FBR & Co Reaffirms “Outperform” Rating for SunTrust Banks Inc. (STI)
FBR & Co reiterated their outperform rating on shares of SunTrust Banks Inc. (NYSE:STI) in a report published on Tuesday morning. FBR & Co currently has a $49.00 target price on the financial services provider’s stock.
Other analysts have also recently issued reports about the company. Nomura restated a hold rating on shares of SunTrust Banks in a report on Saturday, July 9th. Robert W. Baird cut SunTrust Banks from a neutral rating to an underperform rating and dropped their target price for the company from $43.00 to $41.00 in a report on Friday, July 15th. Compass Point upped their target price on SunTrust Banks from $45.00 to $48.00 and gave the company a buy rating in a report on Tuesday, July 26th. Sanford C. Bernstein cut SunTrust Banks from an outperform rating to a market perform rating and set a $43.00 target price for the company. in a report on Tuesday, August 16th. They noted that the move was a valuation call. Finally, Portales Partners upgraded SunTrust Banks from a sector perform rating to an outperform rating in a report on Tuesday, June 28th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $44.91.
SunTrust Banks (NYSE:STI) opened at 44.76 on Tuesday. The stock’s 50 day moving average price is $44.10 and its 200 day moving average price is $41.93. SunTrust Banks has a 52 week low of $31.07 and a 52 week high of $46.47. The stock has a market cap of $22.44 billion, a price-to-earnings ratio of 12.12 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings results on Friday, July 22nd. The financial services provider reported $0.94 EPS for the quarter, topping 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 analysts’ expectations of $2.14 billion. During the same period in the previous year, the business earned $0.89 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, analysts forecast that SunTrust Banks will post $3.51 earnings per share for the current year.
The company also recently declared 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 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend was Monday, August 29th. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.24. SunTrust Banks’s dividend payout ratio (DPR) is currently 28.18%.
In related news, insider Susan S. Johnson sold 1,118 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $42.40, for a total transaction of $47,403.20. Following the transaction, the insider now owns 1,119 shares in the company, valued at approximately $47,445.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.67% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STI. MSI Financial Services Inc increased its position in SunTrust Banks by 66.2% in the third quarter. MSI Financial Services Inc now owns 3,010 shares of the financial services provider’s stock worth $132,000 after buying an additional 1,199 shares in the last quarter. AXA bought a new position in shares of SunTrust Banks during the second quarter valued at $127,000. Amica Retiree Medical Trust bought a new position in shares of SunTrust Banks during the second quarter valued at $129,000. Euclid Advisors LLC bought a new position in shares of SunTrust Banks during the second quarter valued at $140,000. Finally, Washington Trust Bank increased 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 valued at $182,000 after buying an additional 90 shares during the period. Hedge funds and other institutional investors own 82.37% 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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