First Citizens Bank & Trust Co. Trims Stake in SunTrust Banks, Inc. (STI)
First Citizens Bank & Trust Co. cut its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 8.6% in the 4th quarter, HoldingsChannel reports. The fund owned 37,360 shares of the financial services provider’s stock after selling 3,494 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in SunTrust Banks were worth $2,413,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. New England Research & Management Inc. bought a new stake in shares of SunTrust Banks during the 4th quarter worth $723,000. Copper Rock Capital Partners LLC boosted its position in shares of SunTrust Banks by 48.4% in the fourth quarter. Copper Rock Capital Partners LLC now owns 135,293 shares of the financial services provider’s stock worth $8,854,000 after buying an additional 44,110 shares during the period. First National Bank of Mount Dora Trust Investment Services acquired a new stake in shares of SunTrust Banks in the fourth quarter worth $210,000. Abner Herrman & Brock LLC boosted its position in shares of SunTrust Banks by 1.0% in the fourth quarter. Abner Herrman & Brock LLC now owns 166,804 shares of the financial services provider’s stock worth $10,774,000 after buying an additional 1,580 shares during the period. Finally, Hellman Jordan Management Co. Inc. MA acquired a new stake in shares of SunTrust Banks in the third quarter worth $499,000. 80.69% of the stock is owned by institutional investors and hedge funds.
In other SunTrust Banks news, Director Kyle P. Legg sold 3,300 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $21.82, for a total transaction of $72,006.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Mark A. Chancy sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $60.06, for a total value of $240,240.00. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by company insiders.
Shares of SunTrust Banks, Inc. (STI) opened at $67.70 on Thursday. The stock has a market capitalization of $32,230.00, a price-to-earnings ratio of 17.36, a P/E/G ratio of 1.58 and a beta of 1.29. SunTrust Banks, Inc. has a 12-month low of $51.96 and a 12-month high of $68.62. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.50.
SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, October 20th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.06. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.30 billion. SunTrust Banks had a return on equity of 8.83% and a net margin of 20.88%. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.91 earnings per share. equities analysts forecast that SunTrust Banks, Inc. will post 4.07 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 30th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, November 29th. This represents a $1.60 dividend on an annualized basis and a yield of 2.36%. SunTrust Banks’s payout ratio is 41.03%.
Several brokerages have recently commented on STI. Vining Sparks reaffirmed a “buy” rating and issued a $85.00 target price on shares of SunTrust Banks in a research report on Monday. Morgan Stanley raised SunTrust Banks from an “equal weight” rating to an “overweight” rating and set a $68.00 target price for the company in a research report on Monday. Credit Suisse Group reaffirmed a “hold” rating and issued a $68.00 target price on shares of SunTrust Banks in a research report on Thursday, January 4th. Zacks Investment Research raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research report on Friday, January 5th. Finally, Goldman Sachs Group reaffirmed a “buy” rating and issued a $74.00 target price on shares of SunTrust Banks in a research report on Thursday, January 4th. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $67.88.
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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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