State Street Corp Sells 700,743 Shares of SunTrust Banks, Inc. (STI)
State Street Corp cut its holdings in shares of SunTrust Banks, Inc. (NYSE:STI) by 2.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,835,701 shares of the financial services provider’s stock after selling 700,743 shares during the quarter. State Street Corp owned about 5.16% of SunTrust Banks worth $1,408,687,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of STI. Capital World Investors boosted its position in SunTrust Banks by 20.7% during the second quarter. Capital World Investors now owns 29,513,083 shares of the financial services provider’s stock worth $1,673,982,000 after acquiring an additional 5,056,000 shares during the last quarter. Janus Henderson Group PLC raised its stake in SunTrust Banks by 3,033.8% during the second quarter. Janus Henderson Group PLC now owns 2,006,553 shares of the financial services provider’s stock worth $113,812,000 after purchasing an additional 1,942,524 shares during the period. Lazard Asset Management LLC raised its stake in SunTrust Banks by 3,009.4% during the second quarter. Lazard Asset Management LLC now owns 1,938,443 shares of the financial services provider’s stock worth $109,948,000 after purchasing an additional 1,876,101 shares during the period. Investec Asset Management LTD raised its stake in SunTrust Banks by 64.9% during the first quarter. Investec Asset Management LTD now owns 4,321,742 shares of the financial services provider’s stock worth $238,992,000 after purchasing an additional 1,701,169 shares during the period. Finally, TIAA CREF Investment Management LLC raised its stake in SunTrust Banks by 70.6% during the second quarter. TIAA CREF Investment Management LLC now owns 3,534,925 shares of the financial services provider’s stock worth $200,501,000 after purchasing an additional 1,462,517 shares during the period. Hedge funds and other institutional investors own 81.19% of the company’s stock.
STI has been the topic of a number of analyst reports. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of SunTrust Banks in a research note on Sunday, July 23rd. Instinet reaffirmed a “neutral” rating and set a $61.00 target price on shares of SunTrust Banks in a research note on Wednesday, July 12th. BidaskClub raised shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $60.00 target price on shares of SunTrust Banks in a research note on Thursday, July 27th. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $55.00 target price on shares of SunTrust Banks in a research note on Friday, August 25th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eleven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $61.55.
Shares of SunTrust Banks, Inc. (NYSE STI) traded up 0.21% during midday trading on Friday, reaching $60.77. 3,244,386 shares of the company traded hands. The stock has a market capitalization of $29.27 billion, a price-to-earnings ratio of 16.16 and a beta of 1.31. The company’s 50 day moving average is $56.47 and its 200-day moving average is $56.11. SunTrust Banks, Inc. has a 12 month low of $44.25 and a 12 month high of $61.69.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.05. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The firm had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same quarter last year, the firm posted $0.94 earnings per share. SunTrust Banks’s revenue for the quarter was up 2.0% compared to the same quarter last year. Equities research analysts forecast that SunTrust Banks, Inc. will post $4.05 earnings per share for the current fiscal year.
SunTrust Banks declared that its board has approved a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were issued a $0.40 dividend. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $1.60 annualized dividend and a yield of 2.63%. SunTrust Banks’s dividend payout ratio (DPR) is presently 42.67%.
In related news, insider Susan S. Johnson sold 808 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $57.34, for a total value of $46,330.72. Following the transaction, the insider now owns 3,515 shares in the company, valued at $201,550.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.55% of the company’s stock.
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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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