SunTrust Banks, Inc. (STI) Stake Decreased by Associated Banc Corp
Associated Banc Corp trimmed its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 0.3% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 57,797 shares of the financial services provider’s stock after selling 153 shares during the quarter. Associated Banc Corp’s holdings in SunTrust Banks were worth $3,278,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Guardian Life Insurance Co. of America lifted its position in shares of 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 valued at $105,000 after acquiring an additional 18 shares during the period. Fiduciary Trust Co. acquired a new position in shares of SunTrust Banks during the 2nd quarter worth $118,000. Bronfman E.L. Rothschild L.P. raised its holdings in shares of SunTrust Banks by 9.2% during the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 2,269 shares of the financial services provider’s stock worth $125,000 after buying an additional 192 shares in the last quarter. Independent Portfolio Consultants Inc. raised its holdings in shares of SunTrust Banks by 184.7% during the 2nd quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock worth $150,000 after buying an additional 1,718 shares in the last quarter. Finally, Huntington National Bank raised its holdings in shares of SunTrust Banks by 2.9% during the 2nd quarter. Huntington National Bank now owns 2,809 shares of the financial services provider’s stock worth $159,000 after buying an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 81.19% of the company’s stock.
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Shares of SunTrust Banks, Inc. (STI) traded up 0.59% during midday trading on Wednesday, hitting $54.96. The stock had a trading volume of 568,040 shares. The firm’s 50-day moving average price is $56.23 and its 200-day moving average price is $56.26. The stock has a market cap of $26.47 billion, a price-to-earnings ratio of 14.62 and a beta of 1.33. SunTrust Banks, Inc. has a 1-year low of $42.36 and a 1-year high of $61.69.
SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.05. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The company’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.94 earnings per share. Analysts forecast that SunTrust Banks, Inc. will post $4.04 earnings per share for the current year.
The business also recently disclosed 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 represents a $1.60 annualized dividend and a dividend yield of 2.93%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s payout ratio is currently 42.67%.
SunTrust Banks declared that its board has approved a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, insider Susan S. Johnson sold 808 shares of SunTrust Banks 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 transaction, the insider now owns 3,515 shares in the company, valued at $201,550.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.55% of the stock is currently owned by insiders.
STI has been the subject of a number of research analyst reports. Piper Jaffray Companies reissued a “buy” rating and set a $63.00 price target on shares of SunTrust Banks in a report on Monday, August 28th. BidaskClub raised SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. Morgan Stanley reissued an “underweight” rating and set a $63.00 price target (up previously from $62.00) on shares of SunTrust Banks in a report on Tuesday, July 25th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of SunTrust Banks in a report on Sunday, July 23rd. Finally, Instinet reissued a “neutral” rating and set a $61.00 price target on shares of SunTrust Banks in a report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $60.39.
SunTrust Banks 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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