Piper Jaffray Companies Brokers Reduce Earnings Estimates for SunTrust Banks, Inc. (STI)
SunTrust Banks, Inc. (NYSE:STI) – Stock analysts at Piper Jaffray Companies dropped their Q2 2019 earnings estimates for shares of SunTrust Banks in a research report issued on Sunday, April 21st. Piper Jaffray Companies analyst K. Barker now anticipates that the financial services provider will earn $1.41 per share for the quarter, down from their previous forecast of $1.49. Piper Jaffray Companies also issued estimates for SunTrust Banks’ Q3 2019 earnings at $1.39 EPS, Q4 2019 earnings at $1.37 EPS, FY2019 earnings at $5.43 EPS, Q1 2020 earnings at $1.18 EPS, Q2 2020 earnings at $1.40 EPS, Q3 2020 earnings at $1.46 EPS, Q4 2020 earnings at $1.48 EPS and FY2020 earnings at $5.52 EPS.
Other analysts have also recently issued research reports about the company. Zacks Investment Research cut SunTrust Banks from a “hold” rating to a “sell” rating in a research report on Tuesday, April 9th. Morgan Stanley reduced their price objective on SunTrust Banks from $73.00 to $68.00 and set an “equal weight” rating for the company in a research report on Monday. ValuEngine raised SunTrust Banks from a “sell” rating to a “hold” rating in a research report on Friday, February 8th. Macquarie raised SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $64.72 price objective for the company in a research report on Friday, February 8th. Finally, Robert W. Baird cut SunTrust Banks from an “outperform” rating to a “neutral” rating and set a $61.90 price objective for the company. in a research report on Monday, January 28th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $70.65.
SunTrust Banks (NYSE:STI) last issued its earnings results on Thursday, April 18th. The financial services provider reported $1.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.29 by $0.04. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.34 billion. SunTrust Banks had a return on equity of 12.22% and a net margin of 25.26%. SunTrust Banks’s revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.29 earnings per share.
Several large investors have recently made changes to their positions in STI. Liberty Wealth Management LLC acquired a new position in shares of SunTrust Banks during the 4th quarter worth about $26,000. Sontag Advisory LLC acquired a new stake in SunTrust Banks during the 4th quarter valued at approximately $27,000. Resources Investment Advisors Inc. grew its stake in SunTrust Banks by 465.0% during the 4th quarter. Resources Investment Advisors Inc. now owns 565 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 465 shares in the last quarter. Capital Investment Advisory Services LLC acquired a new stake in SunTrust Banks during the 4th quarter valued at approximately $30,000. Finally, Massey Quick Simon & CO. LLC acquired a new stake in SunTrust Banks during the 1st quarter valued at approximately $30,000. 81.15% of the stock is owned by institutional investors.
In other SunTrust Banks news, Vice Chairman Mark A. Chancy sold 10,000 shares of the business’s stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $65.38, for a total value of $653,800.00. Following the completion of the sale, the insider now owns 205,846 shares of the company’s stock, valued at $13,458,211.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jorge Arrieta sold 4,000 shares of the business’s stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $66.25, for a total value of $265,000.00. Following the completion of the sale, the executive vice president now directly owns 8,662 shares of the company’s stock, valued at approximately $573,857.50. The disclosure for this sale can be found here. 0.42% of the stock is owned by insiders.
About SunTrust Banks
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, institutions, and not-for-profit entities in the United States. It operates in two segments, Consumer and Wholesale. The Consumer segment provides deposits and payments; home equity and personal credit lines; auto, student, and other lending products; credit cards; discount/online and full-service brokerage products; professional investment advisory products and services; and trust services, as well as family office solutions.
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