SunTrust Banks, Inc. (STI) Shares Bought by Axa
Axa lifted its holdings in shares of SunTrust Banks, Inc. (NYSE:STI) by 0.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 98,200 shares of the financial services provider’s stock after purchasing an additional 700 shares during the period. Axa’s holdings in SunTrust Banks were worth $5,570,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Guardian Life Insurance Co. of America grew its holdings in shares of SunTrust Banks by 1.0% during the first 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. Fiduciary Trust Co. bought a new stake in shares of SunTrust Banks during the second quarter worth $118,000. Bronfman E.L. Rothschild L.P. grew its holdings in shares of SunTrust Banks by 9.2% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,269 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 192 shares during the last quarter. Independent Portfolio Consultants Inc. grew its holdings in shares of SunTrust Banks by 184.7% during the second quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock worth $150,000 after purchasing an additional 1,718 shares during the last quarter. Finally, Huntington National Bank grew its holdings in shares of SunTrust Banks by 2.9% during the second quarter. Huntington National Bank now owns 2,809 shares of the financial services provider’s stock worth $159,000 after purchasing an additional 80 shares during the last quarter. Institutional investors own 81.19% of the company’s stock.
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In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the company’s 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 sale, the insider now owns 3,515 shares in the company, valued at approximately $201,550.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.55% of the company’s stock.
SunTrust Banks, Inc. (NYSE:STI) opened at 54.83 on Friday. The firm has a market cap of $26.41 billion, a price-to-earnings ratio of 14.58 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. The firm has a 50-day moving average price of $55.99 and a 200 day moving average price of $56.18.
SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $2.29 billion. During the same quarter in the previous year, the company posted $0.94 EPS. The business’s revenue was up 2.0% on a year-over-year basis. Equities analysts predict that SunTrust Banks, Inc. will post $4.05 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date was Tuesday, August 29th. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s payout ratio is 42.67%.
SunTrust Banks declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Several brokerages have recently commented on STI. BidaskClub cut SunTrust Banks from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Morgan Stanley restated an “underweight” rating and set a $63.00 target price (up previously from $62.00) on shares of SunTrust Banks in a report on Tuesday, July 25th. Keefe, Bruyette & Woods set a $58.00 target price on SunTrust Banks and gave the stock a “hold” rating in a report on Monday, June 5th. Wells Fargo & Company began coverage on SunTrust Banks in a report on Wednesday, August 9th. They set an “outperform” rating and a $70.00 target price on the stock. Finally, Piper Jaffray Companies restated a “buy” rating and set a $63.00 target price on shares of SunTrust Banks in a report on Monday, August 28th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $60.39.
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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