Wagner Bowman Management Corp Lowers Stake in SunTrust Banks Inc. (STI)
Wagner Bowman Management Corp lowered its stake in shares of SunTrust Banks Inc. (NYSE:STI) by 30.7% during the second quarter, Holdings Channel reports. The fund owned 6,874 shares of the financial services provider’s stock after selling 3,040 shares during the period. Wagner Bowman Management Corp’s holdings in SunTrust Banks were worth $282,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new position in SunTrust Banks during the fourth quarter valued at about $134,002,000. Chevy Chase Trust Holdings Inc. boosted its stake in shares of SunTrust Banks by 1.4% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 435,448 shares of the financial services provider’s stock worth $15,711,000 after buying an additional 6,027 shares during the period. DnB Asset Management AS boosted its stake in shares of SunTrust Banks by 60.4% in the first quarter. DnB Asset Management AS now owns 43,010 shares of the financial services provider’s stock worth $1,552,000 after buying an additional 16,200 shares during the period. Fisher Asset Management LLC acquired a new stake in shares of SunTrust Banks during the first quarter worth approximately $376,000. Finally, PGGM Investments boosted its stake in shares of SunTrust Banks by 2.5% in the first quarter. PGGM Investments now owns 344,901 shares of the financial services provider’s stock worth $12,444,000 after buying an additional 8,388 shares during the period. 82.37% of the stock is currently owned by institutional investors and hedge funds.
Shares of SunTrust Banks Inc. (NYSE:STI) traded up 1.16% on Wednesday, reaching $44.29. 3,958,354 shares of the company were exchanged. The company has a 50-day moving average price of $43.12 and a 200 day moving average price of $41.08. The stock has a market capitalization of $22.21 billion, a PE ratio of 11.99 and a beta of 1.31. SunTrust Banks Inc. has a 1-year low of $31.07 and a 1-year high of $45.24.
SunTrust Banks (NYSE:STI) last announced its earnings results on Friday, July 22nd. The financial services provider reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.06. SunTrust Banks had a net margin of 22.31% and a return on equity of 8.53%. The firm earned $2.19 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the previous year, the company posted $0.89 EPS. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, analysts forecast that SunTrust Banks Inc. will post $3.51 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were paid a $0.26 dividend. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.04 annualized dividend and a yield of 2.35%. SunTrust Banks’s payout ratio is presently 28.18%.
A number of equities research analysts have recently commented on STI shares. Compass Point increased their target price on shares of SunTrust Banks from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, July 26th. Goldman Sachs Group Inc. cut shares of SunTrust Banks from a “conviction-buy” rating to a “buy” rating and increased their target price for the company from $44.00 to $46.00 in a research report on Monday, July 25th. Deutsche Bank AG reiterated a “buy” rating on shares of SunTrust Banks in a research report on Wednesday, June 15th. Wells Fargo & Co. reiterated a “buy” rating on shares of SunTrust Banks in a research report on Sunday, July 10th. Finally, Zacks Investment Research upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $44.00.
In related news, insider Susan S. Johnson sold 1,118 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $42.40, for a total value of $47,403.20. Following the completion of the transaction, the insider now owns 1,119 shares of the company’s stock, valued at approximately $47,445.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.67% of the stock is currently owned by corporate insiders.
SunTrust Banks Company Profile
SunTrust Banks, Inc is a bank holding company and a financial holding company. Through its principal subsidiary, SunTrust Bank, the Company offers a line of financial services for consumers and businesses, including deposit, credit, mortgage banking, and trust and investment services. The Company’s other subsidiaries provide asset and wealth management, securities brokerage, and capital market services.
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