Fiduciary Trust Co. Takes $118,000 Position in SunTrust Banks, Inc. (STI)
Fiduciary Trust Co. bought a new position in shares of SunTrust Banks, Inc. (NYSE:STI) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,077 shares of the financial services provider’s stock, valued at approximately $118,000.
A number of other institutional investors and hedge funds have also made changes to their positions in STI. BNP Paribas Arbitrage SA boosted its stake in SunTrust Banks by 239.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 390,598 shares of the financial services provider’s stock worth $21,600,000 after purchasing an additional 275,381 shares during the last quarter. Xact Kapitalforvaltning AB boosted its position in shares of SunTrust Banks by 1.7% during the 1st quarter. Xact Kapitalforvaltning AB now owns 86,430 shares of the financial services provider’s stock valued at $4,780,000 after acquiring an additional 1,434 shares during the last quarter. Pictet Asset Management Ltd. boosted its position in shares of SunTrust Banks by 1.2% during the 1st quarter. Pictet Asset Management Ltd. now owns 259,893 shares of the financial services provider’s stock valued at $14,372,000 after acquiring an additional 3,200 shares during the last quarter. LS Investment Advisors LLC boosted its position in shares of SunTrust Banks by 17.3% during the 1st quarter. LS Investment Advisors LLC now owns 21,590 shares of the financial services provider’s stock valued at $1,194,000 after acquiring an additional 3,177 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of SunTrust Banks by 2.2% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 10,954 shares of the financial services provider’s stock valued at $606,000 after acquiring an additional 240 shares during the last quarter. 81.19% of the stock is currently owned by institutional investors.
In related news, insider Susan S. Johnson sold 808 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $57.34, for a total transaction of $46,330.72. Following the sale, the insider now directly owns 3,515 shares in the company, valued at approximately $201,550.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.55% of the company’s stock.
Several research analysts have recently weighed in on the stock. Robert W. Baird reissued a “hold” rating and set a $55.00 price target on shares of SunTrust Banks in a research report on Friday, August 25th. Piper Jaffray Companies reissued a “buy” rating and set a $63.00 price target on shares of SunTrust Banks in a research report on Monday, August 28th. Wells Fargo & Company assumed coverage on shares of SunTrust Banks in a research report on Wednesday, August 9th. They set an “outperform” rating and a $70.00 price target on the stock. Morgan Stanley raised shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price target on the stock in a research report on Thursday, August 3rd. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $60.00 price target on shares of SunTrust Banks in a research report on Thursday, July 27th. One equities research 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 stock presently has an average rating of “Hold” and an average target price of $60.39.
SunTrust Banks, Inc. (NYSE STI) opened at 55.26 on Thursday. SunTrust Banks, Inc. has a one year low of $42.36 and a one year high of $61.69. The firm has a market capitalization of $26.62 billion, a P/E ratio of 14.70 and a beta of 1.33. The company has a 50-day moving average price of $56.16 and a 200-day moving average price of $56.23.
SunTrust Banks (NYSE:STI) last announced its earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, beating the consensus estimate of $0.98 by $0.05. The business 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 revenue was up 2.0% on a year-over-year basis. During the same period last year, the business posted $0.94 EPS. On average, equities research analysts anticipate that SunTrust Banks, Inc. will post $4.04 EPS for the current year.
SunTrust Banks announced that its board has initiated a stock repurchase 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 a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a dividend of $0.40 per share. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. This represents a $1.60 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend is Tuesday, August 29th. SunTrust Banks’s dividend payout ratio (DPR) is presently 42.67%.
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About SunTrust Banks
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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