SunTrust Banks, Inc. (NYSE:STI) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a report released on Wednesday, July 12th.
A number of other brokerages have also recently weighed in on STI. Robert W. Baird upgraded shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 price target for the company in a research note on Monday, June 5th. Barclays PLC increased their price target on shares of SunTrust Banks from $62.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Monday, April 24th. Rafferty Capital Markets increased their price target on shares of SunTrust Banks from $63.00 to $64.50 and gave the stock a “buy” rating in a research note on Monday, April 24th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $58.00 price target on shares of SunTrust Banks in a research note on Monday, May 15th. Finally, Instinet reiterated a “neutral” rating and set a $61.00 price target on shares of SunTrust Banks in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $58.58.
SunTrust Banks (NYSE STI) traded down 0.09% during midday trading on Wednesday, hitting $58.01. 2,664,719 shares of the stock traded hands. The stock has a market cap of $28.01 billion, a price-to-earnings ratio of 15.43 and a beta of 1.33. The company has a 50-day moving average price of $56.48 and a 200 day moving average price of $56.56. SunTrust Banks has a one year low of $41.46 and a one year high of $61.69.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the 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 analysts’ expectations of $2.29 billion. During the same quarter in the prior year, the business posted $0.94 EPS. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. Equities research analysts anticipate that SunTrust Banks will post $4.04 earnings per share for the current year.
SunTrust Banks declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $1.32 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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Institutional investors have recently made changes to their positions in the stock. Fulton Bank N.A. increased its position in SunTrust Banks by 2.6% in the first quarter. Fulton Bank N.A. now owns 16,253 shares of the financial services provider’s stock valued at $898,000 after buying an additional 408 shares during the period. CENTRAL TRUST Co increased its position in SunTrust Banks by 2.7% in the first quarter. CENTRAL TRUST Co now owns 64,261 shares of the financial services provider’s stock valued at $3,554,000 after buying an additional 1,695 shares during the period. Chevy Chase Trust Holdings Inc. increased its position in SunTrust Banks by 3.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 433,755 shares of the financial services provider’s stock valued at $23,986,000 after buying an additional 13,513 shares during the period. Macquarie Group Ltd. increased its position in SunTrust Banks by 2,244.1% in the fourth quarter. Macquarie Group Ltd. now owns 253,158 shares of the financial services provider’s stock valued at $13,886,000 after buying an additional 242,358 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in SunTrust Banks during the fourth quarter valued at $872,000. Institutional investors and hedge funds own 82.10% of the company’s stock.
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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