Denali Advisors LLC Acquires New Holdings in SunTrust Banks, Inc. (STI)
Denali Advisors LLC bought a new position in SunTrust Banks, Inc. (NYSE:STI) in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,900 shares of the financial services provider’s stock, valued at approximately $127,000.
A number of other hedge funds have also recently modified their holdings of the stock. LSV Asset Management raised its stake in SunTrust Banks by 0.3% in the 2nd quarter. LSV Asset Management now owns 6,471,822 shares of the financial services provider’s stock worth $427,269,000 after acquiring an additional 21,800 shares during the last quarter. Boston Partners raised its stake in SunTrust Banks by 1.3% in the 2nd quarter. Boston Partners now owns 5,449,455 shares of the financial services provider’s stock worth $359,773,000 after acquiring an additional 71,355 shares during the last quarter. Northern Trust Corp raised its stake in SunTrust Banks by 1.7% in the 2nd quarter. Northern Trust Corp now owns 5,163,571 shares of the financial services provider’s stock worth $340,899,000 after acquiring an additional 87,873 shares during the last quarter. Bank of Montreal Can raised its stake in SunTrust Banks by 169.8% in the 2nd quarter. Bank of Montreal Can now owns 4,117,886 shares of the financial services provider’s stock worth $271,863,000 after acquiring an additional 2,591,748 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in SunTrust Banks by 71.6% in the 2nd quarter. First Trust Advisors LP now owns 1,822,123 shares of the financial services provider’s stock worth $120,297,000 after acquiring an additional 760,417 shares during the last quarter. Institutional investors own 83.86% of the company’s stock.
In other SunTrust Banks news, EVP Jorge Arrieta sold 2,500 shares of SunTrust Banks stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $73.13, for a total transaction of $182,825.00. Following the completion of the transaction, the executive vice president now owns 6,148 shares in the company, valued at approximately $449,603.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.52% of the company’s stock.
SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, July 20th. The financial services provider reported $1.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.19. The business had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.33 billion. SunTrust Banks had a return on equity of 10.94% and a net margin of 26.41%. The company’s revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the business posted $1.03 EPS. Analysts forecast that SunTrust Banks, Inc. will post 5.59 EPS for the current year.
SunTrust Banks announced that its board has approved 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 purchase up to 6.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Friday, August 31st were paid a dividend of $0.50 per share. The ex-dividend date was Thursday, August 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.06%. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.40. SunTrust Banks’s dividend payout ratio (DPR) is presently 49.50%.
A number of equities analysts recently issued reports on the company. Morgan Stanley raised their target price on SunTrust Banks from $80.00 to $86.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 24th. Ameriprise Financial upgraded SunTrust Banks from a “neutral” rating to a “buy” rating in a research note on Monday, July 23rd. B. Riley upgraded SunTrust Banks from a “neutral” rating to a “buy” rating and raised their target price for the stock from $70.00 to $81.00 in a research note on Monday, July 23rd. Jefferies Financial Group restated a “buy” rating and issued a $75.00 target price on shares of SunTrust Banks in a research note on Monday. Finally, Macquarie lowered SunTrust Banks to an “underperform” rating in a research note on Monday, July 23rd. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $74.42.
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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