Princeton Global Asset Management LLC increased its stake in SunTrust Banks, Inc. (NYSE:STI) by 14.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,208 shares of the financial services provider’s stock after buying an additional 1,658 shares during the quarter. Princeton Global Asset Management LLC’s holdings in SunTrust Banks were worth $892,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of the company. Burt Wealth Advisors acquired a new position in shares of SunTrust Banks during the second quarter worth $43,000. Paloma Partners Management Co increased its stake in SunTrust Banks by 36.2% during the 2nd quarter. Paloma Partners Management Co now owns 31,984 shares of the financial services provider’s stock worth $2,010,000 after buying an additional 8,494 shares during the period. Skandinaviska Enskilda Banken AB publ increased its stake in SunTrust Banks by 5.2% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 77,401 shares of the financial services provider’s stock worth $4,865,000 after buying an additional 3,800 shares during the period. LPL Financial LLC lifted its holdings in SunTrust Banks by 31.9% in the 2nd quarter. LPL Financial LLC now owns 90,082 shares of the financial services provider’s stock worth $5,662,000 after buying an additional 21,807 shares in the last quarter. Finally, Capital Bank & Trust Co lifted its holdings in SunTrust Banks by 11.8% in the 2nd quarter. Capital Bank & Trust Co now owns 156,095 shares of the financial services provider’s stock worth $9,727,000 after buying an additional 16,474 shares in the last quarter. Institutional investors and hedge funds own 80.41% of the company’s stock.
STI has been the subject of a number of analyst reports. Morgan Stanley reissued a “hold” rating and issued a $72.00 price objective (up from $71.00) on shares of SunTrust Banks in a research report on Monday, November 18th. UBS Group dropped their target price on SunTrust Banks from $69.00 to $67.00 and set a “neutral” rating on the stock in a research report on Monday, October 21st. Jefferies Financial Group upgraded SunTrust Banks from a “hold” rating to a “buy” rating and boosted their price target for the stock from $67.00 to $75.00 in a research note on Tuesday, October 8th. Finally, Janney Montgomery Scott downgraded SunTrust Banks from a “buy” rating to a “neutral” rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $68.28.
In other SunTrust Banks news, COO Hugh S. Cummins III sold 25,000 shares of SunTrust Banks stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $70.00, for a total value of $1,750,000.00. Following the completion of the transaction, the chief operating officer now owns 68,404 shares of the company’s stock, valued at $4,788,280. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Laura Allison Dukes sold 1,032 shares of the business’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $70.29, for a total transaction of $72,539.28. Following the sale, the chief financial officer now owns 43,943 shares of the company’s stock, valued at approximately $3,088,753.47. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,032 shares of company stock valued at $3,014,559. 0.42% of the stock is owned by corporate insiders.
STI stock traded down $1.55 during mid-day trading on Tuesday, hitting $68.87. 1,819,758 shares of the company were exchanged, compared to its average volume of 3,114,714. The company has a market capitalization of $31.46 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 1.61 and a beta of 1.53. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.83. SunTrust Banks, Inc. has a twelve month low of $46.05 and a twelve month high of $71.75. The firm has a fifty day simple moving average of $69.82 and a 200 day simple moving average of $65.23.
SunTrust Banks (NYSE:STI) last issued its earnings results on Thursday, October 17th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.40. SunTrust Banks had a net margin of 22.31% and a return on equity of 11.40%. The business had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.33 billion. During the same quarter in the prior year, the business posted $1.56 EPS. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, sell-side analysts anticipate that SunTrust Banks, Inc. will post 5.51 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, November 18th. Investors of record on Friday, November 8th were paid a $0.56 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $2.24 dividend on an annualized basis and a yield of 3.25%. SunTrust Banks’s dividend payout ratio (DPR) is 39.30%.
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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