Q4 2016 EPS Estimates for SunTrust Banks Inc. (STI) Lowered by Analyst
SunTrust Banks Inc. (NYSE:STI) – Analysts at Jefferies Group cut their Q4 2016 earnings per share estimates for SunTrust Banks in a note issued to investors on Tuesday. Jefferies Group analyst K. Usdin now anticipates that the brokerage will post earnings of $0.85 per share for the quarter, down from their previous estimate of $0.86. Jefferies Group also issued estimates for SunTrust Banks’ Q1 2017 earnings at $0.81 EPS, Q2 2017 earnings at $0.95 EPS, Q3 2017 earnings at $0.98 EPS and Q4 2017 earnings at $0.96 EPS.
Several other equities analysts have also recently issued reports on STI. Portales Partners upgraded shares of SunTrust Banks from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, June 28th. BMO Capital Markets reiterated a “hold” rating and issued a $44.00 target price on shares of SunTrust Banks in a research note on Thursday, July 7th. Wells Fargo & Co. reiterated a “buy” rating on shares of SunTrust Banks in a research note on Sunday, July 10th. Barclays PLC reiterated an “equal weight” rating and issued a $46.00 target price on shares of SunTrust Banks in a research note on Sunday, July 10th. Finally, Nomura reiterated a “hold” rating on shares of SunTrust Banks in a research note on Saturday, July 9th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. SunTrust Banks currently has a consensus rating of “Buy” and an average price target of $44.91.
SunTrust Banks (NYSE:STI) opened at 45.03 on Thursday. The firm’s 50-day moving average is $44.17 and its 200 day moving average is $41.98. SunTrust Banks has a 52-week low of $31.07 and a 52-week high of $46.47. The company has a market cap of $22.58 billion, a price-to-earnings ratio of 12.19 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last released its quarterly earnings data 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. SunTrust Banks had a net margin of 22.31% and a return on equity of 8.53%. The business earned $2.19 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same quarter last year, the business earned $0.89 earnings per share. SunTrust Banks’s quarterly revenue was up 6.9% compared to the same quarter last year.
Several hedge funds have recently added to or reduced their stakes in the company. National Pension Service raised its stake in SunTrust Banks by 8.1% in the third quarter. National Pension Service now owns 425,350 shares of the financial services provider’s stock worth $18,630,000 after buying an additional 31,939 shares during the last quarter. MSI Financial Services Inc raised its stake 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 during the last quarter. Nisa Investment Advisors LLC raised its stake in SunTrust Banks by 8.6% in the third quarter. Nisa Investment Advisors LLC now owns 221,726 shares of the financial services provider’s stock worth $9,712,000 after buying an additional 17,550 shares during the last quarter. Capstone Asset Management Co. raised its stake in SunTrust Banks by 2.4% in the third quarter. Capstone Asset Management Co. now owns 51,716 shares of the financial services provider’s stock worth $2,265,000 after buying an additional 1,210 shares during the last quarter. Finally, Creative Planning raised its stake in SunTrust Banks by 11.5% in the third quarter. Creative Planning now owns 45,904 shares of the financial services provider’s stock worth $2,011,000 after buying an additional 4,734 shares during the last quarter. Hedge funds and other institutional investors own 82.37% of the company’s stock.
In related news, insider Susan S. Johnson sold 1,118 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $42.40, for a total transaction of $47,403.20. Following the sale, 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 can be accessed through this link. Corporate insiders own 0.67% of the company’s stock.
The company also recently announced 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 dividend yield of 2.31%. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, August 29th. SunTrust Banks’s dividend payout ratio is presently 28.18%.
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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