Citigroup Inc. reaffirmed their neutral rating on shares of SunTrust Banks, Inc. (NYSE:STI) in a report issued on Monday. They currently have a $63.00 price objective on the financial services provider’s stock, up from their prior price objective of $60.00.
Several other research firms have also issued reports on STI. Royal Bank Of Canada restated a buy rating and issued a $60.00 target price on shares of SunTrust Banks in a report on Thursday, July 27th. BidaskClub upgraded shares of SunTrust Banks from a hold rating to a buy rating in a report on Wednesday, July 5th. Piper Jaffray Companies restated a buy rating and issued a $63.00 target price on shares of SunTrust Banks in a report on Monday, August 28th. Zacks Investment Research upgraded shares of SunTrust Banks from a hold rating to a buy rating and set a $64.00 target price for the company in a report on Friday, September 22nd. Finally, Morgan Stanley upgraded shares of SunTrust Banks from an underweight rating to an equal weight rating and set a $63.00 target price for the company in a report on Thursday, August 3rd. Seventeen investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $62.48.
Shares of SunTrust Banks (NYSE:STI) opened at 60.17 on Monday. SunTrust Banks has a 1-year low of $44.25 and a 1-year high of $61.69. The firm has a 50-day moving average of $56.84 and a 200 day moving average of $56.25. The company has a market capitalization of $28.98 billion, a P/E ratio of 16.00 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, beating the Thomson Reuters’ 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 analyst estimates of $2.29 billion. During the same quarter last year, the business earned $0.94 earnings per share. SunTrust Banks’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, analysts anticipate that SunTrust Banks will post $4.05 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were given a dividend of $0.40 per share. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, August 29th. This represents a $1.60 dividend on an annualized basis and a yield of 2.66%. SunTrust Banks’s dividend payout ratio (DPR) is 42.67%.
SunTrust Banks declared that its board has approved a share 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 often a sign that the company’s board believes its stock is undervalued.
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 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 approximately $201,550.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.55% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of STI. Capital World Investors increased its position in SunTrust Banks by 20.7% during the 2nd quarter. Capital World Investors now owns 29,513,083 shares of the financial services provider’s stock valued at $1,673,982,000 after purchasing an additional 5,056,000 shares during the period. Janus Henderson Group PLC increased its position in SunTrust Banks by 3,033.8% during the 2nd quarter. Janus Henderson Group PLC now owns 2,006,553 shares of the financial services provider’s stock valued at $113,812,000 after purchasing an additional 1,942,524 shares during the period. Lazard Asset Management LLC increased its position in SunTrust Banks by 3,009.4% during the 2nd quarter. Lazard Asset Management LLC now owns 1,938,443 shares of the financial services provider’s stock valued at $109,948,000 after purchasing an additional 1,876,101 shares during the period. Investec Asset Management LTD increased its position in SunTrust Banks by 64.9% during the 1st quarter. Investec Asset Management LTD now owns 4,321,742 shares of the financial services provider’s stock valued at $238,992,000 after purchasing an additional 1,701,169 shares during the period. Finally, TIAA CREF Investment Management LLC increased its position in SunTrust Banks by 70.6% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 3,534,925 shares of the financial services provider’s stock valued at $200,501,000 after purchasing an additional 1,462,517 shares during the period. 81.18% of the stock is currently owned by institutional investors and hedge funds.
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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