SunTrust Banks (NYSE:STI) released its earnings results on Friday. The financial services provider reported $1.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.17, MarketWatch Earnings reports. SunTrust Banks had a net margin of 26.41% and a return on equity of 10.94%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the company posted $1.06 EPS. The business’s revenue was down .8% on a year-over-year basis.
Shares of NYSE STI opened at $61.49 on Friday. The company has a market capitalization of $28.76 billion, a price-to-earnings ratio of 15.22, a PEG ratio of 1.06 and a beta of 1.29. 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 has a 52-week low of $56.30 and a 52-week high of $75.08.
SunTrust Banks announced that its Board of Directors has initiated a share 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other SunTrust Banks news, EVP Jorge Arrieta sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $73.13, for a total value of $182,825.00. Following the sale, the executive vice president now owns 6,148 shares of the company’s stock, valued at $449,603.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.52% of the stock is owned by insiders.
STI has been the topic of a number of research reports. Piper Jaffray Companies lowered shares of SunTrust Banks from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $76.00 to $74.00 in a research note on Thursday, September 13th. Sandler O’Neill raised shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Friday, June 29th. Zacks Investment Research lowered shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Wednesday, September 19th. Sanford C. Bernstein raised shares of SunTrust Banks from a “market perform” rating to an “outperform” rating in a research report on Wednesday, June 27th. They noted that the move was a valuation call. Finally, Edward Jones started coverage on shares of SunTrust Banks in a research report on Tuesday, August 28th. They set a “hold” rating on the stock. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $74.32.
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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