Oregon Public Employees Retirement Fund boosted its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 84.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 163,827 shares of the financial services provider’s stock after buying an additional 75,200 shares during the period. Oregon Public Employees Retirement Fund’s holdings in SunTrust Banks were worth $9,292,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Whittier Trust Co. boosted its position in shares of SunTrust Banks by 3.1% in the first quarter. Whittier Trust Co. now owns 1,909 shares of the financial services provider’s stock valued at $105,000 after buying an additional 58 shares during the last quarter. Guardian Life Insurance Co. of America boosted its position in SunTrust Banks by 1.0% in the first quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock worth $105,000 after buying an additional 18 shares in the last quarter. Advisory Services Network LLC bought a new position in SunTrust Banks during the first quarter worth about $117,000. Bronfman E.L. Rothschild L.P. boosted its position in SunTrust Banks by 9.2% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,269 shares of the financial services provider’s stock worth $125,000 after buying an additional 192 shares in the last quarter. Finally, Independent Portfolio Consultants Inc. boosted its position in SunTrust Banks by 184.7% in the second quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock worth $150,000 after buying an additional 1,718 shares in the last quarter. Institutional investors own 82.10% of the company’s stock.
SunTrust Banks, Inc. (STI) traded down 0.76% during mid-day trading on Friday, reaching $55.99. 3,418,636 shares of the company were exchanged. The stock has a 50-day moving average price of $56.86 and a 200 day moving average price of $56.69. SunTrust Banks, Inc. has a one year low of $41.46 and a one year high of $61.69. The company has a market capitalization of $26.97 billion, a PE ratio of 14.89 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.05. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the prior year, the company posted $0.94 EPS. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. Analysts predict that SunTrust Banks, Inc. will post $4.04 EPS for the current year.
SunTrust Banks declared that its board has authorized a stock buyback program on Wednesday, June 28th that allows the company to repurchase $1.32 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.86%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date is Tuesday, August 29th. SunTrust Banks’s dividend payout ratio is presently 27.73%.
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A number of research firms recently issued reports on STI. Morgan Stanley upgraded shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price objective for the company in a research report on Thursday, August 3rd. FBR & Co set a $65.00 target price on shares of SunTrust Banks and gave the stock a “buy” rating in a report on Monday, April 24th. Royal Bank Of Canada reissued a “buy” rating and set a $60.00 target price on shares of SunTrust Banks in a report on Thursday, July 27th. Wells Fargo & Company assumed coverage on shares of SunTrust Banks in a research note on Wednesday. They issued an “outperform” rating and a $70.00 price objective on the stock. Finally, BidaskClub lowered shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $59.18.
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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