$2.28 Billion in Sales Expected for SunTrust Banks, Inc. (STI) This Quarter
Equities analysts forecast that SunTrust Banks, Inc. (NYSE:STI) will report $2.28 billion in sales for the current quarter, according to Zacks Investment Research. Eight analysts have issued estimates for SunTrust Banks’ earnings. The highest sales estimate is $2.31 billion and the lowest is $2.23 billion. SunTrust Banks reported sales of $2.20 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 3.6%. The business is scheduled to issue its next quarterly earnings report on Friday, October 20th.
On average, analysts expect that SunTrust Banks will report full year sales of $2.28 billion for the current year, with estimates ranging from $8.91 billion to $9.15 billion. For the next year, analysts forecast that the firm will report sales of $9.48 billion per share, with estimates ranging from $9.29 billion to $9.64 billion. Zacks’ sales calculations are an average based on a survey of research analysts that cover SunTrust Banks.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.05. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The business had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter last year, the company posted $0.94 earnings per share. SunTrust Banks’s quarterly revenue was up 2.0% on a year-over-year basis.
Several research analysts recently commented on the stock. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $63.00 price objective on shares of SunTrust Banks in a report on Monday. Morgan Stanley raised shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price objective for the company in a report on Thursday, August 3rd. Wells Fargo & Company assumed coverage on shares of SunTrust Banks in a report on Wednesday, August 9th. They issued an “outperform” rating and a $70.00 price objective for the company. Robert W. Baird reaffirmed a “hold” rating and issued a $55.00 price objective on shares of SunTrust Banks in a report on Friday, August 25th. Finally, BidaskClub downgraded shares of SunTrust Banks from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $60.39.
SunTrust Banks (NYSE STI) opened at 55.29 on Friday. The company has a market cap of $26.63 billion, a PE ratio of 14.70 and a beta of 1.33. The company’s 50-day moving average price is $56.69 and its 200-day moving average price is $56.57. SunTrust Banks has a 12-month low of $42.36 and a 12-month high of $61.69.
SunTrust Banks declared that its board has authorized a stock repurchase 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 repurchase up to 4.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. This represents a $1.60 annualized dividend and a yield of 2.90%. SunTrust Banks’s payout ratio is 42.67%.
In related news, insider Susan S. Johnson sold 808 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The shares were 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 directly owns 3,515 shares in the company, valued at $201,550.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.55% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the company. Trust Co. of Virginia VA raised its position in SunTrust Banks by 74.3% in the first quarter. Trust Co. of Virginia VA now owns 9,343 shares of the financial services provider’s stock worth $517,000 after buying an additional 3,984 shares during the last quarter. Park National Corp OH raised its position in SunTrust Banks by 0.8% in the second quarter. Park National Corp OH now owns 9,907 shares of the financial services provider’s stock worth $562,000 after buying an additional 80 shares during the last quarter. Ballentine Partners LLC purchased a new position in SunTrust Banks during the first quarter worth $275,000. Nordea Investment Management AB raised its position in SunTrust Banks by 11.9% in the first quarter. Nordea Investment Management AB now owns 213,040 shares of the financial services provider’s stock worth $11,781,000 after buying an additional 22,620 shares during the last quarter. Finally, Congress Asset Management Co. MA raised its position in SunTrust Banks by 2.7% in the first quarter. Congress Asset Management Co. MA now owns 729,210 shares of the financial services provider’s stock worth $40,325,000 after buying an additional 19,361 shares during the last quarter. Institutional investors and hedge funds own 81.20% of the company’s stock.
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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