SunTrust Banks, Inc. (STI) Stake Lowered by Northern Trust Corp
Northern Trust Corp decreased its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 3.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,160,000 shares of the financial services provider’s stock after selling 181,361 shares during the quarter. Northern Trust Corp owned 1.07% of SunTrust Banks worth $292,676,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of 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 valued at $105,000 after buying an additional 18 shares during the last quarter. Fiduciary Trust Co. bought a new position in SunTrust Banks during the second quarter valued at approximately $118,000. Bronfman E.L. Rothschild L.P. lifted its position in 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 valued at $125,000 after purchasing an additional 192 shares during the period. Independent Portfolio Consultants Inc. lifted its position in 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 valued at $150,000 after purchasing an additional 1,718 shares during the period. Finally, Huntington National Bank lifted its position in SunTrust Banks by 2.9% during the second 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 other news, insider Susan S. Johnson sold 808 shares of the company’s stock in a transaction 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 sale, the insider now owns 3,515 shares of the company’s stock, valued at $201,550.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is owned by corporate insiders.
A number of research analysts recently weighed in on the stock. Robert W. Baird upgraded shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 price objective on the stock in a research report on Monday, June 5th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of SunTrust Banks in a research report on Sunday, July 23rd. BidaskClub upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, July 5th. Instinet reiterated a “neutral” rating and issued a $61.00 price target on shares of SunTrust Banks in a research report on Wednesday, July 12th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $63.00 price target (up from $62.00) on shares of SunTrust Banks in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the company’s stock. SunTrust Banks has a consensus rating of “Hold” and an average price target of $60.39.
Shares of SunTrust Banks, Inc. (NYSE:STI) traded down 0.237% during trading on Friday, hitting $56.875. 209,456 shares of the company’s stock were exchanged. SunTrust Banks, Inc. has a 12-month low of $42.36 and a 12-month high of $61.69. The company has a 50-day moving average of $55.92 and a 200-day moving average of $56.06. The company has a market cap of $27.39 billion, a P/E ratio of 15.126 and a beta of 1.33.
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, topping the Zacks’ 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 business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the prior year, the firm earned $0.94 earnings per share. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, equities analysts expect that SunTrust Banks, Inc. will post $4.05 earnings per share for the current fiscal year.
SunTrust Banks announced that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that permits the company to repurchase $1.32 billion in shares. This repurchase authorization permits the financial services provider to buy up to 4.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were issued a dividend of $0.40 per share. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, August 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.81%. SunTrust Banks’s dividend payout ratio is presently 42.67%.
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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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