Canada Pension Plan Investment Board Reduces Stake in SunTrust Banks, Inc. (NYSE:STI)

Canada Pension Plan Investment Board cut its position in SunTrust Banks, Inc. (NYSE:STI) by 13.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 729,315 shares of the financial services provider’s stock after selling 117,000 shares during the period. Canada Pension Plan Investment Board owned approximately 0.15% of SunTrust Banks worth $41,367,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Investec Asset Management LTD boosted its position in SunTrust Banks by 64.9% in the first quarter. Investec Asset Management LTD now owns 4,321,742 shares of the financial services provider’s stock worth $238,992,000 after buying an additional 1,701,169 shares during the last quarter. First Trust Advisors LP boosted its position in SunTrust Banks by 351.1% in the first quarter. First Trust Advisors LP now owns 1,760,540 shares of the financial services provider’s stock worth $97,358,000 after buying an additional 1,370,247 shares during the last quarter. Janus Capital Management LLC boosted its position in SunTrust Banks by 229.6% in the first quarter. Janus Capital Management LLC now owns 1,467,404 shares of the financial services provider’s stock worth $81,147,000 after buying an additional 1,022,200 shares during the last quarter. AQR Capital Management LLC boosted its position in SunTrust Banks by 8.6% in the first quarter. AQR Capital Management LLC now owns 8,758,128 shares of the financial services provider’s stock worth $484,324,000 after buying an additional 694,144 shares during the last quarter. Finally, FMR LLC boosted its position in SunTrust Banks by 1.6% in the first quarter. FMR LLC now owns 28,395,709 shares of the financial services provider’s stock worth $1,570,283,000 after buying an additional 459,526 shares during the last quarter. Hedge funds and other institutional investors own 82.10% of the company’s stock.

SunTrust Banks, Inc. (STI) opened at 55.99 on Friday. SunTrust Banks, Inc. has a 52-week low of $41.76 and a 52-week high of $61.69. The firm’s 50-day moving average price is $56.86 and its 200-day moving average price is $56.69. The company has a market cap of $26.97 billion, a price-to-earnings 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, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.05. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter in the previous year, the firm posted $0.94 earnings per share. The company’s revenue was up 2.0% on a year-over-year basis. On average, equities analysts anticipate that SunTrust Banks, Inc. will post $4.04 EPS for the current year.

SunTrust Banks announced that its board has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 4.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

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

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A number of equities analysts have recently issued reports on STI shares. Wedbush upgraded SunTrust Banks from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $60.00 to $63.00 in a report on Monday, May 1st. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $58.00 price objective on shares of SunTrust Banks in a report on Friday, May 5th. Bank of America Corporation reiterated a “hold” rating on shares of SunTrust Banks in a report on Monday, April 24th. Rafferty Capital Markets upped their price objective on SunTrust Banks from $63.00 to $64.50 and gave the stock a “buy” rating in a report on Monday, April 24th. Finally, BidaskClub upgraded SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have issued a buy rating to the company. SunTrust Banks has a consensus rating of “Hold” and a consensus target price 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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Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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