Cadence Capital Management LLC decreased its holdings in SunTrust Banks, Inc. (NYSE:STI) by 28.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 60,051 shares of the financial services provider’s stock after selling 23,559 shares during the quarter. Cadence Capital Management LLC’s holdings in SunTrust Banks were worth $3,879,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. American Century Companies Inc. raised its stake in SunTrust Banks by 31.4% in the third quarter. American Century Companies Inc. now owns 7,293,744 shares of the financial services provider’s stock worth $435,947,000 after buying an additional 1,742,756 shares in the last quarter. Boston Partners raised its stake in SunTrust Banks by 3.2% in the fourth quarter. Boston Partners now owns 7,033,278 shares of the financial services provider’s stock worth $454,279,000 after buying an additional 221,043 shares in the last quarter. Bank of New York Mellon Corp raised its stake in SunTrust Banks by 7.3% in the third quarter. Bank of New York Mellon Corp now owns 6,448,472 shares of the financial services provider’s stock worth $385,427,000 after buying an additional 437,387 shares in the last quarter. LSV Asset Management raised its stake in SunTrust Banks by 0.5% in the fourth quarter. LSV Asset Management now owns 6,367,422 shares of the financial services provider’s stock worth $411,271,000 after buying an additional 33,530 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in SunTrust Banks by 9.5% in the fourth quarter. Victory Capital Management Inc. now owns 6,359,543 shares of the financial services provider’s stock worth $410,764,000 after buying an additional 549,640 shares in the last quarter. 81.82% of the stock is owned by institutional investors.

STI has been the subject of a number of recent research reports. Royal Bank of Canada reissued a “buy” rating and issued a $65.00 price objective on shares of SunTrust Banks in a research note on Monday, October 23rd. Jefferies Group reissued a “buy” rating and issued a $69.00 price objective on shares of SunTrust Banks in a research note on Thursday, October 12th. UBS Group raised shares of SunTrust Banks from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $62.00 to $73.00 in a report on Tuesday, December 12th. Zacks Investment Research raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $74.00 price target on the stock in a report on Tuesday, December 26th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $77.00 price target on shares of SunTrust Banks in a report on Friday, December 29th. Fifteen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. SunTrust Banks presently has an average rating of “Hold” and a consensus price target of $69.02.

Shares of SunTrust Banks, Inc. (STI) opened at $69.01 on Thursday. The firm has a market cap of $32,850.00, a price-to-earnings ratio of 15.40, a PEG ratio of 1.24 and a beta of 1.37. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.43. SunTrust Banks, Inc. has a 1-year low of $51.96 and a 1-year high of $72.06.

SunTrust Banks (NYSE:STI) last announced its quarterly earnings data on Friday, January 19th. The financial services provider reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.04. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.32 billion. SunTrust Banks had a net margin of 23.35% and a return on equity of 9.18%. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 earnings per share. analysts predict that SunTrust Banks, Inc. will post 5.03 EPS for the current fiscal year.

In other news, EVP Jerome T. Lienhard sold 29,248 shares of the business’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $17.37, for a total transaction of $508,037.76. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Mark A. Chancy sold 4,000 shares of the business’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $60.06, for a total transaction of $240,240.00. The disclosure for this sale can be found here. 0.55% of the stock is owned by insiders.

ILLEGAL ACTIVITY NOTICE: “Cadence Capital Management LLC Sells 23,559 Shares of SunTrust Banks, Inc. (STI)” was originally published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are viewing this piece on another publication, it was copied illegally and republished in violation of US and international trademark & copyright legislation. The original version of this piece can be read at https://www.thecerbatgem.com/2018/02/08/cadence-capital-management-llc-sells-23559-shares-of-suntrust-banks-inc-sti.html.

SunTrust Banks 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.

Want to see what other hedge funds are holding STI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SunTrust Banks, Inc. (NYSE:STI).

Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

Receive News & Ratings for SunTrust Banks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SunTrust Banks and related companies with MarketBeat.com's FREE daily email newsletter.