Jefferies Group Weighs in on SunTrust Banks, Inc.’s FY2019 Earnings (STI)
SunTrust Banks, Inc. (NYSE:STI) – Equities research analysts at Jefferies Group issued their FY2019 earnings estimates for SunTrust Banks in a research report issued on Monday. Jefferies Group analyst K. Usdin anticipates that the financial services provider will post earnings per share of $4.80 for the year.
A number of other equities analysts have also recently commented on the stock. Citigroup Inc. reaffirmed a “neutral” rating and issued a $63.00 target price (up from $60.00) on shares of SunTrust Banks in a report on Monday. Credit Suisse Group upgraded shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $56.00 to $60.00 in a research report on Monday. UBS AG restated a “neutral” rating and set a $62.00 target price (up from $61.00) on shares of SunTrust Banks in a research report on Friday, October 6th. Zacks Investment Research upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Tuesday. Finally, FBR & Co lowered shares of SunTrust Banks from a “buy” rating to a “neutral” rating and set a $62.00 price objective on the stock. in a research report on Tuesday. Sixteen investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $62.18.
Shares of SunTrust Banks (NYSE:STI) traded down 0.86% during midday trading on Tuesday, hitting $60.24. 2,170,664 shares of the stock traded hands. SunTrust Banks has a 52-week low of $44.25 and a 52-week high of $61.69. The stock has a 50-day moving average of $56.74 and a 200-day moving average of $56.22. The company has a market cap of $28.91 billion, a price-to-earnings ratio of 56.30 and a beta of 1.31.
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 the consensus estimate of $0.98 by $0.05. The company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.29 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.94 EPS.
Large investors have recently added to or reduced their stakes in the stock. Keybank National Association OH boosted its position in shares of SunTrust Banks by 2.5% in the 2nd quarter. Keybank National Association OH now owns 147,647 shares of the financial services provider’s stock valued at $8,375,000 after purchasing an additional 3,564 shares during the period. Park National Corp OH boosted its position in shares of SunTrust Banks by 0.8% in the 2nd quarter. Park National Corp OH now owns 9,907 shares of the financial services provider’s stock valued at $562,000 after purchasing an additional 80 shares during the period. Ballentine Partners LLC acquired a new position in shares of SunTrust Banks in the 1st quarter valued at $275,000. HPM Partners LLC boosted its position in shares of SunTrust Banks by 32.5% in the 2nd quarter. HPM Partners LLC now owns 95,768 shares of the financial services provider’s stock valued at $4,681,000 after purchasing an additional 23,506 shares during the period. Finally, Airain ltd boosted its position in shares of SunTrust Banks by 479.9% in the 2nd quarter. Airain ltd now owns 59,044 shares of the financial services provider’s stock valued at $3,349,000 after purchasing an additional 48,863 shares during the period. Institutional investors and hedge funds own 81.18% of the company’s stock.
In other news, insider Susan S. Johnson sold 808 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 3,515 shares of the company’s stock, valued at $201,550.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is currently owned by company insiders.
SunTrust Banks declared that its board has authorized a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $1.32 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.63%. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, August 29th. SunTrust Banks’s dividend payout ratio (DPR) is 42.67%.
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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