SunTrust Banks, Inc. (STI) Shares Sold by Oppenheimer Asset Management Inc.
Oppenheimer Asset Management Inc. lowered its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 9.3% in the first quarter, Holdings Channel reports. The fund owned 233,146 shares of the financial services provider’s stock after selling 23,785 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in SunTrust Banks were worth $13,815,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Eqis Capital Management Inc. grew its holdings in shares of SunTrust Banks by 2.8% during the 1st quarter. Eqis Capital Management Inc. now owns 6,227 shares of the financial services provider’s stock worth $369,000 after purchasing an additional 168 shares during the period. First Manhattan Co. grew its holdings in shares of SunTrust Banks by 1.5% during the 1st quarter. First Manhattan Co. now owns 13,154 shares of the financial services provider’s stock worth $779,000 after purchasing an additional 198 shares during the period. Rowland & Co. Investment Counsel ADV grew its holdings in shares of SunTrust Banks by 0.3% during the 4th quarter. Rowland & Co. Investment Counsel ADV now owns 66,070 shares of the financial services provider’s stock worth $3,333,000 after purchasing an additional 204 shares during the period. JOYN Advisors Inc. grew its holdings in shares of SunTrust Banks by 14.5% during the 4th quarter. JOYN Advisors Inc. now owns 1,718 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 218 shares during the period. Finally, Dixon Hubard Feinour & Brown Inc. VA grew its holdings in shares of SunTrust Banks by 1.9% during the 4th quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 11,806 shares of the financial services provider’s stock worth $595,000 after purchasing an additional 219 shares during the period. 81.15% of the stock is owned by institutional investors.
In other SunTrust Banks news, Vice Chairman Mark A. Chancy sold 10,000 shares of the stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $65.38, for a total value of $653,800.00. Following the sale, the insider now directly owns 205,846 shares of the company’s stock, valued at $13,458,211.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jorge Arrieta sold 4,000 shares of the stock in a transaction on Monday, February 25th. The stock was sold at an average price of $66.25, for a total value of $265,000.00. Following the completion of the sale, the executive vice president now directly owns 8,662 shares in the company, valued at $573,857.50. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.
SunTrust Banks (NYSE:STI) last announced its earnings results on Thursday, April 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.29 by $0.04. SunTrust Banks had a return on equity of 12.22% and a net margin of 25.26%. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same period in the prior year, the company posted $1.29 EPS. SunTrust Banks’s quarterly revenue was up 3.1% on a year-over-year basis. Sell-side analysts anticipate that SunTrust Banks, Inc. will post 5.74 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.13%. SunTrust Banks’s payout ratio is 35.09%.
STI has been the subject of a number of research reports. Zacks Investment Research upgraded SunTrust Banks from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a report on Saturday, January 5th. Wells Fargo & Co restated a “buy” rating on shares of SunTrust Banks in a report on Monday, March 18th. Morgan Stanley restated an “equal weight” rating and issued a $73.00 price target (down previously from $80.00) on shares of SunTrust Banks in a report on Monday, March 11th. BMO Capital Markets restated a “hold” rating and issued a $61.00 price target on shares of SunTrust Banks in a report on Sunday, January 20th. Finally, ValuEngine upgraded SunTrust Banks from a “sell” rating to a “hold” rating in a report on Saturday, January 19th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $70.65.
SunTrust Banks Profile
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, institutions, and not-for-profit entities in the United States. It operates in 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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