SunTrust Banks Inc. (STI) Price Target Raised to $58.00 at Deutsche Bank AG
SunTrust Banks Inc. (NYSE:STI) had its price target boosted by Deutsche Bank AG from $50.00 to $58.00 in a research report report published on Wednesday. They currently have a buy rating on the financial services provider’s stock.
A number of other analysts have also recently weighed in on the company. Sanford C. Bernstein cut SunTrust Banks from an outperform rating to a market perform rating and set a $43.00 price target on the stock. in a research report on Tuesday, August 16th. They noted that the move was a valuation call. Wedbush initiated coverage on SunTrust Banks in a research report on Thursday, October 6th. They set a neutral rating and a $47.00 price target on the stock. Zacks Investment Research cut SunTrust Banks from a buy rating to a hold rating in a research report on Monday, September 26th. Robert W. Baird reiterated an underperform rating on shares of SunTrust Banks in a research report on Thursday, August 4th. Finally, Wells Fargo & Co. cut SunTrust Banks from an outperform rating to a market perform rating in a research report on Friday, November 18th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Hold and an average price target of $47.04.
Shares of SunTrust Banks (NYSE:STI) opened at 51.95 on Wednesday. The stock has a market capitalization of $25.76 billion, a P/E ratio of 14.39 and a beta of 1.36. SunTrust Banks has a 52-week low of $31.07 and a 52-week high of $52.65. The firm’s 50-day moving average price is $47.63 and its 200-day moving average price is $43.96.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Friday, October 21st. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.15 billion. SunTrust Banks had a return on equity of 8.18% and a net margin of 21.12%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.00 EPS. Equities analysts forecast that SunTrust Banks will post $3.57 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Wednesday, November 30th will be issued a dividend of $0.26 per share. The ex-dividend date is Monday, November 28th. This represents a $1.04 annualized dividend and a yield of 2.00%. SunTrust Banks’s dividend payout ratio (DPR) is currently 28.89%.
In other SunTrust Banks news, insider Anil T. Cheriyan sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, November 22nd. The stock was sold at an average price of $52.15, for a total transaction of $417,200.00. Following the transaction, the insider now directly owns 81,203 shares in the company, valued at $4,234,736.45. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Aleem Gillani sold 8,583 shares of the firm’s stock in a transaction dated Thursday, October 27th. The shares were sold at an average price of $45.90, for a total value of $393,959.70. Following the transaction, the insider now owns 239,652 shares in the company, valued at $11,000,026.80. The disclosure for this sale can be found here. Company insiders own 0.67% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. American Century Companies Inc. raised its position in SunTrust Banks by 64.4% in the second quarter. American Century Companies Inc. now owns 8,267,226 shares of the financial services provider’s stock valued at $339,618,000 after buying an additional 3,238,624 shares during the period. The Manufacturers Life Insurance Company bought a new position in SunTrust Banks during the third quarter valued at $99,138,000. Credit Suisse AG raised its position in SunTrust Banks by 151.1% in the third quarter. Credit Suisse AG now owns 3,446,948 shares of the financial services provider’s stock valued at $150,976,000 after buying an additional 2,074,075 shares during the period. FMR LLC raised its position in SunTrust Banks by 6.5% in the second quarter. FMR LLC now owns 31,288,755 shares of the financial services provider’s stock valued at $1,285,342,000 after buying an additional 1,918,166 shares during the period. Finally, Bank of New York Mellon Corp raised its position in SunTrust Banks by 28.4% in the second quarter. Bank of New York Mellon Corp now owns 7,066,156 shares of the financial services provider’s stock valued at $290,278,000 after buying an additional 1,564,929 shares during the period. Institutional investors own 81.23% 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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