CSat Investment Advisory L.P. acquired a new position in shares of SunTrust Banks, Inc. (NYSE:STI) during the 2nd quarter, HoldingsChannel reports. The fund acquired 10,384 shares of the financial services provider’s stock, valued at approximately $686,000.
Other hedge funds also recently made changes to their positions in the company. Trust Co raised its holdings in SunTrust Banks by 23.9% in the first quarter. Trust Co now owns 4,118 shares of the financial services provider’s stock valued at $281,000 after buying an additional 794 shares during the period. Parallel Advisors LLC raised its holdings in SunTrust Banks by 52.2% in the second quarter. Parallel Advisors LLC now owns 2,318 shares of the financial services provider’s stock valued at $153,000 after buying an additional 795 shares during the period. Beacon Investment Advisory Services Inc. raised its holdings in SunTrust Banks by 1.8% in the second quarter. Beacon Investment Advisory Services Inc. now owns 45,648 shares of the financial services provider’s stock valued at $3,014,000 after buying an additional 797 shares during the period. LS Investment Advisors LLC raised its holdings in SunTrust Banks by 3.6% in the first quarter. LS Investment Advisors LLC now owns 23,233 shares of the financial services provider’s stock valued at $1,581,000 after buying an additional 803 shares during the period. Finally, Cambria Investment Management L.P. raised its holdings in SunTrust Banks by 2.7% in the first quarter. Cambria Investment Management L.P. now owns 31,993 shares of the financial services provider’s stock valued at $2,177,000 after buying an additional 830 shares during the period. Institutional investors and hedge funds own 83.87% of the company’s stock.
In other news, EVP Jorge Arrieta sold 2,500 shares of the firm’s stock in a transaction that occurred 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 sale, 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 filing with the Securities & Exchange Commission, which can be accessed through this link. 0.52% of the stock is currently owned by company insiders.
STI opened at $74.45 on Thursday. The company has a market cap of $33.89 billion, a PE ratio of 18.43, a PEG ratio of 1.13 and a beta of 1.27. SunTrust Banks, Inc. has a 52-week low of $51.96 and a 52-week high of $75.08. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.92 and a current ratio of 0.94.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings data on Friday, July 20th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.19. SunTrust Banks had a net margin of 26.41% and a return on equity of 10.94%. The company had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.33 billion. During the same quarter last year, the firm posted $1.03 earnings per share. The business’s quarterly revenue was up 3.9% on a year-over-year basis. equities research analysts predict that SunTrust Banks, Inc. will post 5.61 EPS for the current fiscal year.
SunTrust Banks announced that its board has authorized a share repurchase program on Thursday, June 28th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 6.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Friday, August 31st will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.69%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.40. SunTrust Banks’s dividend payout ratio (DPR) is presently 49.50%.
Several research analysts recently commented on the stock. Jefferies Financial Group restated a “buy” rating and issued a $80.00 price target on shares of SunTrust Banks in a report on Tuesday, July 24th. Argus raised their price target on shares of SunTrust Banks to $81.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. Zacks Investment Research upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a report on Monday, July 16th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $79.00 price target on shares of SunTrust Banks in a report on Monday, July 23rd. Finally, BMO Capital Markets raised their price target on shares of SunTrust Banks from $73.00 to $74.00 and gave the company a “$72.58” rating in a report on Monday, July 23rd. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating and fifteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $72.23.
About SunTrust Banks
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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