SunTrust Banks (STI) Hits New 52-Week High at $65.03

SunTrust Banks, Inc. (NYSE:STI)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $65.03 and last traded at $64.03, with a volume of 5172700 shares changing hands. The stock had previously closed at $64.36.

Several equities analysts have weighed in on STI shares. Sandler O’Neill lowered SunTrust Banks from a “buy” rating to a “hold” rating and set a $62.00 target price on the stock. in a research note on Monday, October 23rd. Piper Jaffray Companies reissued a “buy” rating and issued a $63.00 target price on shares of SunTrust Banks in a research note on Monday, August 28th. Barclays increased their target price on SunTrust Banks from $65.00 to $68.00 and gave the company an “equal weight” rating in a research note on Monday, October 23rd. Nomura increased their target price on SunTrust Banks from $63.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, October 26th. Finally, Zacks Investment Research lowered SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Monday, September 25th. Seventeen investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $63.97.

The stock has a market cap of $30,480.41, a price-to-earnings ratio of 16.59, a PEG ratio of 1.72 and a beta of 1.29. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.50.

SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Friday, October 20th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.06. SunTrust Banks had a return on equity of 8.83% and a net margin of 20.88%. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.30 billion. During the same period in the prior year, the company earned $0.91 earnings per share. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. sell-side analysts predict that SunTrust Banks, Inc. will post 4.06 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be issued a $0.40 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.47%. SunTrust Banks’s dividend payout ratio (DPR) is currently 41.03%.

In related news, Vice Chairman Mark A. Chancy sold 4,000 shares of the stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $60.06, for a total transaction of $240,240.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kyle P. Legg sold 3,300 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $21.82, for a total value of $72,006.00. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of SunTrust Banks by 0.7% during the second quarter. Vanguard Group Inc. now owns 32,947,441 shares of the financial services provider’s stock worth $1,868,780,000 after buying an additional 227,501 shares in the last quarter. FMR LLC grew its stake in SunTrust Banks by 4.3% in the second quarter. FMR LLC now owns 29,614,981 shares of the financial services provider’s stock valued at $1,679,761,000 after purchasing an additional 1,219,272 shares in the last quarter. Capital World Investors grew its stake in SunTrust Banks by 20.7% in the second quarter. Capital World Investors now owns 29,513,083 shares of the financial services provider’s stock valued at $1,673,982,000 after purchasing an additional 5,056,000 shares in the last quarter. American Century Companies Inc. grew its stake in SunTrust Banks by 31.4% in the third quarter. American Century Companies Inc. now owns 7,293,744 shares of the financial services provider’s stock valued at $435,947,000 after purchasing an additional 1,742,756 shares in the last quarter. Finally, Boston Partners grew its stake in SunTrust Banks by 6.8% in the third quarter. Boston Partners now owns 6,812,235 shares of the financial services provider’s stock valued at $407,167,000 after purchasing an additional 433,042 shares in the last quarter. Institutional investors and hedge funds own 80.82% of the company’s stock.

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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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