SunTrust Banks, Inc. (STI) Shares Sold by Alliancebernstein L.P.
Alliancebernstein L.P. lowered its holdings in SunTrust Banks, Inc. (NYSE:STI) by 4.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 857,931 shares of the financial services provider’s stock after selling 35,601 shares during the period. Alliancebernstein L.P. owned about 0.18% of SunTrust Banks worth $48,662,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of STI. Investec Asset Management LTD boosted its position in SunTrust Banks by 64.9% in the first quarter. Investec Asset Management LTD now owns 4,321,742 shares of the financial services provider’s stock worth $238,992,000 after purchasing an additional 1,701,169 shares during the last quarter. Janus Capital Management LLC boosted its position in SunTrust Banks by 229.6% in the first quarter. Janus Capital Management LLC now owns 1,467,404 shares of the financial services provider’s stock worth $81,147,000 after purchasing an additional 1,022,200 shares during the last quarter. AQR Capital Management LLC boosted its position in SunTrust Banks by 8.6% in the first quarter. AQR Capital Management LLC now owns 8,758,128 shares of the financial services provider’s stock worth $484,324,000 after purchasing an additional 694,144 shares during the last quarter. FMR LLC boosted its position in SunTrust Banks by 1.6% in the first quarter. FMR LLC now owns 28,395,709 shares of the financial services provider’s stock worth $1,570,283,000 after purchasing an additional 459,526 shares during the last quarter. Finally, Morgan Stanley boosted its position in SunTrust Banks by 24.4% in the first quarter. Morgan Stanley now owns 2,305,577 shares of the financial services provider’s stock worth $127,499,000 after purchasing an additional 452,025 shares during the last quarter. 81.19% of the stock is currently owned by institutional investors and hedge funds.
SunTrust Banks, Inc. (NYSE:STI) opened at 54.83 on Friday. SunTrust Banks, Inc. has a 12-month low of $42.36 and a 12-month high of $61.69. The stock has a 50 day moving average price of $55.99 and a 200-day moving average price of $56.18. The stock has a market capitalization of $26.41 billion, a PE ratio of 14.58 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.05. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same period in the previous year, the firm posted $0.94 earnings per share. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, equities analysts anticipate that SunTrust Banks, Inc. will post $4.05 earnings per share for the current fiscal year.
SunTrust Banks announced that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 4.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were paid a dividend of $0.40 per share. 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 2.92%. The ex-dividend date of this dividend was Tuesday, August 29th. SunTrust Banks’s payout ratio is presently 42.67%.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the business’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 sale, the insider now directly owns 3,515 shares of the company’s stock, valued at $201,550.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.55% of the company’s stock.
STI has been the topic of several research analyst reports. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of SunTrust Banks in a research report on Sunday, July 23rd. Robert W. Baird upgraded SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 target price on the stock in a research note on Monday, June 5th. Instinet restated a “neutral” rating and issued a $61.00 target price on shares of SunTrust Banks in a research note on Wednesday, July 12th. BidaskClub upgraded SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $60.00 target price on shares of SunTrust Banks in a research note on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $60.39.
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SunTrust Banks 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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