SunTrust Banks, Inc. (STI) Shares Bought by GAM Holding AG
GAM Holding AG raised its stake in SunTrust Banks, Inc. (NYSE:STI) by 105.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 94,059 shares of the financial services provider’s stock after buying an additional 48,300 shares during the period. GAM Holding AG’s holdings in SunTrust Banks were worth $5,335,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Guardian Life Insurance Co. of America boosted its position in SunTrust Banks by 1.0% in the first quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock worth $105,000 after buying an additional 18 shares during the last quarter. Canal Capital Management LLC boosted its position in SunTrust Banks by 0.4% in the second quarter. Canal Capital Management LLC now owns 6,318 shares of the financial services provider’s stock worth $358,000 after buying an additional 27 shares during the last quarter. Capital Management Corp VA boosted its position in SunTrust Banks by 0.4% in the first quarter. Capital Management Corp VA now owns 8,163 shares of the financial services provider’s stock worth $451,000 after buying an additional 35 shares during the last quarter. Great Lakes Advisors LLC boosted its position in SunTrust Banks by 0.5% in the first quarter. Great Lakes Advisors LLC now owns 8,984 shares of the financial services provider’s stock worth $497,000 after buying an additional 43 shares during the last quarter. Finally, Ronald Blue & Co. LLC boosted its position in SunTrust Banks by 0.9% in the first quarter. Ronald Blue & Co. LLC now owns 6,315 shares of the financial services provider’s stock worth $349,000 after buying an additional 54 shares during the last quarter. Hedge funds and other institutional investors own 82.08% of the company’s stock.
SunTrust Banks, Inc. (NYSE:STI) opened at 56.41 on Friday. SunTrust Banks, Inc. has a 12-month low of $42.36 and a 12-month high of $61.69. The firm has a market capitalization of $27.17 billion, a PE ratio of 15.00 and a beta of 1.33. The company has a 50-day moving average price of $56.91 and a 200-day moving average price of $56.63.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.05. The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.29 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 EPS. On average, analysts predict that SunTrust Banks, Inc. will post $4.04 earnings per share for the current year.
SunTrust Banks declared that its Board of Directors has approved a stock buyback program 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 reacquire up to 4.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend is Tuesday, August 29th. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s dividend payout ratio is currently 27.73%.
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A number of research firms recently weighed in on STI. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $58.00 price target on shares of SunTrust Banks in a report on Friday, May 5th. Morgan Stanley upgraded SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price objective for the company in a research note on Thursday, August 3rd. BidaskClub upgraded SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Wells Fargo & Company began coverage on SunTrust Banks in a research note on Wednesday, August 9th. They set an “outperform” rating and a $70.00 price objective for the company. Finally, Instinet reiterated a “neutral” rating and set a $61.00 price objective on shares of SunTrust Banks in a research note on Wednesday, July 12th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $60.08.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $57.34, for a total value of $46,330.72. Following the transaction, the insider now owns 3,515 shares in the company, valued at approximately $201,550.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.55% of the stock is currently owned by corporate insiders.
SunTrust Banks Company Profile
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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