Research analysts at Wells Fargo & Company began coverage on shares of SunTrust Banks, Inc. (NYSE:STI) in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage set an “outperform” rating on the financial services provider’s stock.

Several other analysts have also commented on STI. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of SunTrust Banks in a research report on Sunday, April 23rd. Bank of America Corporation reaffirmed a “hold” rating on shares of SunTrust Banks in a research report on Monday, April 24th. Rafferty Capital Markets lifted their price objective on shares of SunTrust Banks from $63.00 to $64.50 and gave the stock a “buy” rating in a research report on Monday, April 24th. Barclays PLC lifted their price objective on shares of SunTrust Banks from $62.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Monday, April 24th. Finally, Zacks Investment Research lowered shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Tuesday, April 25th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and eleven have assigned a buy rating to the company’s stock. SunTrust Banks presently has a consensus rating of “Hold” and a consensus target price of $58.58.

Shares of SunTrust Banks (NYSE:STI) traded down 0.78% on Wednesday, reaching $57.60. 4,850,302 shares of the company were exchanged. SunTrust Banks has a 12-month low of $41.46 and a 12-month high of $61.69. The company’s 50 day moving average is $56.63 and its 200 day moving average is $56.59. The firm has a market capitalization of $27.82 billion, a PE ratio of 15.32 and a beta of 1.33.

SunTrust Banks (NYSE:STI) last announced its quarterly earnings data 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 analyst estimates of $2.29 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 earnings per share. Analysts forecast that SunTrust Banks will post $4.04 earnings per share for the current year.

SunTrust Banks declared that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $1.32 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 4.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

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A number of institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue purchased a new position in shares of SunTrust Banks during the first quarter valued at approximately $224,000. Patten & Patten Inc. TN boosted its position in shares of SunTrust Banks by 6.9% in the first quarter. Patten & Patten Inc. TN now owns 72,012 shares of the financial services provider’s stock valued at $3,982,000 after buying an additional 4,626 shares in the last quarter. DnB Asset Management AS boosted its position in shares of SunTrust Banks by 14.4% in the first quarter. DnB Asset Management AS now owns 56,510 shares of the financial services provider’s stock valued at $3,125,000 after buying an additional 7,100 shares in the last quarter. Capital Investment Advisors LLC boosted its position in shares of SunTrust Banks by 1.0% in the first quarter. Capital Investment Advisors LLC now owns 23,151 shares of the financial services provider’s stock valued at $1,280,000 after buying an additional 231 shares in the last quarter. Finally, Washington Trust Bank boosted its position in shares of SunTrust Banks by 17.0% in the first quarter. Washington Trust Bank now owns 5,220 shares of the financial services provider’s stock valued at $289,000 after buying an additional 759 shares in the last quarter. 82.10% of the stock is owned by institutional investors.

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.

The Fly

Analyst Recommendations for SunTrust Banks (NYSE:STI)

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