Private Ocean LLC raised its stake in SunTrust Banks, Inc. (NYSE:STI) by 14.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,146 shares of the financial services provider’s stock after acquiring an additional 146 shares during the period. Private Ocean LLC’s holdings in SunTrust Banks were worth $79,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Alps Advisors Inc. acquired a new position in shares of SunTrust Banks in the 3rd quarter valued at about $369,000. CNB Bank raised its stake in SunTrust Banks by 152.1% during the 3rd quarter. CNB Bank now owns 6,821 shares of the financial services provider’s stock worth $469,000 after buying an additional 4,115 shares during the period. Montag A & Associates Inc. raised its stake in SunTrust Banks by 1.3% during the 3rd quarter. Montag A & Associates Inc. now owns 197,184 shares of the financial services provider’s stock worth $13,566,000 after buying an additional 2,564 shares during the period. SG Americas Securities LLC raised its stake in SunTrust Banks by 1,566.3% during the 3rd quarter. SG Americas Securities LLC now owns 256,583 shares of the financial services provider’s stock worth $17,653,000 after buying an additional 241,185 shares during the period. Finally, First Trust Advisors LP raised its stake in SunTrust Banks by 15.6% during the 3rd quarter. First Trust Advisors LP now owns 100,336 shares of the financial services provider’s stock worth $6,903,000 after buying an additional 13,514 shares during the period. 80.40% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Ellen Koebler sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $60.84, for a total value of $243,360.00. Following the completion of the transaction, the insider now directly owns 1 shares of the company’s stock, valued at $60.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.42% of the company’s stock.
A number of research analysts recently weighed in on STI shares. Jefferies Financial Group raised SunTrust Banks from a “hold” rating to a “buy” rating and upped their price target for the stock from $67.00 to $75.00 in a research note on Tuesday, October 8th. UBS Group lowered their price objective on SunTrust Banks from $69.00 to $67.00 and set a “neutral” rating for the company in a research note on Monday, October 21st. Argus set a $81.00 price objective on SunTrust Banks and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, Morgan Stanley increased their price objective on SunTrust Banks from $66.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $68.20.
Shares of STI stock traded up $0.43 during trading on Friday, hitting $71.04. The company’s stock had a trading volume of 1,506,431 shares, compared to its average volume of 3,241,210. The company has a market cap of $31.71 billion, a PE ratio of 12.46, a P/E/G ratio of 1.62 and a beta of 1.53. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.83. The business has a fifty day moving average of $68.23 and a 200-day moving average of $64.48. SunTrust Banks, Inc. has a 52 week low of $46.05 and a 52 week high of $71.75.
SunTrust Banks (NYSE:STI) last released its earnings results on Thursday, October 17th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.40. The company had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.33 billion. SunTrust Banks had a return on equity of 11.40% and a net margin of 22.31%. SunTrust Banks’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.56 earnings per share. As a group, research analysts predict that SunTrust Banks, Inc. will post 5.52 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, November 8th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend is Thursday, November 7th. SunTrust Banks’s dividend payout ratio is presently 39.30%.
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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