Retirement Systems of Alabama Has $13.30 Million Position in SunTrust Banks, Inc. (NYSE:STI)
Retirement Systems of Alabama reduced its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 1.3% during the second quarter, Holdings Channel reports. The institutional investor owned 234,416 shares of the financial services provider’s stock after selling 3,124 shares during the period. Retirement Systems of Alabama’s holdings in SunTrust Banks were worth $13,296,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of the stock. Guardian Life Insurance Co. of America raised 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 in the last quarter. Canal Capital Management LLC raised 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 in the last quarter. Capital Management Corp VA raised 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 in the last quarter. Great Lakes Advisors LLC raised 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 in the last quarter. Finally, Ronald Blue & Co. LLC raised 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 in the last quarter. 82.10% of the stock is owned by institutional investors and hedge funds.
SunTrust Banks, Inc. (STI) opened at 57.60 on Thursday. The company has a market cap of $27.82 billion, a price-to-earnings ratio of 15.32 and a beta of 1.33. SunTrust Banks, Inc. has a 52-week low of $41.46 and a 52-week high of $61.69. The stock’s 50 day moving average is $56.79 and its 200 day moving average is $56.69.
SunTrust Banks (NYSE:STI) last posted its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.05. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.94 EPS. Equities research analysts forecast that SunTrust Banks, Inc. will post $4.04 earnings per share for the current year.
SunTrust Banks declared that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $1.32 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.40 per share. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. This represents a $1.60 annualized dividend and a dividend yield of 2.78%. The ex-dividend date is Tuesday, August 29th. SunTrust Banks’s payout ratio is presently 27.73%.
A number of equities research analysts recently issued reports on the stock. Robert W. Baird upgraded shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 target price for the company in a report on Monday, June 5th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of SunTrust Banks in a report on Sunday, July 23rd. Wells Fargo & Company assumed coverage on shares of SunTrust Banks in a report on Wednesday. They issued an “outperform” rating for the company. Barclays PLC boosted their target price on shares of SunTrust Banks from $62.00 to $65.00 and gave the company an “equal weight” rating in a report on Monday, April 24th. Finally, Rafferty Capital Markets boosted their target price on shares of SunTrust Banks from $63.00 to $64.50 and gave the company a “buy” rating in a report on Monday, April 24th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and eleven have given a buy rating to the stock. The stock currently has an average 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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