SunTrust Banks’ (STI) “Hold” Rating Reiterated at Barclays PLC
Barclays PLC reissued their hold rating on shares of SunTrust Banks Inc. (NYSE:STI) in a research report released on Monday morning. The brokerage currently has a $49.00 price objective on the financial services provider’s stock.
Several other analysts also recently issued reports on STI. Wells Fargo & Co. reaffirmed a buy rating on shares of SunTrust Banks in a report on Sunday, July 10th. Credit Suisse Group AG reaffirmed a sell rating on shares of SunTrust Banks in a report on Tuesday, July 12th. Robert W. Baird downgraded shares of SunTrust Banks from a neutral rating to an underperform rating and decreased their price objective for the stock from $43.00 to $41.00 in a report on Friday, July 15th. Keefe, Bruyette & Woods reaffirmed a market perform rating and set a $45.00 price objective on shares of SunTrust Banks in a report on Friday, July 15th. Finally, Goldman Sachs Group Inc. downgraded shares of SunTrust Banks from a conviction-buy rating to a buy rating and upped their price objective for the stock from $44.00 to $46.00 in a report on Monday, July 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. SunTrust Banks currently has a consensus rating of Buy and an average price target of $45.18.
Shares of SunTrust Banks (NYSE:STI) opened at 48.14 on Monday. SunTrust Banks has a 12 month low of $31.07 and a 12 month high of $48.51. The company has a market cap of $23.89 billion, a P/E ratio of 13.34 and a beta of 1.36. The company’s 50 day moving average is $45.07 and its 200-day moving average is $43.05.
SunTrust Banks (NYSE:STI) last posted its earnings results on Friday, October 21st. The financial services provider reported $0.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.03. The company earned $2.20 billion during the quarter, compared to the consensus estimate of $2.15 billion. SunTrust Banks had a net margin of 21.12% and a return on equity of 8.18%. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.00 earnings per share. Analysts expect that SunTrust Banks will post $3.56 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Wednesday, November 30th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.16%. SunTrust Banks’s payout ratio is 28.89%.
In other SunTrust Banks news, insider Aleem Gillani sold 8,583 shares of SunTrust Banks stock in a transaction on Thursday, October 27th. The shares were sold at an average price of $45.90, for a total transaction of $393,959.70. Following the completion of the transaction, the insider now directly owns 239,652 shares of the company’s stock, valued at $11,000,026.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Thomas E. Panther sold 959 shares of SunTrust Banks stock in a transaction on Friday, November 4th. The stock was sold at an average price of $44.75, for a total transaction of $42,915.25. Following the transaction, the senior vice president now directly owns 20,322 shares of the company’s stock, valued at $909,409.50. The disclosure for this sale can be found here. Corporate insiders own 0.67% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in STI. Global X Management Co. LLC boosted its position in SunTrust Banks by 121.2% in the third quarter. Global X Management Co. LLC now owns 2,787 shares of the financial services provider’s stock worth $122,000 after buying an additional 1,527 shares during the period. AXA bought a new position in SunTrust Banks during the second quarter worth approximately $127,000. Amica Retiree Medical Trust bought a new position in SunTrust Banks during the second quarter worth approximately $129,000. MSI Financial Services Inc boosted its position in SunTrust Banks by 66.2% in the third quarter. MSI Financial Services Inc now owns 3,010 shares of the financial services provider’s stock worth $132,000 after buying an additional 1,199 shares during the period. Finally, Euclid Advisors LLC bought a new position in SunTrust Banks during the second quarter worth approximately $140,000. 82.14% of the stock is owned by hedge funds and other institutional investors.
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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