SunTrust Banks, Inc. (NYSE:STI) Shares Sold by Municipal Employees Retirement System of Michigan
Municipal Employees Retirement System of Michigan decreased its stake in SunTrust Banks, Inc. (NYSE:STI) by 46.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 16,010 shares of the financial services provider’s stock after selling 13,880 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in SunTrust Banks were worth $908,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in STI. Whittier Trust Co. boosted its stake in shares of SunTrust Banks by 3.1% in the first quarter. Whittier Trust Co. now owns 1,909 shares of the financial services provider’s stock valued at $105,000 after buying an additional 58 shares during the last quarter. Guardian Life Insurance Co. of America boosted its stake in shares of SunTrust Banks by 1.0% in the first quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock valued at $105,000 after buying an additional 18 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of SunTrust Banks during the first quarter valued at approximately $117,000. Bronfman E.L. Rothschild L.P. boosted its stake in shares of SunTrust Banks by 9.2% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,269 shares of the financial services provider’s stock valued at $125,000 after buying an additional 192 shares during the last quarter. Finally, Independent Portfolio Consultants Inc. boosted its stake in shares of SunTrust Banks by 184.7% in the second quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock valued at $150,000 after buying an additional 1,718 shares during the last quarter. Institutional investors own 82.10% of the company’s stock.
Shares of SunTrust Banks, Inc. (NYSE STI) opened at 55.99 on Friday. The firm has a market cap of $26.97 billion, a price-to-earnings 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. The stock’s 50 day moving average price is $56.86 and its 200-day moving average price is $56.69.
SunTrust Banks (NYSE:STI) last released its quarterly 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 analyst estimates of $2.29 billion. During the same quarter in the previous year, the company posted $0.94 EPS. The business’s revenue was up 2.0% on a year-over-year basis. On average, analysts forecast that SunTrust Banks, Inc. will post $4.04 EPS for the current year.
SunTrust Banks announced that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $1.32 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date is Tuesday, August 29th. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s payout ratio is 27.73%.
Several brokerages have recently commented on STI. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of SunTrust Banks in a report on Sunday, April 23rd. BidaskClub cut SunTrust Banks from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Morgan Stanley restated an “underweight” rating and set a $63.00 target price (up previously from $62.00) on shares of SunTrust Banks in a report on Tuesday, July 25th. Keefe, Bruyette & Woods set a $58.00 price target on SunTrust Banks and gave the company a “hold” rating in a report on Monday, June 5th. Finally, Wells Fargo & Company assumed coverage on SunTrust Banks in a report on Wednesday. They issued an “outperform” rating and a $70.00 price target on the stock. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target 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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