HL Financial Services LLC Purchases 2,948 Shares of SunTrust Banks, Inc. (STI)
HL Financial Services LLC boosted its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 14.2% during the second quarter, Holdings Channel reports. The institutional investor owned 23,733 shares of the financial services provider’s stock after buying an additional 2,948 shares during the period. HL Financial Services LLC’s holdings in SunTrust Banks were worth $1,346,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Guardian Life Insurance Co. of America increased its stake 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 valued at $105,000 after buying an additional 18 shares in the last quarter. Whittier Trust Co. increased its stake in SunTrust Banks by 3.1% in the first quarter. Whittier Trust Co. now owns 1,909 shares of the financial services provider’s stock valued at $105,000 after buying an additional 58 shares in the last quarter. Advisory Services Network LLC purchased a new stake in SunTrust Banks during the first quarter valued at about $117,000. Bronfman E.L. Rothschild L.P. increased its stake in SunTrust Banks by 9.2% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,269 shares of the financial services provider’s stock valued at $125,000 after buying an additional 192 shares in the last quarter. Finally, Independent Portfolio Consultants Inc. increased its stake in SunTrust Banks by 184.7% in the second quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock valued at $150,000 after buying an additional 1,718 shares in the last quarter. 82.10% of the stock is currently owned by hedge funds and other institutional investors.
Shares of SunTrust Banks, Inc. (STI) opened at 56.42 on Friday. SunTrust Banks, Inc. has a one year low of $41.46 and a one year high of $61.69. The stock’s 50 day moving average price is $56.82 and its 200-day moving average price is $56.68. The company has a market cap of $27.17 billion, a PE ratio of 15.01 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.05. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.29 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter last year, the business posted $0.94 EPS. On average, analysts expect that SunTrust Banks, Inc. will post $4.04 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a $0.40 dividend. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date is Tuesday, August 29th. This represents a $1.60 annualized dividend and a yield of 2.84%. SunTrust Banks’s dividend payout ratio (DPR) is 27.73%.
SunTrust Banks announced that its board has approved a stock buyback 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 reacquire up to 4.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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Several research firms have issued reports on STI. Morgan Stanley raised SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price target on the stock in a research note on Thursday, August 3rd. FBR & Co set a $65.00 price target on SunTrust Banks and gave the company a “buy” rating in a research note on Monday, April 24th. Royal Bank Of Canada reissued a “buy” rating and issued a $60.00 price target on shares of SunTrust Banks in a research note on Thursday, July 27th. Wells Fargo & Company began coverage on SunTrust Banks in a research note on Wednesday. They issued an “outperform” rating and a $70.00 price target on the stock. Finally, BidaskClub downgraded SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eleven have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $59.18.
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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