SunTrust Banks Inc. (STI) Price Target Raised to $53.00 at Wedbush
SunTrust Banks Inc. (NYSE:STI) had its price objective upped by analysts at Wedbush from $51.00 to $53.00 in a research note issued on Wednesday. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Wedbush’s price target suggests a potential upside of 3.64% from the company’s previous close.
Several other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of SunTrust Banks from a “buy” rating to a “hold” rating in a report on Monday. Compass Point cut shares of SunTrust Banks from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $48.00 to $54.00 in a report on Wednesday, November 23rd. They noted that the move was a valuation call. Robert W. Baird restated an “underperform” rating on shares of SunTrust Banks in a report on Saturday, November 19th. Wells Fargo & Co. cut shares of SunTrust Banks from an “outperform” rating to a “market perform” rating in a report on Friday, November 18th. Finally, Standpoint Research cut shares of SunTrust Banks from a “buy” rating to a “hold” rating in a report on Tuesday, November 15th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. SunTrust Banks presently has a consensus rating of “Hold” and a consensus target price of $46.39.
SunTrust Banks (NYSE:STI) opened at 51.14 on Wednesday. SunTrust Banks has a 12 month low of $31.07 and a 12 month high of $52.65. The firm has a market cap of $25.36 billion, a price-to-earnings ratio of 14.17 and a beta of 1.36. The firm’s 50 day moving average is $47.63 and its 200-day moving average is $43.96.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings data on Friday, October 21st. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The firm earned $2.20 billion during the quarter, compared to analysts’ expectations of $2.15 billion. SunTrust Banks had a net margin of 21.12% and a return on equity of 8.18%. The business’s revenue was up 8.4% on a year-over-year basis. During the same period last year, the company earned $1.00 earnings per share. On average, equities analysts forecast that SunTrust Banks will post $3.57 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 30th will be paid a $0.26 dividend. The ex-dividend date is Monday, November 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.03%. SunTrust Banks’s dividend payout ratio (DPR) is 28.89%.
In other news, insider Susan S. Johnson sold 794 shares of the company’s stock in a transaction on Monday, October 24th. The shares were sold at an average price of $45.58, for a total value of $36,190.52. Following the completion of the sale, the insider now owns 1,947 shares of the company’s stock, valued at approximately $88,744.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Thomas E. Panther sold 959 shares of the company’s stock in a transaction on Friday, November 4th. The shares were sold at an average price of $44.75, for a total transaction of $42,915.25. Following the sale, the senior vice president now owns 20,322 shares of the company’s stock, valued at $909,409.50. The disclosure for this sale can be found here. 0.67% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of the stock. American Century Companies Inc. raised its stake in SunTrust Banks by 64.4% in the second quarter. American Century Companies Inc. now owns 8,267,226 shares of the financial services provider’s stock worth $339,618,000 after buying an additional 3,238,624 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in SunTrust Banks during the third quarter worth approximately $99,138,000. Credit Suisse AG raised its stake in SunTrust Banks by 151.1% in the third quarter. Credit Suisse AG now owns 3,446,948 shares of the financial services provider’s stock worth $150,976,000 after buying an additional 2,074,075 shares in the last quarter. FMR LLC raised its stake in SunTrust Banks by 6.5% in the second quarter. FMR LLC now owns 31,288,755 shares of the financial services provider’s stock worth $1,285,342,000 after buying an additional 1,918,166 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in SunTrust Banks by 28.4% in the second quarter. Bank of New York Mellon Corp now owns 7,066,156 shares of the financial services provider’s stock worth $290,278,000 after buying an additional 1,564,929 shares in the last quarter. Institutional investors own 81.23% of the company’s stock.
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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