Meiji Yasuda Asset Management Co Ltd. Sells 4,600 Shares of SunTrust Banks, Inc. (STI)
Meiji Yasuda Asset Management Co Ltd. lowered its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 41.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,565 shares of the financial services provider’s stock after selling 4,600 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in SunTrust Banks were worth $372,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in STI. American Century Companies Inc. raised its position in SunTrust Banks by 7.8% in the second quarter. American Century Companies Inc. now owns 5,550,988 shares of the financial services provider’s stock worth $314,852,000 after buying an additional 402,735 shares during the last quarter. RFG Advisory Group LLC raised its position in SunTrust Banks by 203.2% in the second quarter. RFG Advisory Group LLC now owns 24,028 shares of the financial services provider’s stock worth $1,369,000 after buying an additional 16,102 shares during the last quarter. Thompson Investment Management Inc. raised its position in SunTrust Banks by 4.7% in the second quarter. Thompson Investment Management Inc. now owns 20,656 shares of the financial services provider’s stock worth $1,172,000 after buying an additional 925 shares during the last quarter. Victory Capital Management Inc. raised its position in SunTrust Banks by 4.3% in the second quarter. Victory Capital Management Inc. now owns 5,676,079 shares of the financial services provider’s stock worth $321,947,000 after buying an additional 232,350 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in SunTrust Banks by 2.2% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,440,979 shares of the financial services provider’s stock worth $81,732,000 after buying an additional 31,156 shares during the last quarter. Institutional investors own 81.20% of the company’s stock.
Shares of SunTrust Banks, Inc. (STI) opened at 55.49 on Thursday. SunTrust Banks, Inc. has a 1-year low of $42.36 and a 1-year high of $61.69. The company’s 50-day moving average is $56.91 and its 200-day moving average is $56.63. The stock has a market cap of $26.73 billion, a P/E ratio of 14.76 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $2.29 billion. During the same period last year, the company earned $0.94 EPS. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. Equities analysts expect that SunTrust Banks, Inc. will post $4.04 EPS for the current fiscal year.
The firm also recently declared 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 dividend on an annualized basis and a yield of 2.88%. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date is Tuesday, August 29th. SunTrust Banks’s dividend payout ratio (DPR) is presently 27.73%.
SunTrust Banks declared that its board has approved a share repurchase program on Wednesday, June 28th that permits the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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A number of research firms have weighed in on STI. Piper Jaffray Companies reiterated a “buy” rating and issued a $63.00 price target on shares of SunTrust Banks in a research report on Monday. Morgan Stanley upgraded shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price target for the company in a research report on Thursday, August 3rd. Wells Fargo & Company began coverage on shares of SunTrust Banks in a research report on Wednesday, August 9th. They issued an “outperform” rating and a $70.00 price target for the company. Robert W. Baird reiterated a “hold” rating and issued a $55.00 price target on shares of SunTrust Banks in a research report on Friday, August 25th. Finally, BidaskClub lowered shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. One investment 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. The company has a consensus rating of “Hold” and an average price target of $60.39.
In other news, insider Susan S. Johnson sold 808 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $57.34, for a total value of $46,330.72. Following the transaction, the insider now directly 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 is accessible through the SEC website. 0.55% of the stock is currently owned by company insiders.
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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