SunTrust Banks, Inc. (NYSE:STI) announced a quarterly dividend on Tuesday, August 8th, RTT News reports. Shareholders of record on Thursday, August 31st will be given a dividend of 0.40 per share by the financial services provider on Friday, September 15th. This represents a $1.60 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date is Tuesday, August 29th. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26.

SunTrust Banks has raised its dividend payment by an average of 41.9% per year over the last three years and has raised its dividend every year for the last 4 years. SunTrust Banks has a dividend payout ratio of 39.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect SunTrust Banks to earn $4.41 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 36.3%.

Shares of SunTrust Banks (NYSE:STI) opened at 56.41 on Monday. SunTrust Banks 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 firm has a 50-day moving average of $56.91 and a 200-day moving average of $56.63.

SunTrust Banks (NYSE:STI) last announced its earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping the Zacks’ 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 revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. Equities analysts anticipate that SunTrust Banks will post $4.04 earnings per share for the current year.

In other news, insider Susan S. Johnson sold 808 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $57.34, for a total transaction of $46,330.72. Following the completion of the transaction, the insider now directly owns 3,515 shares of the company’s stock, valued at approximately $201,550.10. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.55% of the company’s stock.

SunTrust Banks declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that permits the company to repurchase $1.32 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 4.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

A number of equities analysts have commented on the stock. Robert W. Baird upgraded shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 target price for the company in a report on Monday, June 5th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of SunTrust Banks in a research note on Sunday, July 23rd. Piper Jaffray Companies restated a “buy” rating and set a $63.00 price target on shares of SunTrust Banks in a research note on Monday. BidaskClub lowered SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Instinet restated a “neutral” rating and set a $61.00 price target on shares of SunTrust Banks in a research note on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $60.24.

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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.

Dividend History for SunTrust Banks (NYSE:STI)

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