SunTrust Banks Inc. (STI) Shares Sold by First Citizens Bank & Trust Co.
First Citizens Bank & Trust Co. lowered its position in shares of SunTrust Banks Inc. (NYSE:STI) by 26.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 260,157 shares of the financial services provider’s stock after selling 94,618 shares during the period. SunTrust Banks comprises about 1.0% of First Citizens Bank & Trust Co.’s portfolio, making the stock its 22nd largest position. First Citizens Bank & Trust Co. owned 0.05% of SunTrust Banks worth $10,687,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Balentine LLC increased its position in shares of SunTrust Banks by 13.0% in the first quarter. Balentine LLC now owns 4,254 shares of the financial services provider’s stock worth $153,000 after buying an additional 488 shares during the last quarter. Washington Trust Bank boosted its stake in SunTrust Banks by 2.1% in the second quarter. Washington Trust Bank now owns 4,420 shares of the financial services provider’s stock worth $182,000 after buying an additional 90 shares during the period. Home Federal Bank of Tennessee acquired a new stake in SunTrust Banks during the second quarter worth about $200,000. 1st Global Advisors Inc. acquired a new stake in SunTrust Banks during the second quarter worth about $202,000. Finally, Huntington National Bank boosted its stake in SunTrust Banks by 22.2% in the second quarter. Huntington National Bank now owns 4,974 shares of the financial services provider’s stock worth $205,000 after buying an additional 904 shares during the period. 82.37% of the stock is currently owned by hedge funds and other institutional investors.
SunTrust Banks Inc. (NYSE:STI) traded down 0.13% on Friday, reaching $45.73. 2,266,570 shares of the company’s stock were exchanged. SunTrust Banks Inc. has a 52 week low of $31.07 and a 52 week high of $46.21. The stock’s 50 day moving average is $43.70 and its 200 day moving average is $41.65. The company has a market cap of $22.93 billion, a price-to-earnings ratio of 12.38 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last posted its earnings results on Friday, July 22nd. The financial services provider reported $0.94 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.06. SunTrust Banks had a return on equity of 8.53% and a net margin of 22.31%. The company earned $2.19 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter last year, the firm earned $0.89 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. On average, equities analysts anticipate that SunTrust Banks Inc. will post $3.51 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were given a $0.26 dividend. The ex-dividend date was Monday, August 29th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.27%. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.24. SunTrust Banks’s dividend payout ratio (DPR) is presently 28.18%.
A number of analysts have issued reports on STI shares. Deutsche Bank AG reiterated a “buy” rating on shares of SunTrust Banks in a research note on Wednesday, June 15th. Portales Partners upgraded shares of SunTrust Banks from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, June 28th. BMO Capital Markets reiterated a “hold” rating and issued a $44.00 target price on shares of SunTrust Banks in a research note on Thursday, July 7th. Wells Fargo & Co. reiterated a “buy” rating on shares of SunTrust Banks in a research note on Sunday, July 10th. Finally, Barclays PLC reiterated an “equal weight” rating and issued a $46.00 target price on shares of SunTrust Banks in a research note on Sunday, July 10th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $44.73.
In related news, insider Susan S. Johnson sold 1,118 shares of the firm’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $42.40, for a total value of $47,403.20. Following the transaction, the insider now owns 1,119 shares in the company, valued at $47,445.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.67% of the stock is owned by corporate insiders.
About SunTrust Banks
SunTrust Banks, Inc is a bank holding company and a financial holding company. Through its principal subsidiary, SunTrust Bank, the Company offers a line of financial services for consumers and businesses, including deposit, credit, mortgage banking, and trust and investment services. The Company’s other subsidiaries provide asset and wealth management, securities brokerage, and capital market services.
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