$2.30 Billion in Sales Expected for SunTrust Banks, Inc. (STI) This Quarter
Wall Street brokerages expect SunTrust Banks, Inc. (NYSE:STI) to announce sales of $2.30 billion for the current quarter, according to Zacks. Eight analysts have made estimates for SunTrust Banks’ earnings. The highest sales estimate is $2.36 billion and the lowest is $2.26 billion. SunTrust Banks posted sales of $2.16 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 6.5%. The firm is expected to issue its next earnings report before the market opens on Friday, January 19th.
According to Zacks, analysts expect that SunTrust Banks will report full year sales of $2.30 billion for the current financial year, with estimates ranging from $8.97 billion to $9.15 billion. For the next year, analysts expect that the business will report sales of $9.41 billion per share, with estimates ranging from $9.30 billion to $9.55 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover SunTrust Banks.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, October 20th. The financial services provider reported $1.06 earnings per share for the quarter, meeting the consensus estimate of $1.06. SunTrust Banks had a net margin of 20.88% and a return on equity of 8.83%. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same period in the previous year, the business earned $0.91 EPS. The firm’s revenue was up 3.7% on a year-over-year basis.
STI has been the topic of several recent research reports. Zacks Investment Research upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Friday, September 22nd. Nomura lifted their target price on shares of SunTrust Banks from $62.00 to $63.00 and gave the company a “neutral” rating in a research report on Thursday, September 28th. Instinet reiterated a “neutral” rating and set a $63.00 target price (up from $62.00) on shares of SunTrust Banks in a research report on Saturday, September 30th. Robert W. Baird reiterated a “hold” rating and set a $55.00 target price on shares of SunTrust Banks in a research report on Sunday, October 1st. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $62.00 target price on shares of SunTrust Banks in a research report on Tuesday, October 3rd. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $67.88.
Shares of SunTrust Banks (NYSE STI) traded up $0.05 during trading on Monday, hitting $65.91. 4,768,300 shares of the stock traded hands, compared to its average volume of 4,643,425. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.93 and a current ratio of 0.94. SunTrust Banks has a 1-year low of $51.96 and a 1-year high of $67.02. The firm has a market cap of $31,580.00, a price-to-earnings ratio of 16.90, a P/E/G ratio of 1.58 and a beta of 1.29.
The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Wednesday, November 29th. SunTrust Banks’s dividend payout ratio is currently 41.03%.
In related news, Director Kyle P. Legg sold 3,300 shares of SunTrust Banks stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $21.82, for a total transaction of $72,006.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Mark A. Chancy sold 4,000 shares of the business’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $60.06, for a total transaction of $240,240.00. The disclosure for this sale can be found here. Company insiders own 0.55% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of SunTrust Banks by 0.7% in the second quarter. Vanguard Group Inc. now owns 32,947,441 shares of the financial services provider’s stock worth $1,868,780,000 after acquiring an additional 227,501 shares during the last quarter. FMR LLC raised its stake in shares of SunTrust Banks by 4.3% in the second quarter. FMR LLC now owns 29,614,981 shares of the financial services provider’s stock worth $1,679,761,000 after acquiring an additional 1,219,272 shares during the last quarter. Capital World Investors raised its stake in shares of SunTrust Banks by 20.7% in the second quarter. Capital World Investors now owns 29,513,083 shares of the financial services provider’s stock worth $1,673,982,000 after acquiring an additional 5,056,000 shares during the last quarter. American Century Companies Inc. raised its stake in shares of SunTrust Banks by 31.4% in the third quarter. American Century Companies Inc. now owns 7,293,744 shares of the financial services provider’s stock worth $435,947,000 after acquiring an additional 1,742,756 shares during the last quarter. Finally, Boston Partners raised its stake in shares of SunTrust Banks by 6.8% in the third quarter. Boston Partners now owns 6,812,235 shares of the financial services provider’s stock worth $407,167,000 after acquiring an additional 433,042 shares during the last quarter. 80.69% of the stock is owned by institutional investors.
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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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