Aberdeen Asset Management PLC UK Cuts Holdings in SunTrust Banks, Inc. (STI)
Aberdeen Asset Management PLC UK cut its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 0.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 338,170 shares of the financial services provider’s stock after selling 2,413 shares during the period. Aberdeen Asset Management PLC UK owned 0.07% of SunTrust Banks worth $19,181,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of STI. Guardian Life Insurance Co. of America lifted its position in SunTrust Banks by 1.0% during 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 acquiring an additional 18 shares during the last quarter. Fiduciary Trust Co. acquired a new stake in SunTrust Banks during the second quarter worth approximately $118,000. Bronfman E.L. Rothschild L.P. lifted its position in SunTrust Banks by 9.2% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,269 shares of the financial services provider’s stock worth $125,000 after acquiring an additional 192 shares during the last quarter. Independent Portfolio Consultants Inc. lifted its position in SunTrust Banks by 184.7% during the second quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock worth $150,000 after acquiring an additional 1,718 shares during the last quarter. Finally, Huntington National Bank lifted its position in SunTrust Banks by 2.9% during the second quarter. Huntington National Bank now owns 2,809 shares of the financial services provider’s stock worth $159,000 after acquiring an additional 80 shares during the last quarter. Hedge funds and other institutional investors own 81.19% of the company’s stock.
SunTrust Banks, Inc. (STI) opened at 52.37 on Monday. SunTrust Banks, Inc. has a 52 week low of $42.36 and a 52 week high of $61.69. The company has a 50-day moving average of $56.30 and a 200-day moving average of $56.36. The company has a market capitalization of $25.22 billion, a PE ratio of 13.93 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last posted its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.05. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same period in the prior year, the company posted $0.94 EPS. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, equities research analysts anticipate that SunTrust Banks, Inc. will post $4.04 EPS for the current year.
The company also recently announced 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. The ex-dividend date is Tuesday, August 29th. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. This represents a $1.60 annualized dividend and a yield of 3.06%. SunTrust Banks’s dividend payout ratio is currently 42.67%.
SunTrust Banks declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
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Several equities research analysts have issued reports on STI shares. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of SunTrust Banks in a research report on Sunday, July 23rd. Instinet restated a “neutral” rating and set a $61.00 price objective on shares of SunTrust Banks in a research report on Wednesday, July 12th. Robert W. Baird upgraded shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 price objective for the company in a research report on Monday, June 5th. BidaskClub upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $60.00 price objective on shares of SunTrust Banks in a research report on Thursday, July 27th. 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. SunTrust Banks has a consensus rating of “Hold” and an average target price of $60.39.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the 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 sale, the insider now directly owns 3,515 shares in the company, valued at approximately $201,550.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.
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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