California State Teachers Retirement System Has $50.84 Million Holdings in SunTrust Banks, Inc. (STI)
California State Teachers Retirement System decreased its holdings in shares of SunTrust Banks, Inc. (NYSE:STI) by 7.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 850,592 shares of the financial services provider’s stock after selling 72,034 shares during the period. California State Teachers Retirement System owned 0.18% of SunTrust Banks worth $50,840,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in STI. Fiduciary Trust Co. bought a new stake in shares of SunTrust Banks during the second quarter valued at approximately $118,000. Advisory Services Network LLC increased its position in shares of SunTrust Banks by 0.9% during the second quarter. Advisory Services Network LLC now owns 2,140 shares of the financial services provider’s stock valued at $121,000 after acquiring an additional 20 shares in the last quarter. Westwood Holdings Group Inc. bought a new stake in shares of SunTrust Banks during the second quarter valued at approximately $136,000. Tiedemann Wealth Management LLC increased its position in shares of SunTrust Banks by 12.1% during the third quarter. Tiedemann Wealth Management LLC now owns 26,961 shares of the financial services provider’s stock valued at $142,000 after acquiring an additional 2,920 shares in the last quarter. Finally, Dupont Capital Management Corp increased its position in shares of SunTrust Banks by 55.2% during the third quarter. Dupont Capital Management Corp now owns 2,623 shares of the financial services provider’s stock valued at $157,000 after acquiring an additional 933 shares in the last quarter. 80.83% of the stock is owned by institutional investors and hedge funds.
STI has been the subject of several analyst reports. Credit Suisse Group raised shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and raised their price target for the company from $56.00 to $60.00 in a research report on Monday, October 9th. Barclays raised their price target on shares of SunTrust Banks from $65.00 to $68.00 and gave the company an “equal weight” rating in a research report on Monday, October 23rd. Raymond James Financial downgraded shares of SunTrust Banks from an “outperform” rating to a “market perform” rating in a research report on Monday, October 23rd. Robert W. Baird reissued a “hold” rating and set a $55.00 price target on shares of SunTrust Banks in a research report on Friday, August 25th. Finally, Zacks Investment Research downgraded shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Monday, September 25th. Fifteen research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $64.58.
Shares of SunTrust Banks, Inc. (STI) traded down $0.52 during mid-day trading on Friday, reaching $64.05. 5,026,000 shares of the company traded hands, compared to its average volume of 3,412,155. SunTrust Banks, Inc. has a 52 week low of $51.96 and a 52 week high of $66.11. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $30,727.95, a PE ratio of 16.72, a P/E/G ratio of 1.74 and a beta of 1.29.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, October 20th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.06. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.30 billion. SunTrust Banks had a net margin of 20.88% and a return on equity of 8.83%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the company posted $0.91 earnings per share. analysts predict that SunTrust Banks, Inc. will post 4.06 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend is Wednesday, November 29th. SunTrust Banks’s dividend payout ratio is presently 41.03%.
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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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