Nomura Holdings Inc. lifted its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 1,867.9% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 204,030 shares of the financial services provider’s stock after buying an additional 193,662 shares during the quarter. Nomura Holdings Inc.’s holdings in SunTrust Banks were worth $11,578,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of STI. Capital World Investors lifted its holdings in shares of SunTrust Banks by 20.7% during 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 buying an additional 5,056,000 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of SunTrust Banks by 3,033.8% during the second quarter. Janus Henderson Group PLC now owns 2,006,553 shares of the financial services provider’s stock worth $113,812,000 after buying an additional 1,942,524 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in shares of SunTrust Banks by 3,009.4% during the second quarter. Lazard Asset Management LLC now owns 1,938,443 shares of the financial services provider’s stock worth $109,948,000 after buying an additional 1,876,101 shares in the last quarter. Investec Asset Management LTD lifted its holdings in shares of SunTrust Banks by 64.9% during the first quarter. Investec Asset Management LTD now owns 4,321,742 shares of the financial services provider’s stock worth $238,992,000 after buying an additional 1,701,169 shares in the last quarter. Finally, TIAA CREF Investment Management LLC lifted its holdings in shares of SunTrust Banks by 70.6% during the second quarter. TIAA CREF Investment Management LLC now owns 3,534,925 shares of the financial services provider’s stock worth $200,501,000 after buying an additional 1,462,517 shares in the last quarter. 81.18% of the stock is owned by institutional investors.
Shares of SunTrust Banks, Inc. (NYSE STI) traded down 0.601% on Wednesday, reaching $60.395. The company’s stock had a trading volume of 1,141,817 shares. The firm’s 50-day moving average price is $56.74 and its 200-day moving average price is $56.22. SunTrust Banks, Inc. has a 12 month low of $44.25 and a 12 month high of $61.69. The stock has a market cap of $28.99 billion, a P/E ratio of 56.444 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last released its quarterly earnings results 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. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter last year, the firm posted $0.94 EPS. The company’s revenue was up 2.0% compared to the same quarter last year. On average, analysts forecast that SunTrust Banks, Inc. will post $4.05 earnings per share for the current fiscal year.
SunTrust Banks announced that its board has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were issued a $0.40 dividend. The ex-dividend date was Tuesday, August 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.63%. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s dividend payout ratio (DPR) is presently 42.67%.
A number of equities research analysts have recently weighed in on STI shares. BidaskClub raised SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, June 14th. Keefe, Bruyette & Woods set a $58.00 target price on SunTrust Banks and gave the stock a “hold” rating in a report on Thursday, July 6th. Instinet reissued a “neutral” rating and set a $61.00 target price on shares of SunTrust Banks in a report on Wednesday, July 12th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of SunTrust Banks in a report on Sunday, July 23rd. Finally, Morgan Stanley reissued an “underweight” rating and set a $63.00 target price (up previously from $62.00) on shares of SunTrust Banks in a report on Tuesday, July 25th. Sixteen equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $62.18.
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In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $57.34, for a total value of $46,330.72. Following the sale, the insider now owns 3,515 shares of the company’s stock, valued at approximately $201,550.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.55% of the company’s stock.
SunTrust Banks Company Profile
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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