Argent Trust Co Invests $205,000 in SunTrust Banks, Inc. (STI)
Argent Trust Co acquired a new stake in SunTrust Banks, Inc. (NYSE:STI) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 3,434 shares of the financial services provider’s stock, valued at approximately $205,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in STI. Fiduciary Trust Co. bought a new stake in shares of SunTrust Banks during the 2nd quarter worth about $118,000. Advisory Services Network LLC boosted its holdings in shares of SunTrust Banks by 0.9% during the 2nd quarter. Advisory Services Network LLC now owns 2,140 shares of the financial services provider’s stock worth $121,000 after buying an additional 20 shares during the period. Westwood Holdings Group Inc. bought a new stake in shares of SunTrust Banks during the 2nd quarter worth about $136,000. Tiedemann Wealth Management LLC boosted its holdings in shares of SunTrust Banks by 12.1% during the 3rd quarter. Tiedemann Wealth Management LLC now owns 26,961 shares of the financial services provider’s stock worth $142,000 after buying an additional 2,920 shares during the period. Finally, Dupont Capital Management Corp boosted its holdings in shares of SunTrust Banks by 55.2% during the 3rd quarter. Dupont Capital Management Corp now owns 2,623 shares of the financial services provider’s stock worth $157,000 after buying an additional 933 shares during the period. 80.82% of the stock is owned by institutional investors.
STI has been the subject of several research analyst reports. Wells Fargo & Company initiated coverage on shares of SunTrust Banks in a report on Wednesday, August 9th. They set an “outperform” rating and a $70.00 target price for the company. Piper Jaffray Companies reaffirmed a “buy” rating and set a $63.00 target price on shares of SunTrust Banks in a report on Monday, August 28th. Robert W. Baird reaffirmed a “hold” rating and set a $55.00 target price on shares of SunTrust Banks in a report on Friday, August 25th. Zacks Investment Research raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Friday, September 22nd. Finally, Nomura lifted their target price on shares of SunTrust Banks from $62.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, September 28th. Seventeen investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. SunTrust Banks currently has a consensus rating of “Hold” and a consensus price target of $63.97.
In other news, Director Kyle P. Legg sold 3,300 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $21.82, for a total value of $72,006.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Mark A. Chancy sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The shares were 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 insiders.
SunTrust Banks, Inc. (NYSE STI) traded up $2.39 during midday trading on Tuesday, reaching $64.36. 6,154,800 shares of the company’s stock were exchanged, compared to its average volume of 3,370,455. The company has a market cap of $30,740.00, a P/E ratio of 16.05, a P/E/G ratio of 1.67 and a beta of 1.29. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.50. SunTrust Banks, Inc. has a 52-week low of $51.96 and a 52-week high of $64.61.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, October 20th. The financial services provider reported $1.06 EPS for the quarter, meeting the consensus estimate of $1.06. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.30 billion. SunTrust Banks had a net margin of 20.88% and a return on equity of 8.83%. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.91 EPS. research analysts forecast that SunTrust Banks, Inc. will post 4.06 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Wednesday, November 29th. SunTrust Banks’s payout ratio is presently 41.03%.
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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