SunTrust Banks, Inc. (STI) Position Cut by Douglass Winthrop Advisors LLC
Douglass Winthrop Advisors LLC cut its stake in SunTrust Banks, Inc. (NYSE:STI) by 16.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,688 shares of the financial services provider’s stock after selling 2,812 shares during the period. Douglass Winthrop Advisors LLC’s holdings in SunTrust Banks were worth $981,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Private Capital Group LLC raised its holdings in SunTrust Banks by 2,085.5% in the first quarter. Private Capital Group LLC now owns 1,508 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 1,439 shares in the last quarter. Denali Advisors LLC acquired a new stake in SunTrust Banks in the third quarter valued at $127,000. Trust Co. of Vermont raised its holdings in SunTrust Banks by 138.1% in the second quarter. Trust Co. of Vermont now owns 1,905 shares of the financial services provider’s stock valued at $126,000 after acquiring an additional 1,105 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new stake in SunTrust Banks in the second quarter valued at $134,000. Finally, Parallel Advisors LLC raised its holdings in SunTrust Banks by 52.2% in the second quarter. Parallel Advisors LLC now owns 2,318 shares of the financial services provider’s stock valued at $153,000 after acquiring an additional 795 shares in the last quarter. 83.86% of the stock is currently owned by hedge funds and other institutional investors.
STI has been the topic of several recent analyst reports. Sanford C. Bernstein raised shares of 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 shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Friday, June 29th. FIG Partners upgraded shares of SunTrust Banks from a “market perform” rating to an “outperform” rating in a research note on Friday, June 29th. Argus upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Monday, July 2nd. Finally, Zacks Investment Research upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $76.00 target price for the company in a research note on Monday, July 16th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $74.42.
SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, July 20th. The financial services provider reported $1.49 EPS for the quarter, topping the consensus estimate of $1.30 by $0.19. The business had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.33 billion. SunTrust Banks had a net margin of 26.41% and a return on equity of 10.94%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.03 earnings per share. Equities research analysts predict that SunTrust Banks, Inc. will post 5.59 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 17th. Stockholders of record on Friday, August 31st were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, August 30th. This represents a $2.00 annualized dividend and a dividend yield of 3.21%. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.40. SunTrust Banks’s dividend payout ratio is currently 49.50%.
SunTrust Banks declared that its board has approved a stock repurchase program on Thursday, June 28th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 6.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, EVP Jorge Arrieta sold 2,500 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $73.13, for a total transaction of $182,825.00. Following the completion of the transaction, the executive vice president now owns 6,148 shares in the company, valued at $449,603.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.52% of the stock is currently owned by corporate insiders.
SunTrust Banks Company Profile
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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