SunTrust Banks Inc. (STI) Shares Sold by Bartlett & Co. LLC
Bartlett & Co. LLC cut its stake in SunTrust Banks Inc. (NYSE:STI) by 7.0% during the second quarter, Holdings Channel reports. The firm owned 2,785 shares of the financial services provider’s stock after selling 211 shares during the period. Bartlett & Co. LLC’s holdings in SunTrust Banks were worth $114,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in STI. Balentine LLC increased its stake in SunTrust Banks by 13.0% in the first quarter. Balentine LLC now owns 4,254 shares of the financial services provider’s stock valued at $153,000 after buying an additional 488 shares during the period. Washington Trust Bank boosted its position in SunTrust Banks by 2.1% in the second quarter. Washington Trust Bank now owns 4,420 shares of the financial services provider’s stock valued at $182,000 after buying an additional 90 shares in the last quarter. Home Federal Bank of Tennessee acquired a new position in SunTrust Banks during the second quarter valued at $200,000. 1st Global Advisors Inc. acquired a new position in SunTrust Banks during the second quarter valued at $202,000. Finally, Genesee Valley Trust Co. acquired a new position in SunTrust Banks during the second quarter valued at $205,000. 82.37% of the stock is currently owned by institutional investors and hedge funds.
Shares of SunTrust Banks Inc. (NYSE:STI) traded up 1.51% during midday trading on Friday, reaching $43.80. The company’s stock had a trading volume of 3,614,508 shares. SunTrust Banks Inc. has a one year low of $31.07 and a one year high of $45.24. The stock’s 50 day moving average price is $43.37 and its 200 day moving average price is $41.41. The firm has a market cap of $21.96 billion, a price-to-earnings ratio of 11.86 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Friday, July 22nd. The financial services provider reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.06. SunTrust Banks had a return on equity of 8.53% and a net margin of 22.31%. The firm earned $2.19 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same quarter in the previous year, the business earned $0.89 EPS. SunTrust Banks’s revenue for the quarter was up 6.9% compared to the same quarter last year. Analysts predict that SunTrust Banks Inc. will post $3.51 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.37%. The ex-dividend date was Monday, August 29th. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.24. SunTrust Banks’s payout ratio is currently 28.18%.
Several research analysts have recently weighed in on STI shares. Compass Point boosted their price target on SunTrust Banks from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, July 26th. Goldman Sachs Group Inc. cut SunTrust Banks from a “conviction-buy” rating to a “buy” rating and boosted their price target for the stock from $44.00 to $46.00 in a research note on Monday, July 25th. Deutsche Bank AG restated a “buy” rating on shares of SunTrust Banks in a research note on Wednesday, June 15th. Wells Fargo & Co. restated a “buy” rating on shares of SunTrust Banks in a research note on Sunday, July 10th. Finally, Zacks Investment Research upgraded SunTrust Banks from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a research note on Wednesday, September 21st. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $44.45.
In related news, insider Susan S. Johnson sold 1,118 shares of SunTrust Banks stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $42.40, for a total value of $47,403.20. Following the completion of the transaction, the insider now owns 1,119 shares in the company, valued at approximately $47,445.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.67% of the stock is owned by corporate insiders.
About SunTrust Banks
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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