SunTrust Banks, Inc. (NYSE:STI) – Equities researchers at Oppenheimer Holdings lowered their Q3 2017 earnings estimates for shares of SunTrust Banks in a report issued on Sunday. Oppenheimer Holdings analyst B. Chittenden now forecasts that the financial services provider will post earnings per share of $1.03 for the quarter, down from their previous forecast of $1.07. Oppenheimer Holdings has a “Hold” rating on the stock. Oppenheimer Holdings also issued estimates for SunTrust Banks’ FY2018 earnings at $4.37 EPS.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping the 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 for the quarter, compared to analyst estimates of $2.29 billion. During the same period last year, the company earned $0.94 EPS. SunTrust Banks’s revenue for the quarter was up 2.0% compared to the same quarter last year. COPYRIGHT VIOLATION NOTICE: This piece was published by BNB Daily and is the sole property of of BNB Daily. If you are viewing this piece on another domain, it was illegally copied and reposted in violation of United States & international copyright law. The legal version of this piece can be accessed at https://www.baseball-news-blog.com/2017/08/19/q3-2017-eps-estimates-for-suntrust-banks-inc-reduced-by-oppenheimer-holdings-nysesti-updated-updated-updated.html.
STI has been the topic of several other reports. BidaskClub cut SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Saturday, June 24th. Keefe, Bruyette & Woods set a $58.00 price objective on SunTrust Banks and gave the stock a “hold” rating in a research note on Monday, June 5th. Jefferies Group LLC raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a research note on Monday, April 3rd. Zacks Investment Research raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research note on Tuesday, March 28th. Finally, FBR & Co set a $65.00 price objective on SunTrust Banks and gave the stock a “buy” rating in a research note on Monday, April 24th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have given a buy rating to the company’s stock. SunTrust Banks currently has an average rating of “Hold” and an average target price of $57.39.
SunTrust Banks (STI) opened at 57.04 on Tuesday. The company has a market capitalization of $27.55 billion, a price-to-earnings ratio of 15.17 and a beta of 1.33. The company’s 50-day moving average price is $56.11 and its 200 day moving average price is $56.50. SunTrust Banks has a 52-week low of $41.07 and a 52-week high of $61.69.
Hedge funds have recently bought and sold shares of the company. Denali Advisors LLC raised its stake in SunTrust Banks by 8.1% in the first quarter. Denali Advisors LLC now owns 48,000 shares of the financial services provider’s stock worth $2,654,000 after buying an additional 3,600 shares in the last quarter. Trust Co bought a new stake in SunTrust Banks during the fourth quarter worth $202,000. Fulton Bank N.A. raised its stake in SunTrust Banks by 2.6% in the first quarter. Fulton Bank N.A. now owns 16,253 shares of the financial services provider’s stock worth $898,000 after buying an additional 408 shares in the last quarter. CENTRAL TRUST Co raised its stake in SunTrust Banks by 2.7% in the first quarter. CENTRAL TRUST Co now owns 64,261 shares of the financial services provider’s stock worth $3,554,000 after buying an additional 1,695 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. raised its stake in SunTrust Banks by 3.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 433,755 shares of the financial services provider’s stock worth $23,986,000 after buying an additional 13,513 shares in the last quarter. Institutional investors own 81.90% of the company’s stock.
SunTrust Banks announced that its board has authorized a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in 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 usually an indication that the company’s leadership believes its shares are undervalued.
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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