Wellington Management Group LLP Sells 11,292 Shares of SunTrust Banks, Inc. (NYSE:STI)
Wellington Management Group LLP lowered its stake in SunTrust Banks, Inc. (NYSE:STI) by 16.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,089 shares of the financial services provider’s stock after selling 11,292 shares during the period. Wellington Management Group LLP’s holdings in SunTrust Banks were worth $3,268,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently bought and sold shares of the company. First Trust Advisors LP raised its stake in shares of SunTrust Banks by 351.1% in the first quarter. First Trust Advisors LP now owns 1,760,540 shares of the financial services provider’s stock worth $97,358,000 after buying an additional 1,370,247 shares in the last quarter. Dodge & Cox acquired a new stake in shares of SunTrust Banks during the fourth quarter worth $28,615,000. Korea Investment CORP raised its stake in shares of SunTrust Banks by 177.0% in the first quarter. Korea Investment CORP now owns 702,602 shares of the financial services provider’s stock worth $38,854,000 after buying an additional 448,917 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of SunTrust Banks by 473.8% in the first quarter. SG Americas Securities LLC now owns 521,283 shares of the financial services provider’s stock worth $28,827,000 after buying an additional 430,442 shares in the last quarter. Finally, Adams Diversified Equity Fund Inc. acquired a new stake in shares of SunTrust Banks during the first quarter worth $20,909,000. Institutional investors and hedge funds own 82.10% of the company’s stock.
SunTrust Banks, Inc. (NYSE STI) traded down 0.02% during trading on Tuesday, hitting $58.05. The stock had a trading volume of 2,962,029 shares. The company has a market cap of $28.03 billion, a price-to-earnings ratio of 15.44 and a beta of 1.33. SunTrust Banks, Inc. has a 52-week low of $41.46 and a 52-week high of $61.69. The firm’s 50-day moving average price is $56.63 and its 200-day moving average price is $56.59.
SunTrust Banks (NYSE:STI) last posted its earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.05. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same period last year, the firm earned $0.94 EPS. The company’s quarterly revenue was up 2.0% on a year-over-year basis. Analysts predict that SunTrust Banks, Inc. will post $4.04 EPS for the current fiscal year.
SunTrust Banks announced that its board has approved a share buyback plan on Wednesday, June 28th that allows the company to buyback $1.32 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.40 per share. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.76%. SunTrust Banks’s dividend payout ratio (DPR) is 27.73%.
A number of equities research analysts have recently weighed in on STI shares. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of SunTrust Banks in a research report on Sunday, April 23rd. Bank of America Corporation restated a “hold” rating on shares of SunTrust Banks in a research report on Monday, April 24th. Rafferty Capital Markets lifted their price target on SunTrust Banks from $63.00 to $64.50 and gave the company a “buy” rating in a research report on Monday, April 24th. Barclays PLC lifted their price target on SunTrust Banks from $62.00 to $65.00 and gave the company an “equal weight” rating in a research report on Monday, April 24th. Finally, Zacks Investment Research lowered SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Tuesday, April 25th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and ten have given a buy rating to the company’s stock. SunTrust Banks has a consensus rating of “Hold” and a consensus target price of $58.58.
About SunTrust Banks
SunTrust Banks, Inc is a provider of financial services. The Company’s principal subsidiary is SunTrust Bank (the Bank). The Company’s business segments include Consumer Banking and Private Wealth Management, Wholesale Banking, Mortgage Banking and Corporate Other. As of December 31, 2016, the Consumer Banking and Private Wealth Management segment consisted of three primary businesses: Consumer Banking, Consumer Lending and Private Wealth Management.
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