SunTrust Banks, Inc. (STI) Shares Sold by Chicago Equity Partners LLC
Chicago Equity Partners LLC decreased its stake in SunTrust Banks, Inc. (NYSE:STI) by 3.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 229,700 shares of the financial services provider’s stock after selling 8,785 shares during the period. Chicago Equity Partners LLC’s holdings in SunTrust Banks were worth $13,029,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. FMR LLC raised its stake in shares of SunTrust Banks by 1.6% in the first quarter. FMR LLC now owns 28,395,709 shares of the financial services provider’s stock valued at $1,570,283,000 after buying an additional 459,526 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of SunTrust Banks by 8.6% in the first quarter. AQR Capital Management LLC now owns 8,758,128 shares of the financial services provider’s stock valued at $484,324,000 after buying an additional 694,144 shares during the last quarter. Boston Partners raised its stake in shares of SunTrust Banks by 3.4% in the first quarter. Boston Partners now owns 6,568,836 shares of the financial services provider’s stock valued at $363,257,000 after buying an additional 217,430 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of SunTrust Banks by 2.1% in the first quarter. Bank of New York Mellon Corp now owns 6,232,300 shares of the financial services provider’s stock valued at $344,646,000 after buying an additional 125,395 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of SunTrust Banks by 4.3% in the second quarter. Victory Capital Management Inc. now owns 5,676,079 shares of the financial services provider’s stock valued at $321,947,000 after buying an additional 232,350 shares during the last quarter. Institutional investors own 81.20% of the company’s stock.
SunTrust Banks, Inc. (STI) traded up 0.07% during mid-day trading on Thursday, reaching $55.53. 395,342 shares of the company were exchanged. SunTrust Banks, Inc. has a 12 month low of $42.36 and a 12 month high of $61.69. The stock’s 50-day moving average is $56.91 and its 200-day moving average is $56.63. The company has a market cap of $26.75 billion, a P/E ratio of 14.77 and a beta of 1.33.
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 the consensus estimate of $0.98 by $0.05. The firm had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.94 earnings per share. Equities analysts expect that SunTrust Banks, Inc. will post $4.04 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a $0.40 dividend. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date is Tuesday, August 29th. This represents a $1.60 annualized dividend and a yield of 2.88%. SunTrust Banks’s dividend payout ratio is currently 27.73%.
SunTrust Banks announced that its board has initiated a stock repurchase plan 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 reacquire up to 4.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
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Several equities research analysts recently commented on STI shares. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of SunTrust Banks in a research report on Sunday, July 23rd. Instinet reiterated a “neutral” rating and issued a $61.00 price objective on shares of SunTrust Banks in a research report on Wednesday, July 12th. Robert W. Baird upgraded shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 price objective on the stock in a research report on Monday, June 5th. BidaskClub upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $58.00 price objective on shares of SunTrust Banks in a research report on Friday, May 5th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $60.39.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $57.34, for a total value of $46,330.72. Following the sale, the insider now owns 3,515 shares in the company, valued at $201,550.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is owned by corporate insiders.
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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