Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lowered its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 9.6% during the second quarter, Holdings Channel reports. The firm owned 73,648 shares of the financial services provider’s stock after selling 7,854 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in SunTrust Banks were worth $4,177,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of STI. Schwab Charles Investment Management Inc. raised its stake in shares of SunTrust Banks by 3.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,589,418 shares of the financial services provider’s stock worth $90,152,000 after buying an additional 50,309 shares during the period. Wetherby Asset Management Inc. raised its stake in shares of SunTrust Banks by 3.4% in the second quarter. Wetherby Asset Management Inc. now owns 14,367 shares of the financial services provider’s stock worth $815,000 after buying an additional 479 shares during the period. Global X Management Co. LLC raised its stake in shares of SunTrust Banks by 35.3% in the second quarter. Global X Management Co. LLC now owns 6,399 shares of the financial services provider’s stock worth $363,000 after buying an additional 1,669 shares during the period. HL Financial Services LLC raised its stake in shares of SunTrust Banks by 14.2% in the second quarter. HL Financial Services LLC now owns 23,733 shares of the financial services provider’s stock worth $1,346,000 after buying an additional 2,948 shares during the period. Finally, Advisor Partners LLC raised its stake in shares of SunTrust Banks by 10.7% in the second quarter. Advisor Partners LLC now owns 12,550 shares of the financial services provider’s stock worth $712,000 after buying an additional 1,214 shares during the period. Hedge funds and other institutional investors own 82.10% of the company’s stock.

Shares of SunTrust Banks, Inc. (STI) opened at 55.99 on Friday. The firm’s 50-day moving average price is $56.86 and its 200 day moving average price is $56.69. The company has a market cap of $26.97 billion, a P/E ratio of 14.89 and a beta of 1.33. SunTrust Banks, Inc. has a 52 week low of $41.76 and a 52 week high of $61.69.

SunTrust Banks (NYSE:STI) last announced its earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $0.98 by $0.05. The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. SunTrust Banks’s revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 EPS. On average, equities analysts predict that SunTrust Banks, Inc. will post $4.04 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be issued a $0.40 dividend. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. This represents a $1.60 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend is Tuesday, August 29th. SunTrust Banks’s payout ratio is presently 27.73%.

SunTrust Banks declared that its Board of Directors has approved a stock repurchase program 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 repurchase up to 4.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

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A number of brokerages have weighed in on STI. Wells Fargo & Company began coverage on SunTrust Banks in a research note on Wednesday. They set an “outperform” rating and a $70.00 price objective for the company. Morgan Stanley upgraded SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price objective for the company in a research note on Thursday, August 3rd. Royal Bank Of Canada restated a “buy” rating and set a $60.00 price objective on shares of SunTrust Banks in a research note on Thursday, July 27th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of SunTrust Banks in a research note on Sunday, July 23rd. Finally, BidaskClub lowered SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. 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. SunTrust Banks has an average rating of “Hold” and a consensus target price of $59.18.

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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Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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