Parametric Portfolio Associates LLC grew its position in SunTrust Banks, Inc. (NYSE:STI) by 4.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,454,471 shares of the financial services provider’s stock after acquiring an additional 100,674 shares during the quarter. Parametric Portfolio Associates LLC’s holdings in SunTrust Banks were worth $154,263,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Berman Capital Advisors LLC lifted its stake in shares of SunTrust Banks by 26.4% in the second quarter. Berman Capital Advisors LLC now owns 766 shares of the financial services provider’s stock worth $48,000 after buying an additional 160 shares in the last quarter. RKL Wealth Management LLC boosted its position in SunTrust Banks by 0.9% during the second quarter. RKL Wealth Management LLC now owns 18,242 shares of the financial services provider’s stock worth $1,152,000 after acquiring an additional 169 shares during the last quarter. IHT Wealth Management LLC grew its stake in SunTrust Banks by 3.3% during the 2nd quarter. IHT Wealth Management LLC now owns 5,276 shares of the financial services provider’s stock valued at $332,000 after acquiring an additional 169 shares in the last quarter. Magnus Financial Group LLC grew its stake in SunTrust Banks by 3.6% during the 1st quarter. Magnus Financial Group LLC now owns 5,527 shares of the financial services provider’s stock valued at $327,000 after acquiring an additional 192 shares in the last quarter. Finally, Carroll Financial Associates Inc. grew its stake in SunTrust Banks by 2.4% during the 2nd quarter. Carroll Financial Associates Inc. now owns 8,391 shares of the financial services provider’s stock valued at $527,000 after acquiring an additional 193 shares in the last quarter. Institutional investors and hedge funds own 80.51% of the company’s stock.
In related news, insider Ellen Koebler sold 4,000 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $60.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Mark A. Chancy sold 20,973 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $65.21, for a total value of $1,367,649.33. Following the completion of the transaction, the insider now owns 246,630 shares in the company, valued at $16,082,742.30. The disclosure for this sale can be found here. 0.42% of the stock is owned by company insiders.
Separately, Argus set a $81.00 target price on shares of SunTrust Banks and gave the stock a “buy” rating in a research note on Friday, July 19th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $69.45.
Shares of STI traded up $0.59 during mid-day trading on Wednesday, reaching $66.78. The stock had a trading volume of 161,925 shares, compared to its average volume of 2,470,780. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.98 and a quick ratio of 0.97. SunTrust Banks, Inc. has a 52-week low of $46.05 and a 52-week high of $74.63. The business’s fifty day moving average is $62.23 and its 200 day moving average is $62.85. The firm has a market cap of $28.84 billion, a price-to-earnings ratio of 11.73, a P/E/G ratio of 1.37 and a beta of 1.51.
SunTrust Banks (NYSE:STI) last issued its earnings results on Thursday, July 18th. The financial services provider reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.02. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.39 billion. SunTrust Banks had a net margin of 23.92% and a return on equity of 11.86%. SunTrust Banks’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.49 earnings per share. As a group, sell-side analysts anticipate that SunTrust Banks, Inc. will post 5.58 EPS for the current fiscal year.
The company also recently declared 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. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.35%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.50. SunTrust Banks’s dividend payout ratio (DPR) is currently 39.30%.
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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