SunTrust Banks, Inc. (STI) Holdings Decreased by Cedar Hill Associates LLC
Cedar Hill Associates LLC reduced its position in SunTrust Banks, Inc. (NYSE:STI) by 10.6% in the second quarter, HoldingsChannel.com reports. The firm owned 88,930 shares of the financial services provider’s stock after selling 10,585 shares during the period. Cedar Hill Associates LLC’s holdings in SunTrust Banks were worth $5,871,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of SunTrust Banks by 13.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 123,118 shares of the financial services provider’s stock worth $8,128,000 after purchasing an additional 14,845 shares during the period. Dean Capital Investments Management LLC bought a new position in shares of SunTrust Banks in the second quarter worth approximately $423,000. Nomura Asset Management Co. Ltd. boosted its position in shares of SunTrust Banks by 3.2% in the second quarter. Nomura Asset Management Co. Ltd. now owns 86,329 shares of the financial services provider’s stock worth $5,699,000 after purchasing an additional 2,711 shares during the period. Brightworth bought a new position in shares of SunTrust Banks in the second quarter worth approximately $1,599,000. Finally, Boston Partners boosted its position in shares of SunTrust Banks by 1.3% in the second quarter. Boston Partners now owns 5,449,455 shares of the financial services provider’s stock worth $359,773,000 after purchasing an additional 71,355 shares during the period. Institutional investors and hedge funds own 84.13% of the company’s stock.
A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $79.00 price target on shares of SunTrust Banks in a research report on Monday, July 23rd. Jefferies Financial Group reissued a “buy” rating and issued a $80.00 target price on shares of SunTrust Banks in a report on Tuesday, July 24th. Argus boosted their target price on shares of SunTrust Banks to $81.00 and gave the stock a “buy” rating in a report on Wednesday, July 25th. Zacks Investment Research raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $76.00 target price on the stock in a report on Monday, July 16th. Finally, BMO Capital Markets boosted their target price on shares of SunTrust Banks from $73.00 to $74.00 and gave the stock a “$72.58” rating in a report on Monday, July 23rd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and fifteen have issued a buy rating to the stock. SunTrust Banks has a consensus rating of “Buy” and a consensus target price of $72.23.
SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, July 20th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.19. The company had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.33 billion. SunTrust Banks had a net margin of 26.41% and a return on equity of 10.94%. SunTrust Banks’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.03 earnings per share. equities research analysts predict that SunTrust Banks, Inc. will post 5.58 earnings per share for the current fiscal year.
SunTrust Banks announced that its board has initiated a share buyback plan on Thursday, June 28th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 6.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, EVP Jerome T. Lienhard sold 8,750 shares of the company’s stock in a transaction on Monday, May 14th. The shares were sold at an average price of $69.06, for a total transaction of $604,275.00. Following the sale, the executive vice president now owns 41,374 shares of the company’s stock, valued at $2,857,288.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Hugh S. Cummins III sold 11,000 shares of the company’s stock in a transaction on Monday, May 21st. The shares were sold at an average price of $69.00, for a total transaction of $759,000.00. Following the sale, the chief operating officer now directly owns 40,198 shares in the company, valued at approximately $2,773,662. The disclosure for this sale can be found here. 0.52% of the stock is owned by corporate insiders.
About SunTrust Banks
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, and institutions in the United States. It operates through two segments, Consumer and Wholesale. The Consumer segment provides deposits and payments; home equity and personal credit lines; auto, student, and other lending products; credit cards; discount/online and full-service brokerage products; professional investment advisory products and services; and trust services, as well as family office solutions.
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