Delta Asset Management LLC TN reduced its stake in SunTrust Banks, Inc. (NYSE:STI) by 0.6% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 312,894 shares of the financial services provider’s stock after selling 1,763 shares during the period. SunTrust Banks accounts for about 2.7% of Delta Asset Management LLC TN’s portfolio, making the stock its 14th largest position. Delta Asset Management LLC TN owned 0.06% of SunTrust Banks worth $17,748,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in STI. Wealthfront Inc. boosted its position in shares of SunTrust Banks by 9.1% in the fourth quarter. Wealthfront Inc. now owns 11,118 shares of the financial services provider’s stock valued at $610,000 after buying an additional 931 shares during the last quarter. USA Financial Portformulas Corp purchased a new position in shares of SunTrust Banks during the fourth quarter valued at about $3,221,000. Whalerock Point Partners LLC purchased a new position in shares of SunTrust Banks during the fourth quarter valued at about $251,000. Pegasus Partners Ltd. boosted its position in shares of SunTrust Banks by 3.4% in the fourth quarter. Pegasus Partners Ltd. now owns 18,866 shares of the financial services provider’s stock valued at $1,035,000 after buying an additional 626 shares during the last quarter. Finally, Teachers Advisors LLC boosted its position in shares of SunTrust Banks by 0.3% in the fourth quarter. Teachers Advisors LLC now owns 1,945,009 shares of the financial services provider’s stock valued at $106,684,000 after buying an additional 4,937 shares during the last quarter. 82.10% of the stock is currently owned by institutional investors and hedge funds.
Shares of SunTrust Banks, Inc. (NYSE:STI) traded down 0.76% during midday trading on Friday, hitting $55.99. The company’s stock had a trading volume of 3,418,636 shares. The firm has a market cap of $26.97 billion, a price-to-earnings ratio of 14.89 and a beta of 1.33. The firm has a 50-day moving average of $56.86 and a 200 day moving average of $56.69. SunTrust Banks, Inc. has a 12-month low of $41.76 and a 12-month high of $61.69.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, beating 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 business had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same period 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 research analysts predict that SunTrust Banks, Inc. will post $4.04 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.86%. SunTrust Banks’s payout ratio is presently 27.73%.
SunTrust Banks announced that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that permits the company to repurchase $1.32 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
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STI has been the topic of a number of analyst reports. Wedbush raised SunTrust Banks from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $60.00 to $63.00 in a research report on Monday, May 1st. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of SunTrust Banks in a research report on Sunday, July 23rd. Robert W. Baird raised SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 price objective on the stock in a research report on Monday, June 5th. Instinet reissued a “neutral” rating and issued a $61.00 price target on shares of SunTrust Banks in a report on Wednesday, July 12th. Finally, BidaskClub raised SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, June 14th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $59.18.
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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