SunTrust Banks, Inc. (STI) Stock Rating Reaffirmed by Robert W. Baird
Robert W. Baird reaffirmed their hold rating on shares of SunTrust Banks, Inc. (NYSE:STI) in a research report sent to investors on Friday morning. The brokerage currently has a $55.00 target price on the financial services provider’s stock.
Several other brokerages have also commented on STI. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $58.00 price objective on shares of SunTrust Banks in a research report on Friday, May 5th. Morgan Stanley raised shares of SunTrust Banks from an underweight rating to an equal weight rating and set a $63.00 price objective on the stock in a research report on Thursday, August 3rd. BidaskClub raised shares of SunTrust Banks from a hold rating to a buy rating in a research report on Wednesday, July 5th. Wells Fargo & Company assumed coverage on shares of SunTrust Banks in a research report on Wednesday, August 9th. They issued an outperform rating and a $70.00 price objective on the stock. Finally, Instinet reaffirmed a neutral rating and issued a $61.00 price objective on shares of SunTrust Banks in a research report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $60.39.
SunTrust Banks (NYSE:STI) opened at 55.77 on Friday. The firm has a market capitalization of $26.86 billion, a P/E ratio of 14.83 and a beta of 1.33. The firm’s 50-day moving average is $56.91 and its 200 day moving average is $56.63. SunTrust Banks has a 52-week low of $42.36 and a 52-week high of $61.69.
SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The company had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same period last year, the firm earned $0.94 earnings per share. The firm’s revenue was up 2.0% on a year-over-year basis. Equities analysts anticipate that SunTrust Banks will post $4.04 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be paid a dividend of $0.40 per share. The ex-dividend date is Tuesday, August 29th. This represents a $1.60 annualized dividend and a yield of 2.87%. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s payout ratio is currently 27.73%.
SunTrust Banks declared that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $1.32 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 4.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
In related news, insider Susan S. Johnson sold 808 shares of the business’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 transaction of $46,330.72. Following the completion of the transaction, the insider now owns 3,515 shares of the company’s stock, valued at $201,550.10. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.55% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue purchased a new position in shares of SunTrust Banks during the first quarter valued at approximately $224,000. Russell Investments Group Ltd. boosted its position in shares of SunTrust Banks by 15.6% in the first quarter. Russell Investments Group Ltd. now owns 653,525 shares of the financial services provider’s stock valued at $36,143,000 after buying an additional 88,168 shares in the last quarter. Whittier Trust Co. boosted its position in SunTrust Banks by 3.1% in the first quarter. Whittier Trust Co. now owns 1,909 shares of the financial services provider’s stock worth $105,000 after buying an additional 58 shares in the last quarter. Essex Investment Management Co. LLC boosted its position in SunTrust Banks by 90.4% in the first quarter. Essex Investment Management Co. LLC now owns 51,024 shares of the financial services provider’s stock worth $2,822,000 after buying an additional 24,224 shares in the last quarter. Finally, North Star Investment Management Corp. boosted its position in SunTrust Banks by 5.3% in the first quarter. North Star Investment Management Corp. now owns 63,868 shares of the financial services provider’s stock worth $3,532,000 after buying an additional 3,191 shares in the last quarter. 81.20% of the stock is owned by institutional investors.
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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