Deprince Race & Zollo Inc. Reduces Stake in SunTrust Banks Inc. (STI)
Deprince Race & Zollo Inc. reduced its stake in SunTrust Banks Inc. (NYSE:STI) by 8.3% during the second quarter, Holdings Channel reports. The institutional investor owned 700,741 shares of the financial services provider’s stock after selling 63,156 shares during the period. Deprince Race & Zollo Inc.’s holdings in SunTrust Banks were worth $28,786,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Balentine LLC raised 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 in the last quarter. Washington Trust Bank raised its position 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 period. Home Federal Bank of Tennessee acquired a new position in shares of SunTrust Banks during the second quarter worth about $200,000. 1st Global Advisors Inc. acquired a new position in shares of SunTrust Banks during the second quarter worth about $202,000. Finally, Genesee Valley Trust Co. acquired a new position in shares of SunTrust Banks during the second quarter worth about $205,000. Institutional investors and hedge funds own 82.37% of the company’s stock.
Shares of SunTrust Banks Inc. (NYSE:STI) traded up 2.19% during midday trading on Tuesday, hitting $44.73. The stock had a trading volume of 4,735,254 shares. SunTrust Banks Inc. has a one year low of $31.07 and a one year high of $45.24. The stock has a 50 day moving average of $43.50 and a 200-day moving average of $41.59. The company has a market cap of $22.43 billion, a P/E ratio of 12.11 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, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.06. The firm earned $2.19 billion during the quarter, compared to analyst estimates of $2.14 billion. SunTrust Banks had a return on equity of 8.53% and a net margin of 22.31%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.89 earnings per share. Analysts forecast that SunTrust Banks Inc. will post $3.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were paid a $0.26 dividend. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.33%. The ex-dividend date was Monday, August 29th. SunTrust Banks’s dividend payout ratio is presently 28.18%.
A number of brokerages have recently issued reports on STI. Wells Fargo & Co. reiterated a “buy” rating on shares of SunTrust Banks in a research report on Sunday, July 10th. Robert W. Baird reiterated an “underperform” rating on shares of SunTrust Banks in a research report on Thursday, August 4th. BMO Capital Markets reiterated a “hold” rating and set a $44.00 target price on shares of SunTrust Banks in a research report on Thursday, July 7th. Barclays PLC reiterated an “equal weight” rating and set a $46.00 target price on shares of SunTrust Banks in a research report on Sunday, July 10th. Finally, Sanford C. Bernstein lowered SunTrust Banks from an “outperform” rating to a “market perform” rating and set a $43.00 target price on the stock. in a research report on Tuesday, August 16th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $44.45.
In related news, insider Susan S. Johnson sold 1,118 shares of the company’s stock in a transaction on 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 directly owns 1,119 shares in the company, valued at $47,445.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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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