Lakeview Capital Partners LLC Has $1.14 Million Position in SunTrust Banks, Inc. (STI)
Lakeview Capital Partners LLC decreased its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 3.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,085 shares of the financial services provider’s stock after selling 777 shares during the period. SunTrust Banks makes up about 0.9% of Lakeview Capital Partners LLC’s holdings, making the stock its 27th largest position. Lakeview Capital Partners LLC’s holdings in SunTrust Banks were worth $1,139,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of the stock. Advisor Partners LLC boosted its stake in SunTrust Banks by 10.7% in the second quarter. Advisor Partners LLC now owns 12,550 shares of the financial services provider’s stock worth $712,000 after buying an additional 1,214 shares during the last quarter. Korea Investment CORP boosted its position in SunTrust Banks by 2.1% in the second quarter. Korea Investment CORP now owns 717,470 shares of the financial services provider’s stock worth $40,695,000 after buying an additional 14,868 shares in the last quarter. Stratos Wealth Partners LTD. boosted its position in SunTrust Banks by 2.2% in the second quarter. Stratos Wealth Partners LTD. now owns 8,059 shares of the financial services provider’s stock worth $457,000 after buying an additional 172 shares in the last quarter. YHB Investment Advisors Inc. boosted its position in SunTrust Banks by 27.8% in the second quarter. YHB Investment Advisors Inc. now owns 66,060 shares of the financial services provider’s stock worth $3,747,000 after buying an additional 14,350 shares in the last quarter. Finally, Sei Investments Co. boosted its position in SunTrust Banks by 11.8% in the second quarter. Sei Investments Co. now owns 376,923 shares of the financial services provider’s stock worth $21,379,000 after buying an additional 39,729 shares in the last quarter. 82.10% of the stock is owned by institutional investors.
Shares of SunTrust Banks, Inc. (STI) opened at 58.06 on Tuesday. The company’s 50-day moving average is $56.48 and its 200 day moving average is $56.56. SunTrust Banks, Inc. has a 52-week low of $41.46 and a 52-week high of $61.69. The firm has a market cap of $28.04 billion, a price-to-earnings ratio of 15.44 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.05. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.29 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. SunTrust Banks’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 EPS. On average, analysts expect that SunTrust Banks, Inc. will post $4.04 earnings per share for the current fiscal year.
SunTrust Banks declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that permits the company to buyback $1.32 billion in shares. This buyback authorization permits the financial services provider to buy up to 4.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
A number of research firms have issued reports on STI. Morgan Stanley raised shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price target for the company in a report on Thursday, August 3rd. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $60.00 price target on shares of SunTrust Banks in a report on Thursday, July 27th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of SunTrust Banks in a report on Sunday, July 23rd. BidaskClub cut shares of SunTrust Banks from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, Instinet reaffirmed a “neutral” rating and issued a $61.00 price target on shares of SunTrust Banks in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and ten have issued a buy rating to the stock. SunTrust Banks has a consensus rating of “Hold” and a consensus 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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