 20 shares in the last quarter. Westwood Holdings Group Inc. acquired a new position in shares of SunTrust Banks during the second quarter worth $136,000. Tiedemann Wealth Management LLC grew its stake in shares of SunTrust Banks by 12.1% during the third quarter. Tiedemann Wealth Management LLC now owns 26,961 shares of the financial services provider’s stock worth $142,000 after purchasing an additional 2,920 shares in the last quarter. Finally, Dupont Capital Management Corp grew its stake in shares of SunTrust Banks by 55.2% during the third quarter. Dupont Capital Management Corp now owns 2,623 shares of the financial services provider’s stock worth $157,000 after purchasing an additional 933 shares in the last quarter. 80.83% of the stock is currently owned by institutional investors and hedge funds.
STI has been the subject of a number of analyst reports. Sandler O’Neill downgraded shares of SunTrust Banks from a “buy” rating to a “hold” rating and set a $62.00 target price for the company. in a research note on Monday, October 23rd. Piper Jaffray Companies reiterated a “buy” rating and set a $63.00 target price on shares of SunTrust Banks in a research note on Monday, August 28th. Nomura boosted their target price on shares of SunTrust Banks from $63.00 to $64.00 and gave the stock a “neutral” rating in a research note on Thursday, October 26th. Barclays boosted their target price on shares of SunTrust Banks from $65.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Monday, October 23rd. Finally, Zacks Investment Research downgraded shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Monday, September 25th. Sixteen research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. SunTrust Banks currently has a consensus rating of “Hold” and an average target price of $64.58.
In related news, Director Kyle P. Legg sold 3,300 shares of the stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $21.82, for a total transaction of $72,006.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Mark A. Chancy sold 4,000 shares of the stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $60.06, for a total transaction of $240,240.00. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by corporate insiders.
Shares of SunTrust Banks, Inc. (NYSE:STI) traded down $0.58 during trading hours on Tuesday, hitting $64.62. 5,374,300 shares of the stock were exchanged, compared to its average volume of 3,396,301. SunTrust Banks, Inc. has a 1-year low of $51.96 and a 1-year high of $65.50. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $31,037.36, a PE ratio of 16.89, a price-to-earnings-growth ratio of 1.76 and a beta of 1.29.
SunTrust Banks (NYSE:STI) last announced its earnings results on Friday, October 20th. The financial services provider reported $1.06 EPS for the quarter, meeting analysts’ consensus estimates of $1.06. SunTrust Banks had a net margin of 20.88% and a return on equity of 8.83%. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.30 billion. During the same period in the prior year, the company earned $0.91 earnings per share. The business’s revenue was up 3.7% compared to the same quarter last year. equities research analysts forecast that SunTrust Banks, Inc. will post 4.06 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be issued a $0.40 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.48%. SunTrust Banks’s payout ratio is 41.03%.
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SunTrust Banks Company Profile
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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