SunTrust Banks Inc. (STI) Shares Gap Up to $41.84
SunTrust Banks Inc. (NYSE:STI) shares gapped up prior to trading on Monday . The stock had previously closed at $41.75, but opened at $41.84. SunTrust Banks shares last traded at $42.09, with a volume of 1,408,270 shares traded.
Several research firms recently commented on STI. Robert W. Baird reiterated an “underperform” rating on shares of SunTrust Banks in a research note on Thursday, August 4th. Compass Point boosted their price objective on SunTrust Banks from $45.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, July 26th. Goldman Sachs Group Inc. lowered SunTrust Banks from a “conviction-buy” rating to a “buy” rating and boosted their price objective for the company from $44.00 to $46.00 in a report on Monday, July 25th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $45.00 price objective on shares of SunTrust Banks in a report on Friday, July 15th. Finally, Credit Suisse Group AG reissued a “sell” rating on shares of SunTrust Banks in a report on Tuesday, July 12th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $44.00.
The stock has a market cap of $21.11 billion and a P/E ratio of 11.40. The stock’s 50 day moving average is $41.89 and its 200 day moving average is $39.42.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings data on Friday, July 22nd. The financial services provider reported $0.94 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.06. The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.14 billion. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.89 EPS. On average, analysts anticipate that SunTrust Banks Inc. will post $3.51 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.47%. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, August 29th.
In other news, insider Susan S. Johnson sold 1,118 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $42.40, for a total transaction of $47,403.20. Following the completion of the sale, the insider now owns 1,119 shares of the company’s stock, valued at $47,445.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.
Several hedge funds recently modified their holdings of the stock. Stephens Inc. AR raised its stake in shares of SunTrust Banks by 2.2% in the fourth quarter. Stephens Inc. AR now owns 43,330 shares of the financial services provider’s stock worth $1,856,000 after buying an additional 937 shares in the last quarter. Airain ltd raised its stake in shares of SunTrust Banks by 164.3% in the fourth quarter. Airain ltd now owns 92,232 shares of the financial services provider’s stock worth $3,951,000 after buying an additional 57,329 shares in the last quarter. State of Tennessee Treasury Department raised its stake in shares of SunTrust Banks by 4.9% in the fourth quarter. State of Tennessee Treasury Department now owns 299,014 shares of the financial services provider’s stock worth $12,810,000 after buying an additional 14,047 shares in the last quarter. Redwood Investments LLC raised its stake in shares of SunTrust Banks by 12.5% in the fourth quarter. Redwood Investments LLC now owns 313,948 shares of the financial services provider’s stock worth $13,450,000 after buying an additional 34,824 shares in the last quarter. Finally, Argent Capital Management LLC raised its stake in shares of SunTrust Banks by 2.1% in the fourth quarter. Argent Capital Management LLC now owns 1,011,855 shares of the financial services provider’s stock worth $43,348,000 after buying an additional 20,610 shares in the last quarter.
SunTrust Banks, Inc is a bank holding company and a financial holding company. Through its principal subsidiary, SunTrust Bank, the Company offers a line of financial services for consumers and businesses, including deposit, credit, mortgage banking, and trust and investment services. The Company’s other subsidiaries provide asset and wealth management, securities brokerage, and capital market services.
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