Calamos Advisors LLC Raises Position in SunTrust Banks Inc. (STI)
Calamos Advisors LLC increased its position in shares of SunTrust Banks Inc. (NYSE:STI) by 0.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,969 shares of the financial services provider’s stock after buying an additional 23 shares during the period. Calamos Advisors LLC’s holdings in SunTrust Banks were worth $2,505,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of STI. Capital Management Corp VA increased its stake in shares of SunTrust Banks by 0.6% in the second quarter. Capital Management Corp VA now owns 8,013 shares of the financial services provider’s stock worth $329,000 after buying an additional 45 shares during the last quarter. Dixon Hubard Feinour & Brown Inc. VA increased its stake in shares of SunTrust Banks by 0.6% in the first quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 10,925 shares of the financial services provider’s stock worth $456,000 after buying an additional 64 shares during the last quarter. Pitcairn Co. increased its stake in shares of SunTrust Banks by 0.7% in the second quarter. Pitcairn Co. now owns 9,813 shares of the financial services provider’s stock worth $403,000 after buying an additional 72 shares during the last quarter. Washington Trust Bank increased its stake in shares of SunTrust Banks by 2.1% in the second quarter. Washington Trust Bank now owns 4,420 shares of the financial services provider’s stock worth $182,000 after buying an additional 90 shares during the last quarter. Finally, BKD Wealth Advisors LLC increased its stake in shares of SunTrust Banks by 5.9% in the second quarter. BKD Wealth Advisors LLC now owns 6,991 shares of the financial services provider’s stock worth $287,000 after buying an additional 392 shares during the last quarter. Institutional investors own 82.37% of the company’s stock.
SunTrust Banks Inc. (NYSE:STI) traded down 0.07% on Monday, hitting $43.77. The stock had a trading volume of 3,526,588 shares. The company’s 50 day moving average price is $43.43 and its 200 day moving average price is $41.53. SunTrust Banks Inc. has a 52-week low of $31.07 and a 52-week high of $45.24. The firm has a market cap of $21.94 billion, a price-to-earnings ratio of 11.85 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last released its earnings results on Friday, July 22nd. The financial services provider reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.06. The business earned $2.19 billion during the quarter, compared to analysts’ expectations of $2.14 billion. SunTrust Banks had a net margin of 22.31% and a return on equity of 8.53%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.89 earnings per share. Analysts expect that SunTrust Banks Inc. will post $3.51 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.38%. The ex-dividend date was Monday, August 29th. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.24. SunTrust Banks’s dividend payout ratio is currently 28.18%.
A number of brokerages recently commented on STI. Nomura reaffirmed a “hold” rating on shares of SunTrust Banks in a research report on Saturday, July 9th. Robert W. Baird downgraded SunTrust Banks from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $43.00 to $41.00 in a research report on Friday, July 15th. Compass Point increased their price target on SunTrust Banks from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, July 26th. Portales Partners raised SunTrust Banks from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, June 28th. Finally, Sanford C. Bernstein downgraded SunTrust Banks from an “outperform” rating to a “market perform” rating and set a $43.00 price target for the company. in a research report on Tuesday, August 16th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $44.45.
In related news, insider Susan S. Johnson sold 1,118 shares of the company’s stock in a transaction dated 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 approximately $47,445.60. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.67% of the company’s stock.
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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