SunTrust Banks, Inc. (STI) Position Raised by Global X Management Co. LLC
Global X Management Co. LLC raised its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 35.3% during the second quarter, according to its most recent filing with the SEC. The fund owned 6,399 shares of the financial services provider’s stock after buying an additional 1,669 shares during the period. Global X Management Co. LLC’s holdings in SunTrust Banks were worth $363,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in STI. Whittier Trust Co. boosted its position 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 during the period. Guardian Life Insurance Co. of America boosted its position 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 during the period. Advisory Services Network LLC acquired a new position in SunTrust Banks during the first quarter valued at $117,000. Bronfman E.L. Rothschild L.P. boosted its position 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 during the period. Finally, Independent Portfolio Consultants Inc. boosted its position 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 during the period. Institutional investors and hedge funds own 82.08% of the company’s stock.
SunTrust Banks, Inc. (NYSE STI) opened at 56.13 on Friday. The company’s 50 day moving average price is $57.06 and its 200-day moving average price is $56.67. SunTrust Banks, Inc. has a 12-month low of $42.36 and a 12-month high of $61.69. The firm has a market capitalization of $27.03 billion, a price-to-earnings ratio of 14.93 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last posted its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.05. The company had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter last year, the company earned $0.94 earnings per share. On average, equities analysts anticipate that SunTrust Banks, Inc. will post $4.04 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.85%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Tuesday, August 29th. SunTrust Banks’s dividend payout ratio (DPR) is presently 27.73%.
SunTrust Banks announced that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that allows the company to buyback $1.32 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 4.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
Several research firms have recently weighed in on STI. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of SunTrust Banks in a report on Sunday, April 23rd. BidaskClub cut SunTrust Banks from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Morgan Stanley reiterated an “underweight” rating and set a $63.00 price objective (up previously from $62.00) on shares of SunTrust Banks in a report on Tuesday, July 25th. Keefe, Bruyette & Woods set a $58.00 price objective on SunTrust Banks and gave the company a “hold” rating in a report on Monday, June 5th. Finally, Wells Fargo & Company initiated coverage on SunTrust Banks in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $70.00 target price on the stock. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eleven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $60.08.
In related news, insider Susan S. Johnson sold 808 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $57.34, for a total transaction of $46,330.72. Following the completion of the sale, the insider now directly owns 3,515 shares of the company’s stock, valued at $201,550.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.55% of the company’s stock.
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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