Hancock Holding Co. Sells 6,460 Shares of SunTrust Banks, Inc. (STI)
Hancock Holding Co. lessened its holdings in SunTrust Banks, Inc. (NYSE:STI) by 2.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 278,046 shares of the financial services provider’s stock after selling 6,460 shares during the quarter. SunTrust Banks accounts for approximately 0.7% of Hancock Holding Co.’s investment portfolio, making the stock its 15th biggest position. Hancock Holding Co. owned about 0.06% of SunTrust Banks worth $15,771,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Lazard Asset Management LLC lifted its position in SunTrust Banks by 3,009.4% during the second quarter. Lazard Asset Management LLC now owns 1,938,443 shares of the financial services provider’s stock worth $109,948,000 after purchasing an additional 1,876,101 shares during the period. Investec Asset Management LTD lifted its position in SunTrust Banks by 64.9% during the first quarter. Investec Asset Management LTD now owns 4,321,742 shares of the financial services provider’s stock worth $238,992,000 after purchasing an additional 1,701,169 shares during the period. TIAA CREF Investment Management LLC lifted its position in SunTrust Banks by 70.6% during the second quarter. TIAA CREF Investment Management LLC now owns 3,534,925 shares of the financial services provider’s stock worth $200,501,000 after purchasing an additional 1,462,517 shares during the period. FMR LLC lifted its position in SunTrust Banks by 4.3% during the second quarter. FMR LLC now owns 29,614,981 shares of the financial services provider’s stock worth $1,679,761,000 after purchasing an additional 1,219,272 shares during the period. Finally, Janus Capital Management LLC lifted its position in SunTrust Banks by 229.6% during the first quarter. Janus Capital Management LLC now owns 1,467,404 shares of the financial services provider’s stock worth $81,147,000 after purchasing an additional 1,022,200 shares during the period. 81.19% of the stock is owned by institutional investors.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of SunTrust Banks 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 directly owns 3,515 shares of the company’s stock, valued at approximately $201,550.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.55% of the company’s stock.
SunTrust Banks, Inc. (STI) traded up 0.37% on Friday, hitting $57.22. The stock had a trading volume of 2,514,063 shares. SunTrust Banks, Inc. has a 1-year low of $42.36 and a 1-year high of $61.69. The stock has a market capitalization of $27.56 billion, a price-to-earnings ratio of 15.22 and a beta of 1.33. The company has a 50-day moving average price of $55.92 and a 200-day moving average price of $56.06.
SunTrust Banks (NYSE:STI) last released its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.05. The company had revenue of $2.23 billion during 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%. SunTrust Banks’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS. Equities analysts predict that SunTrust Banks, Inc. will post $4.05 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were given a $0.40 dividend. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $1.60 dividend on an annualized basis and a yield of 2.80%. SunTrust Banks’s payout ratio is presently 42.67%.
SunTrust Banks declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
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Several equities research analysts recently weighed in on the stock. BidaskClub cut shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. Morgan Stanley reaffirmed an “underweight” rating and set a $63.00 price objective (up previously from $62.00) on shares of SunTrust Banks in a research report on Tuesday, July 25th. Keefe, Bruyette & Woods set a $58.00 price objective on shares of SunTrust Banks and gave the stock a “hold” rating in a research report on Monday, June 5th. Zacks Investment Research raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Friday. Finally, 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 objective for the company. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $60.92.
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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