Trexquant Investment LP purchased a new position in shares of SunTrust Banks, Inc. (NYSE:STI) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 18,668 shares of the financial services provider’s stock, valued at approximately $1,232,000.
Several other institutional investors have also recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of SunTrust Banks by 2.1% during the 1st quarter. BlackRock Inc. now owns 45,528,440 shares of the financial services provider’s stock worth $3,097,755,000 after acquiring an additional 951,652 shares during the period. LSV Asset Management lifted its holdings in shares of SunTrust Banks by 1.3% during the 1st quarter. LSV Asset Management now owns 6,450,022 shares of the financial services provider’s stock worth $438,859,000 after acquiring an additional 82,600 shares during the period. Boston Partners lifted its holdings in shares of SunTrust Banks by 1.3% during the 2nd quarter. Boston Partners now owns 5,449,455 shares of the financial services provider’s stock worth $359,773,000 after acquiring an additional 71,355 shares during the period. OppenheimerFunds Inc. lifted its holdings in shares of SunTrust Banks by 31.0% during the 1st quarter. OppenheimerFunds Inc. now owns 4,240,997 shares of the financial services provider’s stock worth $288,557,000 after acquiring an additional 1,002,395 shares during the period. Finally, Bank of Montreal Can lifted its holdings in shares of SunTrust Banks by 169.8% during the 2nd quarter. Bank of Montreal Can now owns 4,117,886 shares of the financial services provider’s stock worth $271,863,000 after acquiring an additional 2,591,748 shares during the period. 83.62% of the stock is owned by institutional investors.
STI has been the subject of a number of recent analyst reports. BMO Capital Markets upped their price target on shares of SunTrust Banks from $73.00 to $74.00 and gave the stock a “$72.58” rating in a report on Monday, July 23rd. Barclays upped 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. Jefferies Financial Group reaffirmed a “buy” rating and set a $80.00 price target on shares of SunTrust Banks in a report on Tuesday, July 24th. Zacks Investment Research raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $76.00 price target for the company in a report on Monday, July 16th. Finally, Argus raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Monday, July 2nd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and fifteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $72.23.
In other news, EVP Jorge Arrieta sold 2,500 shares of the firm’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $73.13, for a total transaction of $182,825.00. Following the completion of the transaction, the executive vice president now owns 6,148 shares of the company’s stock, valued at $449,603.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.52% of the stock is currently owned by company insiders.
Shares of NYSE:STI opened at $74.55 on Wednesday. The company has a market capitalization of $33.97 billion, a P/E ratio of 18.45, a P/E/G ratio of 1.00 and a beta of 1.31. The company has a quick ratio of 0.92, a current ratio of 0.94 and a debt-to-equity ratio of 0.54. SunTrust Banks, Inc. has a one year low of $51.96 and a one year high of $75.08.
SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, July 20th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.19. The firm had revenue of $2.32 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 3.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.03 earnings per share. research analysts forecast that SunTrust Banks, Inc. will post 5.61 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Friday, August 31st will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, August 30th. This represents a $2.00 annualized dividend and a dividend yield of 2.68%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.40. SunTrust Banks’s dividend payout ratio (DPR) is presently 39.60%.
SunTrust Banks declared that its board has initiated a stock buyback plan on Thursday, June 28th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 6.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
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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