First Mercantile Trust Co. reduced its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 42.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,700 shares of the financial services provider’s stock after selling 15,900 shares during the period. First Mercantile Trust Co.’s holdings in SunTrust Banks were worth $1,231,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Investec Asset Management LTD increased its stake in shares of SunTrust Banks by 64.9% in the first quarter. Investec Asset Management LTD now owns 4,321,742 shares of the financial services provider’s stock valued at $238,992,000 after buying an additional 1,701,169 shares in the last quarter. First Trust Advisors LP boosted its position in SunTrust Banks by 351.1% in the first quarter. First Trust Advisors LP now owns 1,760,540 shares of the financial services provider’s stock valued at $97,358,000 after buying an additional 1,370,247 shares during the last quarter. Janus Capital Management LLC boosted its position in SunTrust Banks by 229.6% in the first quarter. Janus Capital Management LLC now owns 1,467,404 shares of the financial services provider’s stock valued at $81,147,000 after buying an additional 1,022,200 shares during the last quarter. AQR Capital Management LLC boosted its position in SunTrust Banks by 8.6% in the first quarter. AQR Capital Management LLC now owns 8,758,128 shares of the financial services provider’s stock valued at $484,324,000 after buying an additional 694,144 shares during the last quarter. Finally, FMR LLC boosted its position in SunTrust Banks by 1.6% in the first quarter. FMR LLC now owns 28,395,709 shares of the financial services provider’s stock valued at $1,570,283,000 after buying an additional 459,526 shares during the last quarter. Hedge funds and other institutional investors own 82.10% of the company’s stock.

Shares of SunTrust Banks, Inc. (NYSE STI) opened at 55.99 on Friday. The company has a market cap of $26.97 billion, a price-to-earnings ratio of 14.89 and a beta of 1.33. SunTrust Banks, Inc. has a one year low of $41.76 and a one year high of $61.69. The firm has a 50-day moving average of $56.86 and a 200 day moving average of $56.69.

SunTrust Banks (NYSE:STI) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.05. The firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.94 EPS. Equities research analysts anticipate that SunTrust Banks, Inc. will post $4.04 EPS for the current year.

SunTrust Banks declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be given a $0.40 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.86%. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s dividend payout ratio (DPR) is presently 27.73%.

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STI has been the topic of several research analyst reports. Royal Bank Of Canada reissued a “buy” rating and set a $60.00 target price on shares of SunTrust Banks in a research note on Thursday, May 18th. Rafferty Capital Markets raised their target price on shares of SunTrust Banks from $63.00 to $64.50 and gave the company a “buy” rating in a research note on Monday, April 24th. FBR & Co set a $65.00 target price on shares of SunTrust Banks and gave the company a “buy” rating in a research note on Monday, April 24th. BidaskClub raised shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Finally, Barclays PLC raised their target price on shares of SunTrust Banks from $62.00 to $65.00 and gave the company an “equal weight” rating in a research note on Monday, April 24th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $59.18.

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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Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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