United Bank Has $227,000 Position in SunTrust Banks, Inc. (NYSE:STI)

United Bank continued to hold its position in shares of SunTrust Banks, Inc. (NYSE:STI) during the second quarter, according to its most recent disclosure with the SEC. The fund owned 4,007 shares of the financial services provider’s stock at the end of the second quarter. United Bank’s holdings in SunTrust Banks were worth $227,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Trust Co. of Virginia VA increased its position in SunTrust Banks by 74.3% in the first quarter. Trust Co. of Virginia VA now owns 9,343 shares of the financial services provider’s stock worth $517,000 after buying an additional 3,984 shares during the last quarter. Park National Corp OH increased its position in SunTrust Banks by 0.8% in the second quarter. Park National Corp OH now owns 9,907 shares of the financial services provider’s stock worth $562,000 after buying an additional 80 shares during the last quarter. Washington Trust Bank increased its position in SunTrust Banks by 17.0% in the first quarter. Washington Trust Bank now owns 5,220 shares of the financial services provider’s stock worth $289,000 after buying an additional 759 shares during the last quarter. Nordea Investment Management AB increased its position in SunTrust Banks by 11.9% in the first quarter. Nordea Investment Management AB now owns 213,040 shares of the financial services provider’s stock worth $11,781,000 after buying an additional 22,620 shares during the last quarter. Finally, Congress Asset Management Co. MA increased its position in SunTrust Banks by 2.7% in the first quarter. Congress Asset Management Co. MA now owns 729,210 shares of the financial services provider’s stock valued at $40,325,000 after buying an additional 19,361 shares during the last quarter. Hedge funds and other institutional investors own 82.10% of the company’s stock.

SunTrust Banks, Inc. (NYSE STI) traded down 0.76% during midday trading on Friday, reaching $55.99. 3,418,636 shares of the company’s stock traded hands. The stock has a market cap of $26.97 billion, a PE ratio of 14.89 and a beta of 1.33. SunTrust Banks, Inc. has a one year low of $41.46 and a one year high of $61.69. The stock’s 50 day moving average price is $56.86 and its 200-day moving average price is $56.69.

SunTrust Banks (NYSE:STI) last announced its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping the Zacks’ 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 firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter last year, the business posted $0.94 earnings per share. The firm’s revenue was up 2.0% compared to the same quarter last year. Equities analysts predict that SunTrust Banks, Inc. will post $4.04 earnings per share for the current year.

SunTrust Banks declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be given a dividend of $0.40 per share. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date is Tuesday, August 29th. This represents a $1.60 dividend on an annualized basis and a yield of 2.86%. SunTrust Banks’s dividend payout ratio (DPR) is presently 27.73%.

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Several research analysts have weighed in on the stock. Wells Fargo & Company assumed coverage on shares of SunTrust Banks in a report on Wednesday. They set an “outperform” rating and a $70.00 price objective on the stock. Morgan Stanley upgraded shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price objective on the stock in a report on Thursday, August 3rd. Royal Bank Of Canada restated a “buy” rating and set a $60.00 price objective on shares of SunTrust Banks in a report on Thursday, July 27th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of SunTrust Banks in a report on Sunday, July 23rd. Finally, BidaskClub downgraded shares of SunTrust Banks from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eleven have given a buy rating to the company. SunTrust Banks has a consensus rating of “Hold” and an average 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.

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

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