Teacher Retirement System of Texas Lowers Position in SunTrust Banks, Inc. (NYSE:STI)
Teacher Retirement System of Texas reduced its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 0.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,094,802 shares of the financial services provider’s stock after selling 7,583 shares during the period. Teacher Retirement System of Texas’ holdings in SunTrust Banks were worth $62,097,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of STI. Schwab Charles Investment Management Inc. increased its stake in SunTrust Banks by 3.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,589,418 shares of the financial services provider’s stock valued at $90,152,000 after buying an additional 50,309 shares during the period. Wetherby Asset Management Inc. increased its stake in SunTrust Banks by 3.4% in the second quarter. Wetherby Asset Management Inc. now owns 14,367 shares of the financial services provider’s stock valued at $815,000 after buying an additional 479 shares during the period. Global X Management Co. LLC increased its stake in SunTrust Banks by 35.3% in the second quarter. Global X Management Co. LLC now owns 6,399 shares of the financial services provider’s stock valued at $363,000 after buying an additional 1,669 shares during the period. HL Financial Services LLC increased its stake in SunTrust Banks by 14.2% in the second quarter. HL Financial Services LLC now owns 23,733 shares of the financial services provider’s stock valued at $1,346,000 after buying an additional 2,948 shares during the period. Finally, Advisor Partners LLC increased its stake in SunTrust Banks by 10.7% in the second quarter. Advisor Partners LLC now owns 12,550 shares of the financial services provider’s stock valued at $712,000 after buying an additional 1,214 shares during the period. Hedge funds and other institutional investors own 82.10% of the company’s stock.
Shares of SunTrust Banks, Inc. (NYSE STI) opened at 56.42 on Friday. SunTrust Banks, Inc. has a 12 month low of $41.46 and a 12 month high of $61.69. The company has a 50-day moving average of $56.82 and a 200-day moving average of $56.68. The stock has a market capitalization of $27.17 billion, a PE ratio of 15.01 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.05. The business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.29 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The business’s revenue was up 2.0% on a year-over-year basis. During the same period last year, the business earned $0.94 EPS. On average, equities research analysts expect that SunTrust Banks, Inc. will post $4.04 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.84%. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date is Tuesday, August 29th. SunTrust Banks’s dividend payout ratio (DPR) is presently 27.73%.
SunTrust Banks declared that its Board of Directors has authorized a stock buyback program 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 shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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Several analysts recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of SunTrust Banks in a report on Wednesday. They issued an “outperform” rating and a $70.00 target price for the company. Morgan Stanley upgraded shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 target price for the company in a report on Thursday, August 3rd. Royal Bank Of Canada reiterated a “buy” rating and issued a $60.00 target price on shares of SunTrust Banks in a report on Thursday, July 27th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of SunTrust Banks in a report on Sunday, July 23rd. Finally, BidaskClub downgraded shares of SunTrust Banks from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. 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 stock. SunTrust Banks presently has a consensus 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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