SunTrust Banks, Inc. (STI) Receives Neutral Rating from Instinet
Instinet restated their neutral rating on shares of SunTrust Banks, Inc. (NYSE:STI) in a research report report published on Saturday morning. Instinet currently has a $63.00 price objective on the financial services provider’s stock, up from their prior price objective of $62.00.
Other analysts have also recently issued research reports about the company. Oppenheimer Holdings, Inc. reissued a hold rating on shares of SunTrust Banks in a research report on Sunday, July 23rd. Robert W. Baird upgraded SunTrust Banks from an underperform rating to a neutral rating and set a $52.00 target price on the stock in a research note on Monday, June 5th. BidaskClub raised SunTrust Banks from a hold rating to a buy rating in a research report on Wednesday, June 14th. Royal Bank Of Canada reaffirmed a buy rating and issued a $60.00 target price on shares of SunTrust Banks in a research report on Thursday, July 27th. Finally, Zacks Investment Research downgraded SunTrust Banks from a buy rating to a hold rating in a research note on Monday, September 25th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eleven have issued a buy rating to the company’s stock. SunTrust Banks presently has an average rating of Hold and an average target price of $61.34.
SunTrust Banks (NYSE STI) opened at 59.52 on Friday. The stock has a market capitalization of $28.67 billion, a price-to-earnings ratio of 15.83 and a beta of 1.31. The company has a 50 day moving average price of $56.18 and a 200 day moving average price of $56.03. SunTrust Banks has a 12 month low of $44.25 and a 12 month high of $61.69.
SunTrust Banks (NYSE:STI) last released its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.05. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate 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 was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.94 EPS. Equities research analysts predict that SunTrust Banks will post $4.05 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were paid a $0.40 dividend. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, August 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.69%. SunTrust Banks’s dividend payout ratio (DPR) is presently 42.67%.
SunTrust Banks declared that its board has approved a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 4.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the stock in a transaction on Monday, August 14th. The shares were sold at an average price of $57.34, for a total value of $46,330.72. Following the completion of the sale, the insider now directly owns 3,515 shares of the company’s stock, valued at approximately $201,550.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.55% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of the company. Intl Fcstone Inc. bought a new position in shares of SunTrust Banks during the 2nd quarter worth about $364,000. Toronto Dominion Bank raised its position in shares of SunTrust Banks by 23.6% during the second quarter. Toronto Dominion Bank now owns 164,362 shares of the financial services provider’s stock valued at $9,320,000 after buying an additional 31,398 shares during the last quarter. Oak Associates Ltd. OH lifted its stake in shares of SunTrust Banks by 1.5% in the second quarter. Oak Associates Ltd. OH now owns 123,355 shares of the financial services provider’s stock valued at $6,997,000 after buying an additional 1,825 shares during the period. Archford Capital Strategies LLC lifted its stake in shares of SunTrust Banks by 46,593.9% in the second quarter. Archford Capital Strategies LLC now owns 15,409 shares of the financial services provider’s stock valued at $1,675,000 after buying an additional 15,376 shares during the period. Finally, Cookson Peirce & Co. Inc. lifted its stake in shares of SunTrust Banks by 0.6% in the second quarter. Cookson Peirce & Co. Inc. now owns 441,526 shares of the financial services provider’s stock valued at $25,043,000 after buying an additional 2,556 shares during the period. Institutional investors own 81.19% of the company’s stock.
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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