Janney Montgomery Scott LLC reduced its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 16.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,419 shares of the financial services provider’s stock after selling 8,174 shares during the period. Janney Montgomery Scott LLC’s holdings in SunTrust Banks were worth $2,535,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of STI. Fiduciary Trust Co. purchased a new position in SunTrust Banks in the 2nd quarter worth approximately $118,000. Advisory Services Network LLC lifted its holdings in SunTrust Banks by 0.9% in the 2nd quarter. Advisory Services Network LLC now owns 2,140 shares of the financial services provider’s stock worth $121,000 after purchasing an additional 20 shares in the last quarter. Westwood Holdings Group Inc. purchased a new position in SunTrust Banks in the 2nd quarter worth approximately $136,000. Dupont Capital Management Corp lifted its holdings in SunTrust Banks by 55.2% in the 3rd quarter. Dupont Capital Management Corp now owns 2,623 shares of the financial services provider’s stock worth $157,000 after purchasing an additional 933 shares in the last quarter. Finally, Blue Granite Capital LLC purchased a new position in SunTrust Banks in the 3rd quarter worth approximately $177,000. 80.83% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently commented on STI. UBS reissued a “neutral” rating and issued a $62.00 price target (up from $61.00) on shares of SunTrust Banks in a report on Friday, October 6th. Citigroup cut SunTrust Banks from an “outperform” rating to a “market perform” rating in a report on Monday, October 23rd. They noted that the move was a valuation call. Royal Bank of Canada reissued a “buy” rating and issued a $65.00 price target on shares of SunTrust Banks in a report on Monday, October 23rd. Zacks Investment Research raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a report on Tuesday, October 10th. Finally, FBR & Co reissued a “hold” rating and issued a $62.00 price target on shares of SunTrust Banks in a report on Friday, October 20th. Fifteen investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $64.58.
SunTrust Banks, Inc. (NYSE STI) traded up $0.95 during trading hours on Friday, reaching $65.00. The company’s stock had a trading volume of 8,254,372 shares, compared to its average volume of 3,743,009. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.50. SunTrust Banks, Inc. has a 1-year low of $51.96 and a 1-year high of $66.11. The company has a market cap of $30,942.14, a P/E ratio of 16.84, a price-to-earnings-growth ratio of 1.75 and a beta of 1.29.
SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, October 20th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.06. SunTrust Banks had a return on equity of 8.83% and a net margin of 20.88%. The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the previous year, the company posted $0.91 EPS. The company’s revenue was up 3.7% compared to the same quarter last year. equities research analysts expect that SunTrust Banks, Inc. will post 4.06 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Thursday, November 30th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend was Wednesday, November 29th. SunTrust Banks’s payout ratio is 41.03%.
In other SunTrust Banks news, Director Kyle P. Legg sold 3,300 shares of SunTrust Banks stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $21.82, for a total value of $72,006.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Mark A. Chancy sold 4,000 shares of SunTrust Banks stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $60.06, for a total value of $240,240.00. The disclosure for this sale can be found here. Insiders own 0.55% of the company’s stock.
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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