Raymond James Trust N.A. Has $1.40 Million Holdings in SunTrust Banks, Inc. (STI)
Raymond James Trust N.A. boosted its holdings in shares of SunTrust Banks, Inc. (NYSE:STI) by 12.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,594 shares of the financial services provider’s stock after purchasing an additional 2,765 shares during the quarter. Raymond James Trust N.A.’s holdings in SunTrust Banks were worth $1,395,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Guardian Life Insurance Co. of America increased its holdings in SunTrust Banks by 1.0% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 18 shares during the last quarter. Canal Capital Management LLC increased its holdings in SunTrust Banks by 0.4% during the 2nd quarter. Canal Capital Management LLC now owns 6,318 shares of the financial services provider’s stock worth $358,000 after purchasing an additional 27 shares during the last quarter. Capital Management Corp VA increased its holdings in SunTrust Banks by 0.5% during the 2nd quarter. Capital Management Corp VA now owns 8,201 shares of the financial services provider’s stock worth $465,000 after purchasing an additional 38 shares during the last quarter. Great Lakes Advisors LLC increased its holdings in SunTrust Banks by 0.5% during the 1st quarter. Great Lakes Advisors LLC now owns 8,984 shares of the financial services provider’s stock worth $497,000 after purchasing an additional 43 shares during the last quarter. Finally, Ronald Blue & Co. LLC increased its holdings in SunTrust Banks by 0.9% during the 1st quarter. Ronald Blue & Co. LLC now owns 6,315 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 54 shares during the last quarter. Institutional investors own 81.19% of the company’s stock.
Several equities research analysts have issued reports on STI shares. Royal Bank Of Canada restated a “buy” rating and set a $60.00 price objective on shares of SunTrust Banks in a report on Thursday, May 18th. Robert W. Baird upgraded SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 price objective on the stock in a report on Monday, June 5th. Keefe, Bruyette & Woods set a $58.00 price objective on SunTrust Banks and gave the stock a “hold” rating in a report on Monday, June 5th. BidaskClub upgraded SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, June 14th. Finally, Instinet restated a “neutral” rating and set a $61.00 price objective on shares of SunTrust Banks in a report 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. The company currently has an average rating of “Hold” and a consensus price target of $60.39.
SunTrust Banks, Inc. (NYSE:STI) traded up 0.0547% on Wednesday, reaching $54.6699. The company had a trading volume of 198,340 shares. The stock has a market cap of $26.33 billion, a price-to-earnings ratio of 14.5399 and a beta of 1.33. The company has a 50-day moving average of $56.23 and a 200 day moving average of $56.26. SunTrust Banks, Inc. has a one year low of $42.36 and a one year high of $61.69.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.05. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The business had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same period in the prior year, the firm posted $0.94 EPS. SunTrust Banks’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, equities research analysts predict that SunTrust Banks, Inc. will post $4.04 EPS for the current year.
The business 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. 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 2.93%. SunTrust Banks’s dividend payout ratio is presently 42.67%.
SunTrust Banks announced that its board has approved a share buyback program on Wednesday, June 28th that allows the company to buyback $1.32 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 4.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other 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 value of $46,330.72. Following the completion of the transaction, 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 legal filing with the SEC, which is available at this link. Corporate 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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