L & S Advisors Inc Grows Position in SunTrust Banks, Inc. (STI)
L & S Advisors Inc increased its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 13.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,073 shares of the financial services provider’s stock after purchasing an additional 1,683 shares during the quarter. L & S Advisors Inc’s holdings in SunTrust Banks were worth $798,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Guardian Life Insurance Co. of America increased its holdings in SunTrust Banks by 1.0% in the 1st quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock worth $105,000 after buying an additional 18 shares during the period. Fiduciary Trust Co. purchased a new position in SunTrust Banks during the 2nd quarter worth approximately $118,000. Independent Portfolio Consultants Inc. raised its position in SunTrust Banks by 184.7% during the 2nd quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock worth $150,000 after buying an additional 1,718 shares during the last quarter. Huntington National Bank raised its position in SunTrust Banks by 2.9% during the 2nd quarter. Huntington National Bank now owns 2,809 shares of the financial services provider’s stock worth $159,000 after buying an additional 80 shares during the last quarter. Finally, Harbour Capital Advisors LLC raised its position in SunTrust Banks by 17,388.3% during the 2nd quarter. Harbour Capital Advisors LLC now owns 10,493 shares of the financial services provider’s stock worth $185,000 after buying an additional 10,433 shares during the last quarter. 81.19% of the stock is owned by hedge funds and other institutional investors.
Shares of SunTrust Banks, Inc. (STI) traded down 0.94% during trading on Monday, hitting $59.21. The company’s stock had a trading volume of 568,746 shares. The stock has a market cap of $28.52 billion, a PE ratio of 15.75 and a beta of 1.31. SunTrust Banks, Inc. has a one year low of $43.13 and a one year high of $61.69. The company has a 50-day moving average price of $55.92 and a 200-day moving average price of $56.06.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.05. The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.29 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The business’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.94 EPS. Equities analysts predict that SunTrust Banks, Inc. will post $4.05 EPS for the current fiscal year.
SunTrust Banks announced that its board has initiated a share buyback 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 stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were paid a $0.40 dividend. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, August 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.68%. SunTrust Banks’s dividend payout ratio (DPR) is 42.67%.
A number of research firms have recently weighed in on STI. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of SunTrust Banks in a research note on Sunday, July 23rd. Robert W. Baird raised shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 target price for the company in a report on Monday, June 5th. Instinet restated a “neutral” rating and set a $61.00 target price on shares of SunTrust Banks in a research report on Wednesday, July 12th. BidaskClub raised shares of SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, June 14th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $60.00 price target on shares of SunTrust Banks in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eleven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $61.13.
In related news, insider Susan S. Johnson sold 808 shares of the business’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $57.34, for a total transaction of $46,330.72. Following the sale, the insider now owns 3,515 shares of the company’s stock, valued at $201,550.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.55% of the stock is owned by company insiders.
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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