State Board of Administration of Florida Retirement System trimmed its holdings in shares of SunTrust Banks, Inc. (NYSE:STI) by 2.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 667,358 shares of the financial services provider’s stock after selling 19,607 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.15% of SunTrust Banks worth $41,943,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in shares of SunTrust Banks by 2.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,233,558 shares of the financial services provider’s stock valued at $163,089,000 after purchasing an additional 81,356 shares during the period. Geode Capital Management LLC lifted its stake in shares of SunTrust Banks by 12.2% in the 4th quarter. Geode Capital Management LLC now owns 6,297,205 shares of the financial services provider’s stock valued at $317,113,000 after purchasing an additional 684,600 shares during the period. Pennsylvania Trust Co lifted its stake in shares of SunTrust Banks by 5.6% in the 1st quarter. Pennsylvania Trust Co now owns 163,002 shares of the financial services provider’s stock valued at $9,658,000 after purchasing an additional 8,598 shares during the period. Eqis Capital Management Inc. lifted its stake in shares of SunTrust Banks by 2.8% in the 1st quarter. Eqis Capital Management Inc. now owns 6,227 shares of the financial services provider’s stock valued at $369,000 after purchasing an additional 168 shares during the period. Finally, Winslow Evans & Crocker Inc. lifted its stake in shares of SunTrust Banks by 439.6% in the 1st quarter. Winslow Evans & Crocker Inc. now owns 572 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 466 shares during the period. Institutional investors and hedge funds own 80.32% of the company’s stock.
NYSE:STI traded up $0.25 during trading hours on Thursday, reaching $60.60. 2,818 shares of the company were exchanged, compared to its average volume of 2,777,374. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.85. The stock’s 50-day moving average is $63.36 and its 200-day moving average is $63.07. The firm has a market cap of $27.24 billion, a PE ratio of 10.62, a price-to-earnings-growth ratio of 1.29 and a beta of 1.48. SunTrust Banks, Inc. has a twelve month low of $46.05 and a twelve month high of $75.02.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.56 per share. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.50. The ex-dividend date is Thursday, August 29th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.70%. SunTrust Banks’s dividend payout ratio is presently 35.09%.
In other news, insider Ellen Koebler sold 4,000 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $60.84, for a total transaction of $243,360.00. Following the completion of the sale, the insider now owns 1 shares of the company’s stock, valued at $60.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Mark A. Chancy sold 20,973 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $65.21, for a total transaction of $1,367,649.33. Following the sale, the insider now directly owns 246,630 shares of the company’s stock, valued at approximately $16,082,742.30. The disclosure for this sale can be found here. 0.42% of the stock is owned by corporate insiders.
Several research firms recently issued reports on STI. ValuEngine upgraded shares of SunTrust Banks from a “sell” rating to a “hold” rating in a research note on Wednesday, May 1st. Argus set a $81.00 price objective on shares of SunTrust Banks and gave the stock a “buy” rating in a research report on Friday, July 19th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have assigned a buy rating to the stock. SunTrust Banks presently has an average rating of “Hold” and a consensus price target of $69.45.
About SunTrust Banks
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, institutions, and not-for-profit entities in the United States. It operates in two segments, Consumer and Wholesale. The Consumer segment provides deposits and payments; home equity and personal credit lines; auto, student, and other lending products; credit cards; discount/online and full-service brokerage products; professional investment advisory products and services; and trust services, as well as family office solutions.
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