New York State Common Retirement Fund Has $102.91 Million Holdings in SunTrust Banks, Inc. (STI)
New York State Common Retirement Fund cut its stake in SunTrust Banks, Inc. (NYSE:STI) by 0.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,814,410 shares of the financial services provider’s stock after selling 9,501 shares during the period. New York State Common Retirement Fund owned approximately 0.38% of SunTrust Banks worth $102,913,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in STI. Guardian Life Insurance Co. of America raised its holdings in shares of SunTrust Banks by 1.0% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock worth $105,000 after buying an additional 18 shares in the last quarter. Fiduciary Trust Co. acquired a new position in shares of SunTrust Banks during the 2nd quarter worth $118,000. Bronfman E.L. Rothschild L.P. raised its holdings in shares of SunTrust Banks by 9.2% during the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 2,269 shares of the financial services provider’s stock worth $125,000 after buying an additional 192 shares in the last quarter. Independent Portfolio Consultants Inc. raised its holdings in shares of SunTrust Banks by 184.7% during the 2nd quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock worth $150,000 after buying an additional 1,718 shares in the last quarter. Finally, Huntington National Bank raised its holdings in shares of SunTrust Banks by 2.9% during the 2nd quarter. Huntington National Bank now owns 2,809 shares of the financial services provider’s stock worth $159,000 after buying an additional 80 shares in the last quarter. 81.19% of the stock is owned by hedge funds and other institutional investors.
Shares of SunTrust Banks, Inc. (STI) traded up 0.63% on Tuesday, reaching $55.91. The company’s stock had a trading volume of 601,646 shares. SunTrust Banks, Inc. has a 12-month low of $42.36 and a 12-month high of $61.69. The company’s 50 day moving average price is $55.96 and its 200 day moving average price is $56.09. The company has a market cap of $26.93 billion, a P/E ratio of 14.87 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. The company had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. SunTrust Banks’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.94 EPS. Analysts forecast that SunTrust Banks, Inc. will post $4.05 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.88%. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, August 29th. SunTrust Banks’s payout ratio is presently 42.67%.
SunTrust Banks announced that its board has authorized a stock buyback plan on Wednesday, June 28th that permits the company to buyback $1.32 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 4.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of SunTrust Banks 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 approximately $201,550.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.
A number of equities analysts have recently commented on STI shares. Robert W. Baird raised SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 price target for the company in a report on Monday, June 5th. Keefe, Bruyette & Woods set a $58.00 target price on SunTrust Banks and gave the stock a “hold” rating in a report on Monday, June 5th. BidaskClub raised SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, June 14th. Instinet reaffirmed a “neutral” rating and issued a $61.00 target price on shares of SunTrust Banks in a report on Wednesday, July 12th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of SunTrust Banks in a report on Sunday, July 23rd. 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’s stock. SunTrust Banks currently has an average rating of “Hold” and an average price target of $60.39.
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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