SunTrust Banks Inc. (STI) Lowered to “Market Perform” at Wells Fargo & Co.
SunTrust Banks Inc. (NYSE:STI) was downgraded by Wells Fargo & Co. from an “outperform” rating to a “market perform” rating in a research note issued on Friday.
Several other equities analysts also recently commented on the company. Zacks Investment Research upgraded SunTrust Banks from a “hold” rating to a “buy” rating and set a $59.00 price objective on the stock in a research note on Wednesday. Standpoint Research downgraded SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Tuesday. Morgan Stanley downgraded SunTrust Banks from an “equal weight” rating to an “underweight” rating and set a $53.00 target price on the stock. in a research report on Monday. They noted that the move was a valuation call. Barclays PLC restated a “hold” rating and set a $49.00 target price on shares of SunTrust Banks in a research report on Monday, November 7th. Finally, FBR & Co set a $49.00 target price on SunTrust Banks and gave the stock a “buy” rating in a research report on Monday, October 24th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $45.87.
Shares of SunTrust Banks (NYSE:STI) opened at 51.40 on Friday. The company’s 50 day moving average price is $46.32 and its 200 day moving average price is $43.43. The firm has a market cap of $25.49 billion, a P/E ratio of 14.24 and a beta of 1.36. SunTrust Banks has a 12-month low of $31.07 and a 12-month high of $52.65.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings data on Friday, October 21st. The financial services provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. SunTrust Banks had a return on equity of 8.18% and a net margin of 21.12%. The business had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.15 billion. During the same quarter in the prior year, the business earned $1.00 earnings per share. SunTrust Banks’s revenue for the quarter was up 8.4% on a year-over-year basis. Equities research analysts forecast that SunTrust Banks will post $3.56 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 30th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, November 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.02%. SunTrust Banks’s payout ratio is 28.89%.
In related news, insider Aleem Gillani sold 8,583 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 239,652 shares of the company’s stock, valued at $11,000,026.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Thomas E. Panther sold 1,200 shares of the firm’s stock in a transaction that occurred on Wednesday, November 16th. The shares were sold at an average price of $51.69, for a total transaction of $62,028.00. Following the sale, the senior vice president now directly owns 19,122 shares of the company’s stock, valued at approximately $988,416.18. The disclosure for this sale can be found here. Insiders own 0.67% of the company’s stock.
Several large investors have recently made changes to their positions in STI. Global X Management Co. LLC increased its stake in shares of 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 valued at $122,000 after buying an additional 1,527 shares during the period. TLP Group LLC purchased a new stake in shares of SunTrust Banks during the third quarter valued at $128,000. MSI Financial Services Inc increased its stake in shares of 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 valued at $132,000 after buying an additional 1,199 shares during the period. AXA purchased a new stake in shares of SunTrust Banks during the second quarter valued at $127,000. Finally, Amica Retiree Medical Trust purchased a new stake in shares of SunTrust Banks during the second quarter valued at $129,000. 83.08% of the stock is owned by institutional investors.
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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