ProShare Advisors LLC Cuts Holdings in SunTrust Banks, Inc. (STI)
ProShare Advisors LLC decreased its holdings in shares of SunTrust Banks, Inc. (NYSE:STI) by 2.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 153,901 shares of the financial services provider’s stock after selling 3,259 shares during the quarter. ProShare Advisors LLC’s holdings in SunTrust Banks were worth $8,729,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the business. FMR LLC lifted its holdings in SunTrust Banks by 1.6% during the 1st quarter. FMR LLC now owns 28,395,709 shares of the financial services provider’s stock valued at $1,570,283,000 after purchasing an additional 459,526 shares during the last quarter. AQR Capital Management LLC lifted its holdings in SunTrust Banks by 8.6% during the 1st quarter. AQR Capital Management LLC now owns 8,758,128 shares of the financial services provider’s stock valued at $484,324,000 after purchasing an additional 694,144 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in SunTrust Banks by 4.3% during the 2nd quarter. Victory Capital Management Inc. now owns 5,676,079 shares of the financial services provider’s stock valued at $321,947,000 after purchasing an additional 232,350 shares during the last quarter. American Century Companies Inc. lifted its holdings in SunTrust Banks by 7.8% during the 2nd quarter. American Century Companies Inc. now owns 5,550,988 shares of the financial services provider’s stock valued at $314,852,000 after purchasing an additional 402,735 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in SunTrust Banks by 6.5% during the 1st quarter. Geode Capital Management LLC now owns 5,247,868 shares of the financial services provider’s stock valued at $289,830,000 after purchasing an additional 322,372 shares during the last quarter. 81.19% of the stock is owned by institutional investors and hedge funds.
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In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the company’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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.55% of the stock is owned by corporate insiders.
SunTrust Banks, Inc. (NYSE:STI) traded up 0.58% during mid-day trading on Tuesday, reaching $55.88. The company had a trading volume of 160,857 shares. SunTrust Banks, Inc. has a 12-month low of $42.36 and a 12-month high of $61.69. The stock has a market capitalization of $26.91 billion, a P/E ratio of 14.86 and a beta of 1.33. The stock has a 50 day moving average price of $55.96 and a 200-day moving average price of $56.09.
SunTrust Banks (NYSE:STI) last released its quarterly earnings data 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 analyst estimates of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 EPS. Equities analysts anticipate that SunTrust Banks, Inc. will post $4.05 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were paid a $0.40 dividend. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. This represents a $1.60 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend was Tuesday, August 29th. SunTrust Banks’s dividend payout ratio is currently 42.67%.
SunTrust Banks declared that its Board of Directors has authorized a share repurchase program on Wednesday, June 28th that allows the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 4.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
Several brokerages have issued reports on STI. Robert W. Baird reaffirmed a “hold” rating and set a $55.00 price target on shares of SunTrust Banks in a report on Friday, August 25th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $63.00 price target on shares of SunTrust Banks in a report on Monday, August 28th. Wells Fargo & Company started coverage on SunTrust Banks in a research report on Wednesday, August 9th. They set an “outperform” rating and a $70.00 price objective on the stock. Morgan Stanley upgraded 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. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $60.00 price objective on shares of SunTrust Banks in a research report on Thursday, July 27th. One 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. SunTrust Banks currently has a consensus rating of “Hold” and a consensus price target of $60.39.
SunTrust Banks Company 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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