Todd Asset Management LLC Raises Stake in SunTrust Banks, Inc. (STI)
Todd Asset Management LLC raised its position in SunTrust Banks, Inc. (NYSE:STI) by 7.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 535,889 shares of the financial services provider’s stock after buying an additional 38,504 shares during the period. Todd Asset Management LLC owned approximately 0.11% of SunTrust Banks worth $30,396,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Winch Advisory Services LLC acquired a new stake in SunTrust Banks during the first quarter worth about $245,000. Heartland Advisors Inc. raised its stake in SunTrust Banks by 3.0% in the first quarter. Heartland Advisors Inc. now owns 5,515 shares of the financial services provider’s stock worth $305,000 after buying an additional 163 shares during the last quarter. Great West Life Assurance Co. Can raised its stake in SunTrust Banks by 1.4% in the first quarter. Great West Life Assurance Co. Can now owns 640,261 shares of the financial services provider’s stock worth $35,397,000 after buying an additional 9,086 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in SunTrust Banks by 6.6% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 81,502 shares of the financial services provider’s stock worth $4,507,000 after buying an additional 5,023 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new stake in SunTrust Banks during the first quarter worth about $117,000. 81.20% of the stock is owned by institutional investors and hedge funds.
Shares of SunTrust Banks, Inc. (NYSE:STI) traded up 1.22% during midday trading on Friday, hitting $55.77. The company had a trading volume of 288,735 shares. The company has a market cap of $26.86 billion, a price-to-earnings ratio of 14.83 and a beta of 1.33. 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 price is $56.69 and its 200-day moving average price is $56.57.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.05. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The firm’s revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.94 EPS. On average, equities research analysts forecast that SunTrust Banks, Inc. will post $4.04 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be paid a dividend of $0.40 per share. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. This represents a $1.60 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Tuesday, August 29th. SunTrust Banks’s dividend payout ratio is presently 42.67%.
SunTrust Banks declared that its Board of Directors has approved a share 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 repurchase up to 4.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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Several brokerages have recently weighed in on STI. Keefe, Bruyette & Woods reissued a “hold” rating and set a $58.00 price target on shares of SunTrust Banks in a research report on Friday, May 5th. Morgan Stanley raised shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price target on the stock in a research report on Thursday, August 3rd. BidaskClub raised shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, July 5th. Wells Fargo & Company began coverage on shares of SunTrust Banks in a research report on Wednesday, August 9th. They set an “outperform” rating and a $70.00 price target on the stock. Finally, Instinet reissued a “neutral” rating and set a $61.00 price target on shares of SunTrust Banks in a research report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have issued a buy rating to the stock. SunTrust Banks currently has an average rating of “Hold” and a consensus price target of $60.39.
In related 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 completion of the transaction, the insider now directly owns 3,515 shares in the company, valued at approximately $201,550.10. The sale was disclosed in a document filed with the SEC, 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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