CIBC World Markets Inc. trimmed its holdings in SunTrust Banks, Inc. (NYSE:STI) by 91.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,214 shares of the financial services provider’s stock after selling 324,270 shares during the quarter. CIBC World Markets Inc.’s holdings in SunTrust Banks were worth $1,770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Guardian Life Insurance Co. of America lifted its stake in shares of SunTrust Banks by 1.0% in 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 purchasing an additional 18 shares during the period. Fiduciary Trust Co. acquired a new position in shares of SunTrust Banks in the 2nd quarter valued at about $118,000. Bronfman E.L. Rothschild L.P. lifted its stake in shares of SunTrust Banks by 9.2% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 2,269 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 192 shares during the period. Independent Portfolio Consultants Inc. lifted its stake in shares of SunTrust Banks by 184.7% in the 2nd quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock valued at $150,000 after purchasing an additional 1,718 shares during the period. Finally, Huntington National Bank lifted its stake in shares of SunTrust Banks by 2.9% in the 2nd quarter. Huntington National Bank now owns 2,809 shares of the financial services provider’s stock valued at $159,000 after purchasing an additional 80 shares during the period. 81.19% of the stock is currently owned by institutional investors.

A number of research analysts have recently issued reports on the company. Morgan Stanley raised SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price objective on the stock in a research note on Thursday, August 3rd. 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 on the stock. BidaskClub downgraded SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Royal Bank Of Canada reissued a “buy” rating and issued a $60.00 price objective on shares of SunTrust Banks in a research note on Thursday, May 18th. Finally, 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. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $60.39.

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Shares of SunTrust Banks, Inc. (NYSE:STI) opened at 54.64 on Wednesday. The stock has a 50 day moving average price of $56.23 and a 200 day moving average price of $56.26. The stock has a market capitalization of $26.32 billion, a P/E ratio of 14.53 and a beta of 1.33. SunTrust Banks, Inc. has a 52 week low of $42.36 and a 52 week high of $61.69.

SunTrust Banks (NYSE:STI) last released its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same period last year, the business earned $0.94 earnings per share. The business’s revenue was up 2.0% on a year-over-year basis. On average, equities research analysts expect that SunTrust Banks, Inc. will post $4.04 EPS for the current year.

SunTrust Banks declared that its Board of Directors has authorized a share repurchase program on Wednesday, June 28th that permits the company to repurchase $1.32 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

The firm 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 dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.93%. This is a positive change 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 42.67%.

In other news, insider Susan S. Johnson sold 808 shares of SunTrust Banks stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $57.34, for a total transaction of $46,330.72. Following the completion of the transaction, the insider now directly owns 3,515 shares in the company, valued at $201,550.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is currently owned by company insiders.

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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Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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