Optimum Investment Advisors boosted its stake in SunTrust Banks, Inc. (NYSE:STI) by 2.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,786 shares of the financial services provider’s stock after buying an additional 500 shares during the period. Optimum Investment Advisors’ holdings in SunTrust Banks were worth $1,292,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Burt Wealth Advisors acquired a new position in SunTrust Banks in the 2nd quarter valued at about $43,000. Paloma Partners Management Co grew its position in shares of SunTrust Banks by 36.2% during the second quarter. Paloma Partners Management Co now owns 31,984 shares of the financial services provider’s stock worth $2,010,000 after buying an additional 8,494 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in shares of SunTrust Banks by 5.2% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 77,401 shares of the financial services provider’s stock worth $4,865,000 after buying an additional 3,800 shares in the last quarter. LPL Financial LLC grew its position in shares of SunTrust Banks by 31.9% during the second quarter. LPL Financial LLC now owns 90,082 shares of the financial services provider’s stock worth $5,662,000 after buying an additional 21,807 shares in the last quarter. Finally, Clean Yield Group acquired a new position in shares of SunTrust Banks during the second quarter worth about $84,000. Hedge funds and other institutional investors own 79.73% of the company’s stock.
In related news, Vice Chairman Mark A. Chancy sold 20,973 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now owns 246,630 shares of the company’s stock, valued at approximately $16,082,742.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ellen Koebler sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $60.84, for a total value of $243,360.00. Following the transaction, the insider now directly owns 1 shares of the company’s stock, valued at approximately $60.84. The disclosure for this sale can be found here. 0.42% of the stock is owned by insiders.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.40 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.40. SunTrust Banks had a return on equity of 11.86% and a net margin of 23.92%. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.33 billion. During the same quarter in the previous year, the firm earned $1.56 earnings per share. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, analysts anticipate that SunTrust Banks, Inc. will post 5.55 earnings per share for the current fiscal year.
A number of equities analysts recently issued reports on STI shares. Argus set a $81.00 price target on SunTrust Banks and gave the company a “buy” rating in a report on Friday, July 19th. UBS Group upped their price target on SunTrust Banks from $68.00 to $69.00 and gave the company a “neutral” rating in a report on Thursday, October 3rd. Finally, Jefferies Financial Group raised SunTrust Banks from a “hold” rating to a “buy” rating and upped their price target for the company from $67.00 to $75.00 in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $68.11.
SunTrust Banks 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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