Jefferies Group Research Analysts Cut Earnings Estimates for SunTrust Banks Inc. (STI)
SunTrust Banks Inc. (NYSE:STI) – Equities researchers at Jefferies Group decreased their FY2016 EPS estimates for SunTrust Banks in a research report issued to clients and investors on Friday. Jefferies Group analyst K. Usdin now anticipates that the brokerage will post earnings per share of $3.50 for the year, down from their prior estimate of $3.55. Jefferies Group also issued estimates for SunTrust Banks’ FY2018 earnings at $3.95 EPS.
SunTrust Banks (NYSE:STI) last released its earnings results on Friday, July 22nd. The financial services provider reported $0.94 EPS 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 firm earned $2.19 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the previous year, the company posted $0.89 earnings per share. The company’s revenue was up 6.9% compared to the same quarter last year.
STI has been the topic of several other research reports. Zacks Investment Research raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Wednesday, September 21st. Wells Fargo & Co. reissued a “buy” rating on shares of SunTrust Banks in a research note on Sunday, July 10th. Credit Agricole SA upped their price target on SunTrust Banks from $52.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, September 23rd. Barclays PLC restated an “equal weight” rating and set a $46.00 price target on shares of SunTrust Banks in a report on Sunday, July 10th. Finally, Deutsche Bank AG restated a “buy” rating on shares of SunTrust Banks in a report on Wednesday, June 15th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $44.73.
Shares of SunTrust Banks (NYSE:STI) opened at 45.69 on Monday. SunTrust Banks has a 12-month low of $31.07 and a 12-month high of $46.21. The company’s 50 day moving average price is $43.78 and its 200-day moving average price is $41.71. The firm has a market cap of $22.91 billion, a P/E ratio of 12.37 and a beta of 1.31.
A number of institutional investors have recently added to or reduced their stakes in STI. Canada Pension Plan Investment Board increased its position in SunTrust Banks by 476.5% in the first quarter. Canada Pension Plan Investment Board now owns 735,651 shares of the financial services provider’s stock valued at $26,542,000 after buying an additional 608,040 shares during the last quarter. Credit Agricole S A increased its position in SunTrust Banks by 29.5% in the first quarter. Credit Agricole S A now owns 113,968 shares of the financial services provider’s stock valued at $4,112,000 after buying an additional 25,945 shares during the last quarter. Associated Banc Corp increased its position in SunTrust Banks by 4.5% in the first quarter. Associated Banc Corp now owns 60,102 shares of the financial services provider’s stock valued at $2,168,000 after buying an additional 2,608 shares during the last quarter. Aviva PLC increased its position in SunTrust Banks by 1.1% in the first quarter. Aviva PLC now owns 262,793 shares of the financial services provider’s stock valued at $9,482,000 after buying an additional 2,793 shares during the last quarter. Finally, Investec Asset Management North America Inc. purchased a new position in SunTrust Banks during the first quarter valued at $1,014,000. 82.37% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Susan S. Johnson sold 1,118 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 1,119 shares of the company’s stock, valued at approximately $47,445.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.67% of the stock is owned by corporate insiders.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were paid a $0.26 dividend. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Monday, August 29th. SunTrust Banks’s dividend payout ratio (DPR) is presently 28.18%.
SunTrust Banks Company Profile
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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