Meiji Yasuda Asset Management Co Ltd. Raises Holdings in SunTrust Banks, Inc. (STI)
Meiji Yasuda Asset Management Co Ltd. raised its stake in SunTrust Banks, Inc. (NYSE:STI) by 110.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,825 shares of the financial services provider’s stock after purchasing an additional 7,260 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in SunTrust Banks were worth $826,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Fiduciary Trust Co. bought a new stake in SunTrust Banks in the 2nd quarter valued at $118,000. Advisory Services Network LLC lifted 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 acquiring an additional 20 shares during the period. Westwood Holdings Group Inc. bought a new position in shares of SunTrust Banks during the 2nd quarter worth about $136,000. Dupont Capital Management Corp lifted 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 acquiring an additional 933 shares during the period. Finally, Huntington National Bank lifted its holdings in shares of 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 acquiring an additional 80 shares during the period. 81.86% of the stock is owned by hedge funds and other institutional investors.
STI has been the subject of a number of analyst reports. Piper Jaffray Companies reaffirmed a “buy” rating and set a $63.00 price objective on shares of SunTrust Banks in a report on Wednesday, October 4th. Zacks Investment Research raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Friday, September 22nd. Royal Bank Of Canada reaffirmed a “buy” rating and set a $60.00 price objective on shares of SunTrust Banks in a report on Thursday, July 27th. Jefferies Group LLC reaffirmed a “buy” rating and set a $69.00 price objective on shares of SunTrust Banks in a report on Thursday, October 12th. Finally, 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. Eighteen research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. SunTrust Banks currently has a consensus rating of “Hold” and an average target price of $63.18.
Shares of SunTrust Banks, Inc. (STI) traded down $0.11 during trading hours on Thursday, hitting $57.62. 1,852,300 shares of the stock traded hands, compared to its average volume of 3,349,630. SunTrust Banks, Inc. has a 12 month low of $51.13 and a 12 month high of $61.69. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market cap of $27,380.00, a PE ratio of 14.96, a price-to-earnings-growth ratio of 1.56 and a beta of 1.29.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings results on Friday, October 20th. The financial services provider reported $1.06 EPS for the quarter, hitting the consensus estimate of $1.06. SunTrust Banks had a net margin of 20.88% and a return on equity of 8.83%. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.30 billion. During the same quarter in the previous year, the company earned $0.91 EPS. SunTrust Banks’s revenue was up 3.7% on a year-over-year basis. sell-side analysts anticipate that SunTrust Banks, Inc. will post 4.06 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend is Wednesday, November 29th. SunTrust Banks’s dividend payout ratio is 41.03%.
In other news, Director Kyle P. Legg sold 3,300 shares of SunTrust Banks stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $21.82, for a total transaction of $72,006.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.55% of the stock is owned by insiders.
SunTrust Banks 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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