Palladium Partners LLC cut its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 2.2% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 37,016 shares of the financial services provider’s stock after selling 825 shares during the period. Palladium Partners LLC’s holdings in SunTrust Banks were worth $2,100,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Guardian Life Insurance Co. of America boosted its position in SunTrust Banks by 1.0% in the first quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock worth $105,000 after buying an additional 18 shares during the last quarter. Canal Capital Management LLC boosted its position in SunTrust Banks by 0.4% in the second quarter. Canal Capital Management LLC now owns 6,318 shares of the financial services provider’s stock worth $358,000 after buying an additional 27 shares during the last quarter. Capital Management Corp VA boosted its position in SunTrust Banks by 0.4% in the first quarter. Capital Management Corp VA now owns 8,163 shares of the financial services provider’s stock worth $451,000 after buying an additional 35 shares during the last quarter. Great Lakes Advisors LLC boosted its position in SunTrust Banks by 0.5% in the first quarter. Great Lakes Advisors LLC now owns 8,984 shares of the financial services provider’s stock worth $497,000 after buying an additional 43 shares during the last quarter. Finally, Ronald Blue & Co. LLC boosted its position in SunTrust Banks by 0.9% in the first quarter. Ronald Blue & Co. LLC now owns 6,315 shares of the financial services provider’s stock worth $349,000 after buying an additional 54 shares during the last quarter. 82.10% of the stock is owned by hedge funds and other institutional investors.

SunTrust Banks, Inc. (STI) opened at 58.45 on Monday. The firm has a market capitalization of $28.23 billion, a PE ratio of 15.55 and a beta of 1.33. SunTrust Banks, Inc. has a 12 month low of $41.46 and a 12 month high of $61.69. The company’s 50-day moving average price is $56.48 and its 200 day moving average price is $56.56.

SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The company’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.94 EPS. On average, equities research analysts predict that SunTrust Banks, Inc. will post $4.04 earnings per share for the current year.

SunTrust Banks declared that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 4.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

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A number of research analysts have issued reports on the company. Robert W. Baird raised SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 target price for the company in a research note on Monday, June 5th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of SunTrust Banks in a research note on Sunday, July 23rd. Rafferty Capital Markets boosted their target price on SunTrust Banks from $63.00 to $64.50 and gave the company a “buy” rating in a research note on Monday, April 24th. Barclays PLC boosted their target price on SunTrust Banks from $62.00 to $65.00 and gave the company an “equal weight” rating in a research note on Monday, April 24th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $58.00 target price on shares of SunTrust Banks in a research note on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price 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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Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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