Investors Buy Shares of SunTrust Banks, Inc. (STI) on Weakness
Investors bought shares of SunTrust Banks, Inc. (NYSE:STI) on weakness during trading hours on Thursday. $36.28 million flowed into the stock on the tick-up and $16.60 million flowed out of the stock on the tick-down, for a money net flow of $19.68 million into the stock. Of all stocks tracked, SunTrust Banks had the 31st highest net in-flow for the day. SunTrust Banks traded down ($0.39) for the day and closed at $55.10
Several equities analysts have commented on STI shares. Keefe, Bruyette & Woods reissued a “hold” rating and set a $58.00 target price on shares of SunTrust Banks in a research note on Friday, May 5th. Royal Bank Of Canada reissued a “buy” rating and set a $60.00 target price on shares of SunTrust Banks in a research note on Thursday, May 18th. Robert W. Baird raised shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 target price on the stock in a research note on Monday, June 5th. BidaskClub raised shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Finally, Instinet reissued a “neutral” rating and set a $61.00 target price on shares of SunTrust Banks in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $60.39.
The firm has a 50-day moving average of $56.63 and a 200-day moving average of $56.55. The stock has a market cap of $26.72 billion, a price-to-earnings ratio of 14.76 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. The company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. SunTrust Banks’s revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.94 EPS. On average, analysts predict that SunTrust Banks, Inc. will post $4.04 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.88%. SunTrust Banks’s dividend payout ratio is 42.67%.
SunTrust Banks announced that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $1.32 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Susan S. Johnson sold 808 shares of the company’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $57.34, for a total value 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 approximately $201,550.10. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.55% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Guardian Life Insurance Co. of America boosted its stake in shares of 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 worth $105,000 after buying an additional 18 shares during the period. Advisory Services Network LLC boosted its stake in shares of SunTrust Banks by 0.9% in the second quarter. Advisory Services Network LLC now owns 2,140 shares of the financial services provider’s stock worth $121,000 after buying an additional 20 shares during the period. Canal Capital Management LLC boosted its stake in shares of SunTrust Banks by 0.4% in the second quarter. Canal Capital Management LLC now owns 6,318 shares of the financial services provider’s stock worth $358,000 after buying an additional 27 shares during the period. Capital Management Corp VA boosted its stake in shares of SunTrust Banks by 0.5% in the second quarter. Capital Management Corp VA now owns 8,201 shares of the financial services provider’s stock worth $465,000 after buying an additional 38 shares during the period. Finally, Great Lakes Advisors LLC boosted its stake in shares of SunTrust Banks by 0.5% in the first quarter. Great Lakes Advisors LLC now owns 8,984 shares of the financial services provider’s stock worth $497,000 after buying an additional 43 shares during the period. 81.20% of the stock is owned by institutional investors.
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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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