Wedbush set a $75.00 target price on SunTrust Banks (NYSE:STI) in a research note published on Thursday morning. The firm currently has a hold rating on the financial services provider’s stock.

Several other equities research analysts also recently commented on STI. Sanford C. Bernstein upgraded SunTrust Banks from a market perform rating to an outperform rating in a report on Wednesday, June 27th. They noted that the move was a valuation call. Sandler O’Neill upgraded SunTrust Banks from a hold rating to a buy rating in a report on Friday, June 29th. FIG Partners upgraded SunTrust Banks from a market perform rating to an outperform rating in a report on Friday, June 29th. Argus upgraded SunTrust Banks from a hold rating to a buy rating and set a $75.00 price objective for the company in a report on Monday, July 2nd. Finally, Zacks Investment Research raised SunTrust Banks from a hold rating to a buy rating and set a $76.00 target price on the stock in a research report on Monday, July 16th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and fourteen have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $72.73.

NYSE STI opened at $68.59 on Thursday. The company has a market cap of $32.89 billion, a PE ratio of 16.98, a PEG ratio of 1.09 and a beta of 1.26. SunTrust Banks has a 52 week low of $54.35 and a 52 week high of $75.08. The company has a quick ratio of 0.92, a current ratio of 0.94 and a debt-to-equity ratio of 0.54.

SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, July 20th. The financial services provider reported $1.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.19. The firm had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.33 billion. SunTrust Banks had a return on equity of 10.94% and a net margin of 26.41%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.03 earnings per share. equities analysts anticipate that SunTrust Banks will post 5.61 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Friday, August 31st will be given a dividend of $0.50 per share. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $2.00 annualized dividend and a dividend yield of 2.92%. SunTrust Banks’s payout ratio is presently 49.50%.

SunTrust Banks declared that its Board of Directors has initiated a stock buyback plan on Thursday, June 28th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 6.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

In other SunTrust Banks news, EVP Jorge Arrieta sold 2,500 shares of the business’s stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $73.13, for a total value of $182,825.00. Following the transaction, the executive vice president now owns 6,148 shares of the company’s stock, valued at $449,603.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.52% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. boosted its position in SunTrust Banks by 319.0% in the second quarter. Advisors Asset Management Inc. now owns 38,164 shares of the financial services provider’s stock worth $2,520,000 after purchasing an additional 29,055 shares during the last quarter. Mount Yale Investment Advisors LLC boosted its position in SunTrust Banks by 38.0% in the second quarter. Mount Yale Investment Advisors LLC now owns 5,428 shares of the financial services provider’s stock worth $358,000 after purchasing an additional 1,496 shares during the last quarter. Global X Management Co LLC boosted its position in SunTrust Banks by 28.3% in the second quarter. Global X Management Co LLC now owns 10,188 shares of the financial services provider’s stock worth $673,000 after purchasing an additional 2,246 shares during the last quarter. Bank of Nova Scotia boosted its position in SunTrust Banks by 613.4% in the second quarter. Bank of Nova Scotia now owns 583,090 shares of the financial services provider’s stock worth $38,495,000 after purchasing an additional 501,357 shares during the last quarter. Finally, California Public Employees Retirement System boosted its position in SunTrust Banks by 1.6% in the second quarter. California Public Employees Retirement System now owns 1,386,151 shares of the financial services provider’s stock worth $91,514,000 after purchasing an additional 21,842 shares during the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.

About SunTrust Banks

SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, and institutions in the United States. It operates through two segments, Consumer and Wholesale. The Consumer segment provides deposits and payments; home equity and personal credit lines; auto, student, and other lending products; credit cards; discount/online and full-service brokerage products; professional investment advisory products and services; and trust services, as well as family office solutions.

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Analyst Recommendations for SunTrust Banks (NYSE:STI)

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