Sterling Capital Management LLC cut its holdings in shares of SunTrust Banks, Inc. (NYSE:STI) by 12.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 182,854 shares of the financial services provider’s stock after selling 25,161 shares during the quarter. Sterling Capital Management LLC’s holdings in SunTrust Banks were worth $11,811,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of STI. Alliancebernstein L.P. boosted its holdings in SunTrust Banks by 522.8% in the 4th quarter. Alliancebernstein L.P. now owns 5,543,914 shares of the financial services provider’s stock valued at $358,081,000 after purchasing an additional 4,653,780 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in SunTrust Banks by 54.0% in the 4th quarter. Lazard Asset Management LLC now owns 6,615,575 shares of the financial services provider’s stock valued at $427,299,000 after purchasing an additional 2,319,782 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in SunTrust Banks by 1,837.6% in the 4th quarter. Renaissance Technologies LLC now owns 1,224,917 shares of the financial services provider’s stock valued at $79,117,000 after purchasing an additional 1,161,700 shares during the last quarter. APG Asset Management N.V. boosted its holdings in SunTrust Banks by 162.8% in the 4th quarter. APG Asset Management N.V. now owns 1,761,268 shares of the financial services provider’s stock valued at $94,737,000 after purchasing an additional 1,091,177 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in SunTrust Banks by 2.4% in the 4th quarter. BlackRock Inc. now owns 44,576,788 shares of the financial services provider’s stock valued at $2,879,214,000 after purchasing an additional 1,047,842 shares during the last quarter. Hedge funds and other institutional investors own 83.59% of the company’s stock.
In related news, insider Susan S. Johnson sold 3,600 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $71.04, for a total transaction of $255,744.00. Following the sale, the insider now directly owns 8,857 shares of the company’s stock, valued at approximately $629,201.28. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Jerome T. Lienhard sold 29,248 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $17.37, for a total transaction of $508,037.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,348 shares of company stock worth $1,289,757. 0.52% of the stock is owned by insiders.
Several equities analysts have weighed in on STI shares. Barclays boosted their target price on shares of SunTrust Banks from $68.00 to $77.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. B. Riley reiterated a “hold” rating and issued a $70.00 target price on shares of SunTrust Banks in a report on Monday, January 22nd. Morgan Stanley upgraded shares of SunTrust Banks from an “equal weight” rating to an “overweight” rating and set a $68.00 target price on the stock in a report on Monday, January 8th. Zacks Investment Research upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a report on Tuesday, December 26th. Finally, Wedbush lowered shares of SunTrust Banks from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $71.00 to $63.00 in a report on Thursday, December 21st. They noted that the move was a valuation call. Fifteen analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $69.61.
Shares of SunTrust Banks stock opened at $70.87 on Thursday. The stock has a market cap of $33,094.77, a P/E ratio of 17.45, a PEG ratio of 1.12 and a beta of 1.33. SunTrust Banks, Inc. has a 52 week low of $51.96 and a 52 week high of $73.37. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.43.
SunTrust Banks (NYSE:STI) last announced its earnings results on Friday, January 19th. The financial services provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.04. SunTrust Banks had a net margin of 23.35% and a return on equity of 9.18%. The firm had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the prior year, the firm earned $0.90 EPS. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. sell-side analysts anticipate that SunTrust Banks, Inc. will post 5.03 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Wednesday, February 28th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Tuesday, February 27th. SunTrust Banks’s payout ratio is currently 35.71%.
TRADEMARK VIOLATION WARNING: This article was first reported by The Lincolnian Online and is the property of of The Lincolnian Online. If you are viewing this article on another site, it was copied illegally and reposted in violation of US & international copyright & trademark laws. The correct version of this article can be viewed at https://www.thelincolnianonline.com/2018/03/22/sterling-capital-management-llc-sells-25161-shares-of-suntrust-banks-inc-sti.html.
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.
Receive News & Ratings for SunTrust Banks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SunTrust Banks and related companies with MarketBeat.com's FREE daily email newsletter.