SunTrust Banks, Inc. (NYSE:STI) Shares Bought by Stone Ridge Asset Management LLC

Stone Ridge Asset Management LLC raised its holdings in SunTrust Banks, Inc. (NYSE:STI) by 89.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 207,158 shares of the financial services provider’s stock after purchasing an additional 98,001 shares during the quarter. SunTrust Banks comprises approximately 0.8% of Stone Ridge Asset Management LLC’s portfolio, making the stock its 15th largest holding. Stone Ridge Asset Management LLC’s holdings in SunTrust Banks were worth $13,020,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of STI. FMR LLC increased its stake in shares of SunTrust Banks by 59.9% during the first quarter. FMR LLC now owns 23,269,649 shares of the financial services provider’s stock worth $1,378,727,000 after acquiring an additional 8,716,823 shares during the period. Geode Capital Management LLC increased its stake in shares of SunTrust Banks by 12.2% during the fourth quarter. Geode Capital Management LLC now owns 6,297,205 shares of the financial services provider’s stock worth $317,113,000 after acquiring an additional 684,600 shares during the period. Boston Partners increased its stake in shares of SunTrust Banks by 43.7% during the first quarter. Boston Partners now owns 6,241,376 shares of the financial services provider’s stock worth $369,802,000 after acquiring an additional 1,898,260 shares during the period. CNH Partners LLC acquired a new position in shares of SunTrust Banks during the first quarter worth about $240,779,000. Finally, OppenheimerFunds Inc. increased its stake in shares of SunTrust Banks by 11.1% during the first quarter. OppenheimerFunds Inc. now owns 3,380,622 shares of the financial services provider’s stock worth $200,302,000 after acquiring an additional 338,462 shares during the period. Institutional investors own 80.32% of the company’s stock.

In other SunTrust Banks news, insider Ellen Koebler sold 4,000 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $60.84, for a total value of $243,360.00. Following the sale, the insider now owns 1 shares of the company’s stock, valued at $60.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Mark A. Chancy sold 20,973 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $65.21, for a total transaction of $1,367,649.33. Following the completion of the sale, the insider now directly owns 246,630 shares in the company, 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 brokerages have weighed in on STI. Argus set a $81.00 target price on shares of SunTrust Banks and gave the stock a “buy” rating in a research report on Friday, July 19th. ValuEngine upgraded shares of SunTrust Banks from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $69.45.

Shares of NYSE STI traded down $1.88 on Friday, hitting $59.05. The company’s stock had a trading volume of 1,919,283 shares, compared to its average volume of 2,916,861. SunTrust Banks, Inc. has a 12-month low of $46.05 and a 12-month high of $75.02. The company has a market capitalization of $26.79 billion, a price-to-earnings ratio of 10.36, a price-to-earnings-growth ratio of 1.27 and a beta of 1.48. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.98 and a quick ratio of 0.97. The stock has a 50 day moving average of $63.27 and a 200-day moving average of $63.08.

SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.02. SunTrust Banks had a net margin of 23.92% and a return on equity of 11.86%. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the prior year, the firm earned $1.49 earnings per share. The company’s revenue for the quarter was up 10.5% compared to the same quarter last year. Sell-side analysts expect that SunTrust Banks, Inc. will post 5.57 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.79%. The ex-dividend date is Thursday, August 29th. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.50. SunTrust Banks’s dividend payout ratio is 35.09%.

SunTrust Banks Company Profile

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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Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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