SunTrust Banks, Inc. (NYSE:STI) Stake Reduced by Anchor Capital Advisors LLC
Anchor Capital Advisors LLC reduced its position in SunTrust Banks, Inc. (NYSE:STI) by 6.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 571,737 shares of the financial services provider’s stock after selling 40,564 shares during the period. SunTrust Banks makes up 1.2% of Anchor Capital Advisors LLC’s holdings, making the stock its 23rd largest position. Anchor Capital Advisors LLC’s holdings in SunTrust Banks were worth $32,429,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of STI. TNB Financial acquired a new position in shares of SunTrust Banks during the first quarter worth about $457,000. Koshinski Asset Management Inc. acquired a new position in shares of SunTrust Banks during the first quarter worth about $381,000. Gulf International Bank UK Ltd raised its position in shares of SunTrust Banks by 1.3% in the first quarter. Gulf International Bank UK Ltd now owns 155,890 shares of the financial services provider’s stock worth $8,620,000 after buying an additional 2,050 shares during the period. Chesley Taft & Associates LLC raised its position in shares of SunTrust Banks by 3.1% in the first quarter. Chesley Taft & Associates LLC now owns 22,665 shares of the financial services provider’s stock worth $1,253,000 after buying an additional 690 shares during the period. Finally, Gillespie Robinson & Grimm Inc. raised its position in shares of SunTrust Banks by 0.3% in the first quarter. Gillespie Robinson & Grimm Inc. now owns 418,281 shares of the financial services provider’s stock worth $23,131,000 after buying an additional 1,260 shares during the period. 81.83% of the stock is owned by institutional investors and hedge funds.
Shares of SunTrust Banks, Inc. (NYSE:STI) opened at 58.45 on Friday. The stock has a market cap of $28.23 billion, a price-to-earnings ratio of 15.55 and a beta of 1.33. The stock has a 50 day moving average price of $56.48 and a 200-day moving average price of $56.56. SunTrust Banks, Inc. has a 12-month low of $41.46 and a 12-month high of $61.69.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.05. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the previous year, the business earned $0.94 EPS. The firm’s revenue was up 2.0% on a year-over-year basis. Equities analysts anticipate that SunTrust Banks, Inc. will post $4.04 EPS for the current fiscal year.
SunTrust Banks declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $1.32 billion in shares. This repurchase authorization permits the financial services provider to buy up to 4.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.
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A number of equities analysts recently issued reports on the company. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $58.00 price objective on shares of SunTrust Banks in a report on Friday, May 5th. Morgan Stanley raised SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price objective for the company in a report on Thursday. BidaskClub raised SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. Instinet reissued a “neutral” rating and issued a $61.00 price objective on shares of SunTrust Banks in a report on Wednesday, July 12th. Finally, Wedbush raised SunTrust Banks from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $60.00 to $63.00 in a report on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and ten have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $58.58.
About SunTrust Banks
SunTrust Banks, Inc is a provider of financial services. The Company’s principal subsidiary is SunTrust Bank (the Bank). The Company’s business segments include Consumer Banking and Private Wealth Management, Wholesale Banking, Mortgage Banking and Corporate Other. As of December 31, 2016, the Consumer Banking and Private Wealth Management segment consisted of three primary businesses: Consumer Banking, Consumer Lending and Private Wealth Management.
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