SunTrust Banks, Inc. (NYSE:STI) dropped 5.8% on Wednesday . The company traded as low as $58.28 and last traded at $58.67. Approximately 4,845,688 shares traded hands during trading, an increase of 67% from the average daily volume of 2,908,700 shares. The stock had previously closed at $62.31.

STI has been the subject of a number of recent research reports. Jefferies Financial Group restated a “buy” rating and set a $75.00 target price on shares of SunTrust Banks in a research report on Monday, October 8th. Edward Jones upgraded SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, October 31st. Wedbush set a $75.00 target price on SunTrust Banks and gave the stock a “hold” rating in a research report on Thursday, September 13th. ValuEngine cut SunTrust Banks from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. Finally, Piper Jaffray Companies cut SunTrust Banks from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $76.00 to $74.00 in a research note on Thursday, September 13th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $77.00.

The company has a quick ratio of 0.93, a current ratio of 0.95 and a debt-to-equity ratio of 0.65. The company has a market cap of $28.17 billion, a PE ratio of 14.52, a PEG ratio of 1.03 and a beta of 1.25.

SunTrust Banks (NYSE:STI) last posted its earnings results on Friday, October 19th. The financial services provider reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.17. SunTrust Banks had a return on equity of 11.66% and a net margin of 28.17%. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the firm earned $1.06 earnings per share. The company’s revenue was down .8% on a year-over-year basis. As a group, equities research analysts anticipate that SunTrust Banks, Inc. will post 5.61 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Friday, November 30th will be paid a $0.50 dividend. The ex-dividend date is Thursday, November 29th. This represents a $2.00 dividend on an annualized basis and a yield of 3.41%. SunTrust Banks’s payout ratio is 49.50%.

Large investors have recently bought and sold shares of the business. Denali Advisors LLC acquired a new position in shares of SunTrust Banks during the third quarter worth about $127,000. Flagship Harbor Advisors LLC acquired a new position in shares of SunTrust Banks during the second quarter worth about $134,000. Oakworth Capital Inc. boosted its position in shares of SunTrust Banks by 117.0% during the third quarter. Oakworth Capital Inc. now owns 2,300 shares of the financial services provider’s stock worth $154,000 after buying an additional 1,240 shares during the period. Cornerstone Wealth Management LLC acquired a new position in shares of SunTrust Banks during the second quarter worth about $164,000. Finally, Sapphire Star Partners LP acquired a new position in shares of SunTrust Banks during the third quarter worth about $167,000. 82.80% of the stock is owned by hedge funds and other institutional investors.

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About SunTrust Banks (NYSE:STI)

SunTrust Banks, Inc is a bank and financial holding company that engages in the provision of financial services. It offers deposit, credit, mortgage banking, trust and investment, asset management, securities brokerage, and capital market services. It operates through the following segments: Consumer, Wholesale, and Corporate Other.

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