King Luther Capital Management Corp boosted its stake in SunTrust Banks, Inc. (NYSE:STI) by 2.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,330,769 shares of the financial services provider’s stock after buying an additional 29,392 shares during the quarter. King Luther Capital Management Corp owned approximately 0.28% of SunTrust Banks worth $75,481,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Guardian Life Insurance Co. of America grew its stake in 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. bought a new position in SunTrust Banks in the 2nd quarter valued at $118,000. Bronfman E.L. Rothschild L.P. grew its stake in 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. grew its stake in 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 grew its stake in 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. Hedge funds and other institutional investors own 81.19% of the company’s stock.

In related 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 transaction, the insider now owns 3,515 shares of the company’s stock, valued at $201,550.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.55% of the stock is owned by corporate insiders.

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SunTrust Banks, Inc. (STI) traded up 0.13% during midday trading on Thursday, hitting $55.33. The company had a trading volume of 584,153 shares. The stock has a 50 day moving average price of $56.16 and a 200 day moving average price of $56.23. SunTrust Banks, Inc. has a 52 week low of $42.36 and a 52 week high of $61.69. The company has a market capitalization of $26.65 billion, a P/E ratio of 14.72 and a beta of 1.33.

SunTrust Banks (NYSE:STI) last issued its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, topping the 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 firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the prior year, the business posted $0.94 earnings per share. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. Equities analysts forecast 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 initiated a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be paid a $0.40 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $1.60 annualized dividend and a yield of 2.90%. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s dividend payout ratio is 42.67%.

A number of research analysts have issued reports on the company. Morgan Stanley upgraded SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price objective for the company in a research note on Thursday, August 3rd. BidaskClub upgraded SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, July 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. Keefe, Bruyette & Woods set a $58.00 price objective on SunTrust Banks and gave the company a “hold” rating in a research note on Thursday, July 6th. Finally, Instinet reiterated a “neutral” rating and set a $61.00 price target on shares of SunTrust Banks in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target 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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Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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