Stearns Financial Services Group Cuts Position in SunTrust Banks, Inc. (STI)
Stearns Financial Services Group cut its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 1.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,547 shares of the financial services provider’s stock after selling 92 shares during the period. Stearns Financial Services Group’s holdings in SunTrust Banks were worth $542,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. FMR LLC boosted its stake 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 period. AQR Capital Management LLC boosted its stake 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 period. Boston Partners boosted its stake in SunTrust Banks by 3.4% in the first quarter. Boston Partners now owns 6,568,836 shares of the financial services provider’s stock valued at $363,257,000 after buying an additional 217,430 shares during the period. Bank of New York Mellon Corp boosted its stake in SunTrust Banks by 2.1% in the first quarter. Bank of New York Mellon Corp now owns 6,232,300 shares of the financial services provider’s stock valued at $344,646,000 after buying an additional 125,395 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in SunTrust Banks by 7.4% in the first quarter. Victory Capital Management Inc. now owns 5,443,729 shares of the financial services provider’s stock valued at $301,038,000 after buying an additional 374,349 shares during the period. Institutional investors own 82.10% of the company’s stock.
Shares of SunTrust Banks, Inc. (STI) opened at 57.60 on Thursday. The firm has a market cap of $27.82 billion, a price-to-earnings ratio of 15.32 and a beta of 1.33. SunTrust Banks, Inc. has a 1-year low of $41.46 and a 1-year high of $61.69. The company’s 50 day moving average price is $56.79 and its 200-day moving average price is $56.69.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter in the previous year, the company posted $0.94 earnings per share. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. Equities analysts expect that SunTrust Banks, Inc. will post $4.04 EPS for the current fiscal year.
SunTrust Banks declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 4.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a $0.40 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $1.60 dividend on an annualized basis and a yield of 2.78%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s payout ratio is 27.73%.
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Several research firms have recently commented on STI. Keefe, Bruyette & Woods restated a “hold” rating and set a $58.00 price target on shares of SunTrust Banks in a research note on Friday, May 5th. Morgan Stanley upgraded SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price target for the company in a research note on Thursday, August 3rd. BidaskClub upgraded SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Wells Fargo & Company began coverage on SunTrust Banks in a research note on Wednesday. They set an “outperform” rating and a $70.00 price target for the company. Finally, Instinet restated a “neutral” rating and set a $61.00 price target on shares of SunTrust Banks in a research note on Wednesday, July 12th. One research 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. SunTrust Banks currently has a consensus rating of “Hold” and an average target price 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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