Eagle Global Advisors LLC boosted its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 1.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 279,225 shares of the financial services provider’s stock after buying an additional 3,034 shares during the period. Eagle Global Advisors LLC owned approximately 0.06% of SunTrust Banks worth $15,838,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in STI. Guardian Life Insurance Co. of America increased its stake 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 valued at $105,000 after buying an additional 18 shares in the last quarter. Canal Capital Management LLC boosted its position in SunTrust Banks by 0.4% in the second quarter. Canal Capital Management LLC now owns 6,318 shares of the financial services provider’s stock worth $358,000 after buying an additional 27 shares in the last quarter. Capital Management Corp VA boosted its position in SunTrust Banks by 0.4% in the first quarter. Capital Management Corp VA now owns 8,163 shares of the financial services provider’s stock worth $451,000 after buying an additional 35 shares in the last quarter. Great Lakes Advisors LLC boosted its position in SunTrust Banks by 0.5% in the first quarter. Great Lakes Advisors LLC now owns 8,984 shares of the financial services provider’s stock worth $497,000 after buying an additional 43 shares in the last quarter. Finally, Ronald Blue & Co. LLC boosted its position in shares of SunTrust Banks by 0.9% in the first quarter. Ronald Blue & Co. LLC now owns 6,315 shares of the financial services provider’s stock worth $349,000 after buying an additional 54 shares during the period. 82.08% of the stock is owned by institutional investors and hedge funds.
Shares of SunTrust Banks, Inc. (STI) opened at 56.13 on Friday. The company’s 50-day moving average is $57.06 and its 200-day moving average is $56.67. The stock has a market cap of $27.03 billion, a PE ratio of 14.93 and a beta of 1.33. SunTrust Banks, Inc. has a 52-week low of $42.36 and a 52-week high of $61.69.
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. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.29 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. SunTrust Banks’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 EPS. Equities analysts anticipate that SunTrust Banks, Inc. will post $4.04 EPS for the current year.
SunTrust Banks declared that its board has authorized 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 purchase up to 4.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $1.60 dividend on an annualized basis and a yield of 2.85%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s dividend payout ratio is presently 27.73%.
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Several analysts recently issued reports on the company. FBR & Co set a $65.00 target price on SunTrust Banks and gave the stock a “buy” rating in a research note on Monday, April 24th. Bank of America Corporation restated a “hold” rating on shares of SunTrust Banks in a report on Monday, April 24th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of SunTrust Banks in a report on Sunday, April 23rd. Morgan Stanley upgraded shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 target price for the company in a report on Thursday, August 3rd. Finally, Zacks Investment Research lowered shares of SunTrust Banks from a “buy” rating to a “hold” rating in a report on Tuesday, April 25th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eleven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $60.08.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $57.34, for a total transaction of $46,330.72. Following the completion of the transaction, the insider now owns 3,515 shares in the company, valued at approximately $201,550.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.55% of the stock is currently owned by corporate insiders.
SunTrust Banks Company Profile
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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