Deutsche Bank AG Increases SunTrust Banks Inc. (STI) Price Target to $58.00
SunTrust Banks Inc. (NYSE:STI) had its price target lifted by equities researchers at Deutsche Bank AG from $50.00 to $58.00 in a note issued to investors on Wednesday. The brokerage presently has a “buy” rating on the financial services provider’s stock. Deutsche Bank AG’s price objective suggests a potential upside of 11.65% from the stock’s current price.
Other analysts have also issued research reports about the company. lifted their target price on SunTrust Banks from $52.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, September 23rd. Zacks Investment Research raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Wednesday, September 21st. FBR & Co set a $49.00 target price on SunTrust Banks and gave the stock a “buy” rating in a report on Monday, October 24th. Barclays PLC reissued a “hold” rating and issued a $49.00 target price on shares of SunTrust Banks in a report on Monday, November 7th. Finally, Standpoint Research lowered SunTrust Banks from a “buy” rating to a “hold” rating in a report on Tuesday, November 15th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $47.04.
Shares of SunTrust Banks (NYSE:STI) traded up 1.58% during mid-day trading on Wednesday, reaching $51.95. The company had a trading volume of 4,102,485 shares. The firm has a 50 day moving average of $47.63 and a 200-day moving average of $43.96. SunTrust Banks has a one year low of $31.07 and a one year high of $52.65. The stock has a market capitalization of $25.76 billion, a P/E ratio of 14.39 and a beta of 1.36.
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 Zacks’ consensus estimate of $0.88 by $0.03. The business earned $2.20 billion during the quarter, compared to analyst estimates of $2.15 billion. SunTrust Banks had a return on equity of 8.18% and a net margin of 21.12%. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.00 EPS. Analysts forecast that SunTrust Banks will post $3.57 EPS for the current fiscal 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 paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, November 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.00%. SunTrust Banks’s dividend payout ratio is 28.89%.
In other news, SVP Thomas E. Panther sold 1,200 shares of the company’s stock in a transaction that occurred on Wednesday, November 16th. The stock was sold at an average price of $51.69, for a total transaction of $62,028.00. Following the transaction, the senior vice president now owns 19,122 shares of the company’s stock, valued at $988,416.18. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Anil T. Cheriyan sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $52.15, for a total value of $417,200.00. Following the transaction, the insider now directly owns 81,203 shares in the company, valued at approximately $4,234,736.45. The disclosure for this sale can be found here. Insiders own 0.67% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 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 in the last quarter. TLP Group LLC acquired a new position in SunTrust Banks during the third quarter worth approximately $128,000. 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 in the last quarter. AXA acquired a new position in SunTrust Banks during the second quarter worth approximately $127,000. Finally, Amica Retiree Medical Trust acquired a new position in SunTrust Banks during the second quarter worth approximately $129,000. 81.23% of the stock is currently 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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