SunTrust Banks Inc. (STI) Now Covered by Wedbush
Equities researchers at Wedbush assumed coverage on shares of SunTrust Banks Inc. (NYSE:STI) in a note issued to investors on Thursday. The brokerage set a “neutral” rating and a $47.00 price target on the financial services provider’s stock. Wedbush’s price objective would suggest a potential upside of 2.87% from the stock’s previous close.
Other research analysts have also issued reports about the company. Zacks Investment Research raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a report on Wednesday, September 21st. Wells Fargo & Co. reissued a “buy” rating on shares of SunTrust Banks in a report on Sunday, July 10th. Credit Agricole SA boosted their target price on SunTrust Banks from $52.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, September 23rd. Barclays PLC reissued an “equal weight” rating and set a $46.00 target price on shares of SunTrust Banks in a report on Sunday, July 10th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of SunTrust Banks in a report on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. SunTrust Banks currently has an average rating of “Buy” and an average price target of $44.73.
SunTrust Banks (NYSE:STI) opened at 45.69 on Thursday. The company has a market capitalization of $22.91 billion, a PE ratio of 12.37 and a beta of 1.31. SunTrust Banks has a 12 month low of $31.07 and a 12 month high of $46.21. The company has a 50-day moving average price of $43.78 and a 200 day moving average price of $41.71.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings results 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. 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.89 EPS. On average, equities research analysts forecast that SunTrust Banks will post $3.51 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a $0.26 dividend. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.04 annualized dividend and a dividend yield of 2.28%. SunTrust Banks’s dividend payout ratio is presently 28.18%.
In other news, insider Susan S. Johnson sold 1,118 shares of the 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 sale, the insider now owns 1,119 shares of the company’s stock, valued at $47,445.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.67% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the stock. Central Bank & Trust Co. boosted its stake in shares of SunTrust Banks by 3.7% in the third quarter. Central Bank & Trust Co. now owns 90,295 shares of the financial services provider’s stock valued at $3,954,000 after buying an additional 3,181 shares during the last quarter. Bremer Trust National Association bought a new stake in shares of SunTrust Banks during the third quarter valued at $1,344,000. First American Bank bought a new stake in shares of SunTrust Banks during the third quarter valued at $2,967,000. Copper Rock Capital Partners LLC boosted its stake in shares of SunTrust Banks by 12.4% in the third quarter. Copper Rock Capital Partners LLC now owns 10,837 shares of the financial services provider’s stock valued at $468,000 after buying an additional 1,199 shares during the last quarter. Finally, Burke & Herbert Bank & Trust Co. bought a new stake in shares of SunTrust Banks during the third quarter valued at $210,000. 82.37% of the stock is owned by institutional investors.
SunTrust Banks Company Profile
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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