Morgan Stanley restated their equal weight rating on shares of SunTrust Banks (NYSE:STI) in a research note published on Monday morning, MarketBeat reports. The firm currently has a $73.00 target price on the financial services provider’s stock, down from their previous target price of $80.00.
STI has been the topic of a number of other research reports. BMO Capital Markets restated a hold rating and set a $61.00 target price on shares of SunTrust Banks in a research note on Sunday, January 20th. ValuEngine upgraded shares of SunTrust Banks from a sell rating to a hold rating in a research note on Saturday, January 19th. Robert W. Baird upgraded shares of SunTrust Banks from a neutral rating to an outperform rating and decreased their target price for the stock from $70.00 to $62.00 in a research note on Wednesday, January 2nd. Wedbush raised their target price on shares of SunTrust Banks from $57.00 to $63.00 and gave the stock a neutral rating in a research note on Tuesday, January 22nd. Finally, UBS Group cut shares of SunTrust Banks from a buy rating to a neutral rating and raised their target price for the stock from $68.00 to $71.00 in a research note on Monday, March 4th. Sixteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $71.20.
NYSE STI opened at $64.09 on Monday. SunTrust Banks has a 12 month low of $46.05 and a 12 month high of $75.08. The company has a market cap of $28.37 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 1.31 and a beta of 1.55. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.68.
SunTrust Banks (NYSE:STI) last released its earnings results on Friday, January 18th. The financial services provider reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.10. SunTrust Banks had a net margin of 26.61% and a return on equity of 12.40%. The company had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.37 billion. During the same quarter last year, the business earned $1.09 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. As a group, analysts expect that SunTrust Banks will post 5.8 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Thursday, February 28th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend is Wednesday, February 27th. SunTrust Banks’s dividend payout ratio (DPR) is currently 35.09%.
In related news, EVP Jorge Arrieta sold 4,000 shares of the firm’s stock in a transaction on Monday, February 25th. The shares were sold at an average price of $66.25, for a total value of $265,000.00. Following the completion of the transaction, the executive vice president now directly owns 8,662 shares of the company’s stock, valued at $573,857.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Vice Chairman Mark A. Chancy sold 10,000 shares of the firm’s stock in a transaction on Tuesday, February 26th. The shares were sold at an average price of $65.38, for a total transaction of $653,800.00. Following the completion of the transaction, the insider now directly owns 205,846 shares of the company’s stock, valued at $13,458,211.48. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.
Several hedge funds have recently bought and sold shares of STI. Capital International Investors purchased a new position in shares of SunTrust Banks in the third quarter valued at $441,578,000. Norges Bank purchased a new position in shares of SunTrust Banks in the fourth quarter valued at $204,713,000. Oregon Public Employees Retirement Fund grew its holdings in shares of SunTrust Banks by 4,883.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,581,469 shares of the financial services provider’s stock valued at $51,000 after purchasing an additional 2,529,671 shares in the last quarter. Bessemer Group Inc. boosted its stake in SunTrust Banks by 21,740.3% during the fourth quarter. Bessemer Group Inc. now owns 1,416,126 shares of the financial services provider’s stock worth $71,429,000 after buying an additional 1,409,642 shares during the period. Finally, Two Sigma Advisers LP boosted its stake in SunTrust Banks by 229.4% during the fourth quarter. Two Sigma Advisers LP now owns 1,766,609 shares of the financial services provider’s stock worth $89,108,000 after buying an additional 1,230,300 shares during the period. 95.47% of the stock is owned by hedge funds and other institutional investors.
About SunTrust Banks
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, institutions, and not-for-profit entities in the United States. It operates in two segments, Consumer and Wholesale. The Consumer segment provides deposits and payments; home equity and personal credit lines; auto, student, and other lending products; credit cards; discount/online and full-service brokerage products; professional investment advisory products and services; and trust services, as well as family office solutions.
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