SunTrust Banks, Inc. (STI) Rating Reiterated by UBS AG
SunTrust Banks, Inc. (NYSE:STI)‘s stock had its “neutral” rating reissued by investment analysts at UBS AG in a note issued to investors on Friday, www.benzinga.com reports. They presently have a $62.00 price objective on the financial services provider’s stock, up from their prior price objective of $61.00. UBS AG’s target price would suggest a potential upside of 2.02% from the company’s previous close.
A number of other analysts have also recently issued reports on the company. Piper Jaffray Companies restated a “buy” rating and set a $63.00 price objective on shares of SunTrust Banks in a research report on Monday, August 28th. Zacks Investment Research cut SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Monday, September 25th. Robert W. Baird restated a “hold” rating and set a $55.00 price objective on shares of SunTrust Banks in a research report on Friday, August 25th. BidaskClub upgraded SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, July 5th. Finally, Morgan Stanley restated an “underweight” rating and set a $63.00 price objective (up from $62.00) on shares of SunTrust Banks in a research report on Tuesday, July 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. SunTrust Banks presently has a consensus rating of “Hold” and a consensus price target of $61.55.
SunTrust Banks (STI) traded up 0.21% during trading on Friday, reaching $60.77. 3,244,386 shares of the company’s stock were exchanged. SunTrust Banks has a 52-week low of $44.25 and a 52-week high of $61.69. The stock’s 50-day moving average price is $56.34 and its 200-day moving average price is $56.08. The company has a market capitalization of $29.27 billion, a price-to-earnings ratio of 16.16 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. SunTrust Banks’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.94 earnings per share. Equities analysts expect that SunTrust Banks will post $4.05 earnings per share for the current year.
SunTrust Banks declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $1.32 billion in outstanding 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 a sign that the company’s leadership believes its stock is undervalued.
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In other news, insider Susan S. Johnson sold 808 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $57.34, for a total transaction of $46,330.72. Following the transaction, the insider now owns 3,515 shares of the company’s stock, valued at $201,550.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.55% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of STI. Oxford Asset Management acquired a new position in shares of SunTrust Banks during the first quarter valued at $564,000. SG Americas Securities LLC lifted its stake in shares of SunTrust Banks by 473.8% during the first quarter. SG Americas Securities LLC now owns 521,283 shares of the financial services provider’s stock valued at $28,827,000 after acquiring an additional 430,442 shares during the period. Clinton Group Inc. lifted its stake in shares of SunTrust Banks by 22.1% during the first quarter. Clinton Group Inc. now owns 158,180 shares of the financial services provider’s stock valued at $8,747,000 after acquiring an additional 28,607 shares during the period. Cipher Capital LP lifted its stake in shares of SunTrust Banks by 103.9% during the first quarter. Cipher Capital LP now owns 111,885 shares of the financial services provider’s stock valued at $6,187,000 after acquiring an additional 57,000 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of SunTrust Banks by 7.4% during 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 acquiring an additional 374,349 shares during the period. 81.19% of the stock is currently owned by institutional investors and hedge funds.
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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