Canada Pension Plan Investment Board Has $41.37 Million Stake in SunTrust Banks, Inc. (NYSE:STI)
Canada Pension Plan Investment Board cut its stake in SunTrust Banks, Inc. (NYSE:STI) by 13.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 729,315 shares of the financial services provider’s stock after selling 117,000 shares during the period. Canada Pension Plan Investment Board’s holdings in SunTrust Banks were worth $41,367,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in STI. Global X Management Co. LLC raised its position in SunTrust Banks by 35.3% in the second quarter. Global X Management Co. LLC now owns 6,399 shares of the financial services provider’s stock valued at $363,000 after buying an additional 1,669 shares in the last quarter. HL Financial Services LLC raised its stake in shares of SunTrust Banks by 14.2% in the second quarter. HL Financial Services LLC now owns 23,733 shares of the financial services provider’s stock worth $1,346,000 after buying an additional 2,948 shares during the period. Advisor Partners LLC raised its stake in shares of 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 period. Korea Investment CORP raised its stake in shares of 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 during the period. Finally, Stratos Wealth Partners LTD. raised its stake in shares of 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 during the period. 82.10% of the stock is currently owned by institutional investors and hedge funds.
SunTrust Banks, Inc. (STI) opened at 55.99 on Friday. The firm has a market cap of $26.97 billion, a P/E ratio of 14.89 and a beta of 1.33. SunTrust Banks, Inc. has a 12 month low of $41.76 and a 12 month high of $61.69. The firm has a 50 day moving average of $56.86 and a 200-day moving average of $56.69.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.05. The business had revenue of $2.23 billion for 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%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 earnings per share. On average, equities research analysts forecast that SunTrust Banks, Inc. will post $4.04 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be issued a $0.40 dividend. This is an increase 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 dividend yield of 2.86%. SunTrust Banks’s payout ratio is presently 27.73%.
SunTrust Banks announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of SunTrust Banks in a report on Wednesday. They set an “outperform” rating and a $70.00 price objective on the stock. Morgan Stanley raised shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price objective on the stock in a report on Thursday, August 3rd. Royal Bank Of Canada reissued a “buy” rating and set a $60.00 price objective on shares of SunTrust Banks in a report on Thursday, July 27th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of SunTrust Banks in a report on Sunday, July 23rd. Finally, BidaskClub lowered shares of SunTrust Banks from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and eleven have issued a buy rating to the stock. The company has an average 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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