Cornerstone Capital Management Holdings LLC. Has $21.83 Million Position in SunTrust Banks, Inc. (STI)
Cornerstone Capital Management Holdings LLC. lessened its holdings in SunTrust Banks, Inc. (NYSE:STI) by 18.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 384,944 shares of the financial services provider’s stock after selling 88,082 shares during the period. Cornerstone Capital Management Holdings LLC. owned about 0.08% of SunTrust Banks worth $21,832,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Guardian Life Insurance Co. of America raised its holdings in shares of SunTrust Banks by 1.0% in 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 acquiring an additional 18 shares during the last quarter. Fiduciary Trust Co. acquired a new stake in shares of SunTrust Banks in the 2nd quarter worth about $118,000. Independent Portfolio Consultants Inc. raised its holdings in shares of SunTrust Banks by 184.7% in the 2nd 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. Huntington National Bank raised its holdings in shares of SunTrust Banks by 2.9% in the 2nd 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. Finally, Kings Point Capital Management acquired a new stake in shares of SunTrust Banks in the 1st quarter worth about $195,000. Institutional investors own 81.19% of the company’s stock.
In related news, insider Susan S. Johnson sold 808 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $57.34, for a total transaction of $46,330.72. Following the completion of the transaction, the insider now owns 3,515 shares in the company, valued at $201,550.10. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.55% of the stock is currently owned by corporate insiders.
SunTrust Banks, Inc. (STI) traded up 0.0948% during mid-day trading on Friday, hitting $60.6975. 1,119,664 shares of the stock traded hands. The company’s 50 day moving average is $56.34 and its 200 day moving average is $56.08. SunTrust Banks, Inc. has a 12 month low of $44.25 and a 12 month high of $61.69. The company has a market cap of $29.23 billion, a P/E ratio of 16.1430 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, topping the Zacks’ 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 firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the prior year, the business earned $0.94 earnings per share. SunTrust Banks’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, analysts expect that SunTrust Banks, Inc. will post $4.05 earnings per share for the current fiscal year.
SunTrust Banks declared that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 4.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were given a dividend of $0.40 per share. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Tuesday, August 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.64%. SunTrust Banks’s dividend payout ratio is currently 42.67%.
A number of equities research analysts recently weighed in on STI shares. Robert W. Baird restated a “hold” rating and issued a $55.00 target price on shares of SunTrust Banks in a report on Friday, August 25th. Morgan Stanley upgraded shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 target price on the stock in a report on Thursday, August 3rd. Zacks Investment Research upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Friday, September 22nd. Wells Fargo & Company assumed coverage on shares of SunTrust Banks in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $70.00 price objective for the company. Finally, Keefe, Bruyette & Woods set a $58.00 price objective on shares of SunTrust Banks and gave the company a “hold” rating in a research note on Thursday, July 6th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and eleven have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $61.55.
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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