SunTrust Banks, Inc. (NYSE:STI) Stake Cut by Cigna Investments Inc. New
Cigna Investments Inc. New cut its stake in SunTrust Banks, Inc. (NYSE:STI) by 8.5% during the second quarter, Holdings Channel reports. The institutional investor owned 18,781 shares of the financial services provider’s stock after selling 1,752 shares during the period. Cigna Investments Inc. New’s holdings in SunTrust Banks were worth $1,065,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Retirement Systems of Alabama increased its position in shares of SunTrust Banks by 2.1% in the first quarter. Retirement Systems of Alabama now owns 237,540 shares of the financial services provider’s stock valued at $13,136,000 after buying an additional 4,914 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in shares of SunTrust Banks during the first quarter valued at $224,000. Patten & Patten Inc. TN increased its position in shares of SunTrust Banks by 6.9% in the first quarter. Patten & Patten Inc. TN now owns 72,012 shares of the financial services provider’s stock valued at $3,982,000 after buying an additional 4,626 shares in the last quarter. DnB Asset Management AS increased its position in shares of SunTrust Banks by 14.4% in the first quarter. DnB Asset Management AS now owns 56,510 shares of the financial services provider’s stock valued at $3,125,000 after buying an additional 7,100 shares in the last quarter. Finally, Capital Investment Advisors LLC increased its position in shares of SunTrust Banks by 1.0% in the first quarter. Capital Investment Advisors LLC now owns 23,151 shares of the financial services provider’s stock valued at $1,280,000 after buying an additional 231 shares in the last quarter. 82.10% of the stock is owned by institutional investors.
Shares of SunTrust Banks, Inc. (NYSE STI) opened at 56.42 on Friday. The company has a 50-day moving average of $56.82 and a 200-day moving average of $56.68. The stock has a market capitalization of $27.17 billion, a price-to-earnings ratio of 15.01 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.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the previous year, the firm earned $0.94 earnings per share. SunTrust Banks’s quarterly revenue was up 2.0% compared to the same quarter last year. Equities research analysts anticipate that SunTrust Banks, Inc. will post $4.04 EPS for the current year.
SunTrust Banks declared that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that permits the company to buyback $1.32 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. This represents a $1.60 dividend on an annualized basis and a yield of 2.84%. SunTrust Banks’s payout ratio is 27.73%.
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Several brokerages have commented on STI. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $58.00 price target on shares of SunTrust Banks in a research note on Friday, May 5th. Morgan Stanley upgraded shares of 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. BidaskClub upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Wells Fargo & Company began coverage on shares of SunTrust Banks in a research note on Wednesday. They issued an “outperform” rating and a $70.00 price target on the stock. Finally, Instinet reiterated a “neutral” rating and issued a $61.00 price target on shares of SunTrust Banks in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and eleven have assigned a buy rating to the company’s stock. SunTrust Banks has a consensus rating of “Hold” and an average target price of $59.18.
SunTrust Banks Company Profile
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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