Nippon Life Global Investors Americas Inc. boosted its position in SunTrust Banks, Inc. (NYSE:STI) by 3.9% during the second quarter, Holdings Channel reports. The institutional investor owned 221,720 shares of the financial services provider’s stock after buying an additional 8,350 shares during the period. Nippon Life Global Investors Americas Inc.’s holdings in SunTrust Banks were worth $12,576,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in STI. Investec Asset Management LTD boosted its position in SunTrust Banks by 64.9% in the first quarter. Investec Asset Management LTD now owns 4,321,742 shares of the financial services provider’s stock worth $238,992,000 after buying an additional 1,701,169 shares in the last quarter. First Trust Advisors LP boosted its position in SunTrust Banks by 351.1% in the first quarter. First Trust Advisors LP now owns 1,760,540 shares of the financial services provider’s stock worth $97,358,000 after buying an additional 1,370,247 shares in the last quarter. Janus Capital Management LLC boosted its position in SunTrust Banks by 229.6% in the first quarter. Janus Capital Management LLC now owns 1,467,404 shares of the financial services provider’s stock worth $81,147,000 after buying an additional 1,022,200 shares in the last quarter. AQR Capital Management LLC boosted its position in SunTrust Banks by 8.6% in the first quarter. AQR Capital Management LLC now owns 8,758,128 shares of the financial services provider’s stock worth $484,324,000 after buying an additional 694,144 shares in the last quarter. Finally, FMR LLC boosted its position in SunTrust Banks by 1.6% in the first quarter. FMR LLC now owns 28,395,709 shares of the financial services provider’s stock worth $1,570,283,000 after buying an additional 459,526 shares in the last quarter. 82.10% of the stock is owned by hedge funds and other institutional investors.

SunTrust Banks, Inc. (NYSE:STI) opened at 55.99 on Friday. The company has a market cap of $26.97 billion, a price-to-earnings ratio of 14.89 and a beta of 1.33. The company’s 50 day moving average is $56.86 and its 200 day moving average is $56.69. SunTrust Banks, Inc. has a 1-year low of $41.76 and a 1-year high of $61.69.

SunTrust Banks (NYSE:STI) last issued its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (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 during the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. Equities research analysts forecast that SunTrust Banks, Inc. will post $4.04 EPS for the current year.

SunTrust Banks declared that its Board of Directors has initiated a share repurchase program 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 programs are usually a sign that the company’s leadership believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be paid a $0.40 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $1.60 dividend on an annualized basis and a yield of 2.86%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s payout ratio is currently 27.73%.

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Several equities research analysts have issued reports on STI shares. Wedbush raised shares of SunTrust Banks from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $60.00 to $63.00 in a research report on Monday, May 1st. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $58.00 price objective on shares of SunTrust Banks in a research report on Friday, May 5th. Bank of America Corporation reissued a “hold” rating on shares of SunTrust Banks in a research report on Monday, April 24th. Rafferty Capital Markets boosted their price objective on shares of SunTrust Banks from $63.00 to $64.50 and gave the company a “buy” rating in a research report on Monday, April 24th. Finally, BidaskClub raised shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, July 5th. One 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 currently has an average rating of “Hold” and an average price target 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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Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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