SunTrust Banks, Inc. (NYSE:STI) – Stock analysts at FBR & Co dropped their Q3 2017 earnings per share estimates for shares of SunTrust Banks in a research report issued to clients and investors on Tuesday. FBR & Co analyst S. Moss now forecasts that the financial services provider will post earnings per share of $1.08 for the quarter, down from their previous estimate of $1.09. FBR & Co currently has a “Neutral” rating and a $62.00 target price on the stock. FBR & Co also issued estimates for SunTrust Banks’ Q4 2017 earnings at $1.07 EPS, FY2017 earnings at $4.10 EPS, Q1 2018 earnings at $1.02 EPS, Q2 2018 earnings at $1.13 EPS, Q3 2018 earnings at $1.15 EPS, Q4 2018 earnings at $1.14 EPS, FY2018 earnings at $4.45 EPS and FY2019 earnings at $5.00 EPS.
SunTrust Banks (NYSE:STI) last announced its earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping 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 company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same period last year, the firm earned $0.94 earnings per share. The business’s revenue for the quarter was up 2.0% on a year-over-year basis.
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A number of other analysts have also weighed in on STI. Nomura upped their target price on shares of SunTrust Banks from $62.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday, September 28th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $62.00 target price on shares of SunTrust Banks in a report on Tuesday, October 3rd. UBS AG reaffirmed a “neutral” rating and set a $62.00 target price (up previously from $61.00) on shares of SunTrust Banks in a report on Friday, October 6th. Jefferies Group LLC reaffirmed a “buy” rating and set a $69.00 target price on shares of SunTrust Banks in a report on Thursday. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $55.00 target price on shares of SunTrust Banks in a report on Sunday, October 1st. Seventeen analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $62.48.
SunTrust Banks (NYSE:STI) opened at 59.67 on Thursday. The stock’s 50 day moving average is $56.94 and its 200 day moving average is $56.27. The company has a market capitalization of $28.74 billion, a PE ratio of 15.87 and a beta of 1.31. SunTrust Banks has a one year low of $44.45 and a one year high of $61.69.
SunTrust Banks announced that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $1.32 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase programs are usually a sign 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. Investors of record on Thursday, August 31st were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.68%. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, August 29th. SunTrust Banks’s dividend payout ratio (DPR) is presently 42.67%.
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 completion of the sale, the insider now directly owns 3,515 shares in the company, valued at approximately $201,550.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.55% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the business. Keybank National Association OH increased its stake in SunTrust Banks by 2.5% during the 2nd quarter. Keybank National Association OH now owns 147,647 shares of the financial services provider’s stock valued at $8,375,000 after purchasing an additional 3,564 shares in the last quarter. Park National Corp OH increased its stake in SunTrust Banks by 0.8% during the 2nd quarter. Park National Corp OH now owns 9,907 shares of the financial services provider’s stock valued at $562,000 after purchasing an additional 80 shares in the last quarter. Ballentine Partners LLC bought a new stake in SunTrust Banks during the 1st quarter valued at about $275,000. HPM Partners LLC increased its stake in SunTrust Banks by 32.5% during the 2nd quarter. HPM Partners LLC now owns 95,768 shares of the financial services provider’s stock valued at $4,681,000 after purchasing an additional 23,506 shares in the last quarter. Finally, Airain ltd increased its stake in SunTrust Banks by 479.9% during the 2nd quarter. Airain ltd now owns 59,044 shares of the financial services provider’s stock valued at $3,349,000 after purchasing an additional 48,863 shares in the last quarter. Institutional investors and hedge funds own 81.18% 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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