Caxton Associates LP purchased a new position in shares of SunTrust Banks, Inc. (NYSE:STI) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,200 shares of the financial services provider’s stock, valued at approximately $522,000.
A number of other hedge funds also recently modified their holdings of STI. Guardian Life Insurance Co. of America increased its position in SunTrust Banks by 1.0% during the first quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 18 shares during the last quarter. Fiduciary Trust Co. acquired a new position in SunTrust Banks during the second quarter worth approximately $118,000. Independent Portfolio Consultants Inc. increased its position in SunTrust Banks by 184.7% during the second quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock worth $150,000 after purchasing an additional 1,718 shares during the last quarter. Huntington National Bank increased its position in SunTrust Banks by 2.9% during the second quarter. Huntington National Bank now owns 2,809 shares of the financial services provider’s stock worth $159,000 after purchasing an additional 80 shares during the last quarter. Finally, Harbour Capital Advisors LLC increased its position in SunTrust Banks by 17,388.3% during the second quarter. Harbour Capital Advisors LLC now owns 10,493 shares of the financial services provider’s stock worth $185,000 after purchasing an additional 10,433 shares during the last quarter. 81.18% of the stock is owned by hedge funds and other institutional investors.
SunTrust Banks, Inc. (STI) traded down 0.815% during midday trading on Wednesday, reaching $60.265. 306,507 shares of the company’s stock traded hands. SunTrust Banks, Inc. has a 52 week low of $44.25 and a 52 week high of $61.69. The stock has a market capitalization of $29.03 billion, a price-to-earnings ratio of 16.028 and a beta of 1.31. The company’s 50-day moving average price is $56.74 and its 200 day moving average price is $56.22.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.05. The firm had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.29 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.94 earnings per share. On average, equities research analysts expect that SunTrust Banks, Inc. will post $4.05 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend was Tuesday, August 29th. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s dividend payout ratio (DPR) is presently 42.67%.
SunTrust Banks declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $1.32 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 4.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, insider Susan S. Johnson sold 808 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $57.34, for a total transaction of $46,330.72. Following the transaction, the insider now owns 3,515 shares of the company’s stock, valued at $201,550.10. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.55% of the stock is currently owned by company insiders.
Several equities analysts recently commented on STI shares. Credit Suisse Group raised shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $56.00 to $60.00 in a research report on Monday. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of SunTrust Banks in a research report on Sunday, July 23rd. Instinet reaffirmed a “neutral” rating and set a $61.00 price target on shares of SunTrust Banks in a research report on Wednesday, July 12th. BidaskClub raised shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $60.00 price target on shares of SunTrust Banks in a research report on Thursday, July 27th. Sixteen analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. SunTrust Banks presently has a consensus rating of “Hold” and an average price target of $62.18.
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.
Want to see what other hedge funds are holding STI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SunTrust Banks, Inc. (NYSE:STI).
Receive News & Ratings for SunTrust Banks Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SunTrust Banks Inc. and related companies with MarketBeat.com's FREE daily email newsletter.