SunTrust Banks, Inc. (NYSE:STI) has been given an average recommendation of “Buy” by the thirty brokerages that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, twelve have issued a hold recommendation and fifteen have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $73.20.
STI has been the topic of a number of research reports. Sandler O’Neill raised shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Friday, June 29th. Sanford C. Bernstein upgraded shares of SunTrust Banks from a “market perform” rating to an “outperform” rating in a report on Wednesday, June 27th. They noted that the move was a valuation call. Barclays lifted their price target on shares of SunTrust Banks from $77.00 to $79.00 and gave the stock a “$72.58” rating in a report on Monday, July 23rd. B. Riley upgraded shares of SunTrust Banks from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $70.00 to $81.00 in a report on Monday, July 23rd. Finally, Macquarie lowered shares of SunTrust Banks to an “underperform” rating in a report on Monday, July 23rd.
NYSE STI opened at $74.55 on Wednesday. The firm has a market cap of $33.97 billion, a price-to-earnings ratio of 18.45, a P/E/G ratio of 1.00 and a beta of 1.31. SunTrust Banks has a fifty-two week low of $51.96 and a fifty-two week high of $75.08. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.54.
SunTrust Banks (NYSE:STI) last posted its earnings results on Friday, July 20th. The financial services provider reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.19. The firm had revenue of $2.32 billion for the quarter, compared to analysts’ expectations of $2.33 billion. SunTrust Banks had a net margin of 26.41% and a return on equity of 10.94%. The company’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.03 earnings per share. sell-side analysts predict that SunTrust Banks will post 5.61 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Friday, August 31st will be issued a $0.50 dividend. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $2.00 annualized dividend and a yield of 2.68%. SunTrust Banks’s payout ratio is presently 39.60%.
SunTrust Banks declared that its board has initiated a stock repurchase plan on Thursday, June 28th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 6.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, EVP Jorge Arrieta sold 2,500 shares of the business’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $73.13, for a total value of $182,825.00. Following the transaction, the executive vice president now owns 6,148 shares in the company, valued at $449,603.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.52% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Argent Trust Co lifted its stake in SunTrust Banks by 37.3% during the fourth quarter. Argent Trust Co now owns 4,715 shares of the financial services provider’s stock worth $304,000 after purchasing an additional 1,281 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in SunTrust Banks by 43.7% during the first quarter. Parkside Financial Bank & Trust now owns 5,330 shares of the financial services provider’s stock worth $363,000 after purchasing an additional 1,620 shares during the last quarter. Hennessy Advisors Inc. lifted its stake in SunTrust Banks by 28.0% during the first quarter. Hennessy Advisors Inc. now owns 32,000 shares of the financial services provider’s stock worth $2,177,000 after purchasing an additional 7,000 shares during the last quarter. FTB Advisors Inc. lifted its stake in SunTrust Banks by 18.2% during the first quarter. FTB Advisors Inc. now owns 18,662 shares of the financial services provider’s stock worth $1,269,000 after purchasing an additional 2,875 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in SunTrust Banks by 35.0% during the first quarter. Daiwa Securities Group Inc. now owns 63,013 shares of the financial services provider’s stock worth $4,287,000 after purchasing an additional 16,344 shares during the last quarter. Institutional investors and hedge funds own 83.62% of the company’s stock.
SunTrust Banks Company Profile
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, and institutions in the United States. It operates through 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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