Capital Fund Management S.A. Raises Stake in SunTrust Banks, Inc. (STI)
Capital Fund Management S.A. grew its position in SunTrust Banks, Inc. (NYSE:STI) by 3.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,132 shares of the financial services provider’s stock after buying an additional 2,180 shares during the quarter. Capital Fund Management S.A.’s holdings in SunTrust Banks were worth $3,297,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC grew its stake in shares of SunTrust Banks by 1.6% in the first quarter. FMR LLC now owns 28,395,709 shares of the financial services provider’s stock valued at $1,570,283,000 after buying an additional 459,526 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of 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 valued at $484,324,000 after buying an additional 694,144 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of SunTrust Banks by 2.1% in the first quarter. Bank of New York Mellon Corp now owns 6,232,300 shares of the financial services provider’s stock valued at $344,646,000 after buying an additional 125,395 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of SunTrust Banks by 4.3% in the second quarter. Victory Capital Management Inc. now owns 5,676,079 shares of the financial services provider’s stock valued at $321,947,000 after buying an additional 232,350 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in shares of SunTrust Banks by 7.8% in the second quarter. American Century Companies Inc. now owns 5,550,988 shares of the financial services provider’s stock valued at $314,852,000 after buying an additional 402,735 shares in the last quarter. 81.19% of the stock is owned by institutional investors and hedge funds.
In other news, insider Susan S. Johnson sold 808 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $57.34, for a total transaction of $46,330.72. Following the transaction, the insider now owns 3,515 shares of the company’s stock, valued at $201,550.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.55% of the company’s stock.
A number of equities research analysts have recently weighed in on the company. BidaskClub cut SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Saturday, June 24th. Morgan Stanley reaffirmed an “underweight” rating and issued a $63.00 price objective (up from $62.00) on shares of SunTrust Banks in a research note 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 research note on Monday, June 5th. Wells Fargo & Company assumed coverage on SunTrust Banks in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $70.00 price objective for the company. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $63.00 price objective on shares of SunTrust Banks in a research note on Monday, August 28th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $60.39.
Shares of SunTrust Banks, Inc. (NYSE STI) opened at 54.64 on Wednesday. The firm has a market cap of $26.32 billion, a PE ratio of 14.53 and a beta of 1.33. The stock’s 50 day moving average price is $56.23 and its 200-day moving average price is $56.26. SunTrust Banks, Inc. has a 52-week low of $42.36 and a 52-week 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 EPS for the quarter, topping the consensus estimate of $0.98 by $0.05. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter last year, the company posted $0.94 earnings per share. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, equities research analysts anticipate that SunTrust Banks, Inc. will post $4.04 earnings per share for the current fiscal year.
SunTrust Banks declared that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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 given a dividend of $0.40 per share. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.93%. SunTrust Banks’s dividend payout ratio (DPR) is presently 42.67%.
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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