SunTrust Banks, Inc. (STI) Shares Sold by Boston Partners
Boston Partners lowered its position in SunTrust Banks, Inc. (NYSE:STI) by 2.9% during the second quarter, Holdings Channel reports. The firm owned 6,379,193 shares of the financial services provider’s stock after selling 189,643 shares during the period. Boston Partners’ holdings in SunTrust Banks were worth $361,827,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in STI. Retirement Systems of Alabama boosted its position in 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 worth $13,136,000 after buying an additional 4,914 shares during the period. State of Alaska Department of Revenue bought a new position in SunTrust Banks during the first quarter worth approximately $224,000. Patten & Patten Inc. TN boosted its position in 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 worth $3,982,000 after buying an additional 4,626 shares during the period. DnB Asset Management AS boosted its position in 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 worth $3,125,000 after buying an additional 7,100 shares during the period. Finally, Capital Investment Advisors LLC boosted its position in 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 worth $1,280,000 after buying an additional 231 shares during the period. 82.10% of the stock is owned by hedge funds and other institutional investors.
SunTrust Banks, Inc. (NYSE STI) opened at 56.42 on Friday. The company has a market cap of $27.17 billion, a PE ratio of 15.01 and a beta of 1.33. The firm has a 50-day moving average price of $56.82 and a 200-day moving average price of $56.68. SunTrust Banks, Inc. has a 52-week low of $41.46 and a 52-week high of $61.69.
SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.05. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter last year, the firm posted $0.94 EPS. The company’s revenue was up 2.0% compared to the same quarter last year. On average, analysts forecast that SunTrust Banks, Inc. will post $4.04 EPS for the current year.
SunTrust Banks announced that its board has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.84%. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s dividend payout ratio (DPR) is presently 27.73%.
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A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reissued a “hold” rating and set a $58.00 target price on shares of SunTrust Banks in a report on Friday, May 5th. Morgan Stanley raised SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 target price for the company in a report on Thursday, August 3rd. BidaskClub raised SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. Wells Fargo & Company assumed coverage on SunTrust Banks in a report on Wednesday. They set an “outperform” rating and a $70.00 target price for the company. Finally, Instinet reissued a “neutral” rating and set a $61.00 target price on shares of SunTrust Banks in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eleven have issued a buy rating to the stock. The stock presently has an average 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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