Todays Report: Today, Parsons Capital Management Inc. RI Reached $1,326,000 position of SunTrust Banks Inc. (STI)

Today, Parsons Capital Management Inc. RI Reached $1,326,000 position  of SunTrust Banks Inc. (STI)

Parsons Capital Management Inc. RI maintained its stake in shares of SunTrust Banks Inc. (NYSE:STI) during the third quarter, according to its most recent filing with the SEC. The firm owned 30,267 shares of the financial services provider’s stock at the end of the third quarter. Parsons Capital Management Inc. RI’s holdings in SunTrust Banks were worth $1,326,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in SunTrust Banks by 4.2% in the second quarter. Vanguard Group Inc. now owns 32,829,325 shares of the financial services provider’s stock worth $1,348,629,000 after buying an additional 1,335,505 shares during the last quarter. FMR LLC boosted its stake in SunTrust Banks by 6.5% in the second quarter. FMR LLC now owns 31,288,755 shares of the financial services provider’s stock worth $1,285,342,000 after buying an additional 1,918,166 shares during the last quarter. American Century Companies Inc. boosted its stake in SunTrust Banks by 64.4% in the second quarter. American Century Companies Inc. now owns 8,267,226 shares of the financial services provider’s stock worth $339,618,000 after buying an additional 3,238,624 shares during the last quarter. BlackRock Investment Management LLC boosted its stake in SunTrust Banks by 10.8% in the second quarter. BlackRock Investment Management LLC now owns 7,702,533 shares of the financial services provider’s stock worth $316,420,000 after buying an additional 749,340 shares during the last quarter. Finally, Boston Partners boosted its stake in SunTrust Banks by 5.5% in the second quarter. Boston Partners now owns 7,154,401 shares of the financial services provider’s stock worth $293,903,000 after buying an additional 374,253 shares during the last quarter. 83.93% of the stock is owned by institutional investors and hedge funds.

SunTrust Banks Inc. (NYSE:STI) traded down 0.48% during midday trading on Friday, reaching $52.11. The company’s stock had a trading volume of 470,130 shares. The firm has a 50 day moving average price of $47.22 and a 200-day moving average price of $43.76. SunTrust Banks Inc. has a 52 week low of $31.07 and a 52 week high of $52.65. The firm has a market cap of $25.84 billion, a P/E ratio of 14.43 and a beta of 1.36.

SunTrust Banks (NYSE:STI) last posted its quarterly earnings data on Friday, October 21st. The financial services provider reported $0.91 EPS for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.03. SunTrust Banks had a net margin of 21.12% and a return on equity of 8.18%. The company earned $2.20 billion during the quarter, compared to the consensus estimate of $2.15 billion. During the same period in the prior year, the business posted $1.00 EPS. The company’s quarterly revenue was up 8.4% on a year-over-year basis. On average, analysts forecast that SunTrust Banks Inc. will post $3.57 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 30th will be paid a dividend of $0.26 per share. The ex-dividend date is Monday, November 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.99%. SunTrust Banks’s dividend payout ratio is 28.89%.

STI has been the subject of a number of research reports. Zacks Investment Research raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research report on Wednesday, September 21st. Wells Fargo & Co. cut SunTrust Banks from an “outperform” rating to a “market perform” rating in a research report on Friday, November 18th. Morgan Stanley cut SunTrust Banks from an “equal weight” rating to an “underweight” rating and set a $53.00 price objective for the company. in a research report on Monday, November 14th. They noted that the move was a valuation call. lifted their price objective on SunTrust Banks from $52.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, September 23rd. Finally, Standpoint Research cut SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Tuesday, November 15th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $46.13.

In related news, SVP Thomas E. Panther sold 959 shares of the firm’s stock in a transaction dated Friday, November 4th. The shares were sold at an average price of $44.75, for a total value of $42,915.25. Following the completion of the sale, the senior vice president now directly owns 20,322 shares in the company, valued at approximately $909,409.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anil T. Cheriyan sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, November 22nd. The shares were sold at an average price of $52.15, for a total transaction of $417,200.00. Following the completion of the sale, the insider now owns 81,203 shares of the company’s stock, valued at $4,234,736.45. The disclosure for this sale can be found here. Insiders own 0.67% of the company’s stock.

About SunTrust Banks

SunTrust Banks, Inc is a bank holding company and a financial holding company. Through its principal subsidiary, SunTrust Bank, the Company offers a line of financial services for consumers and businesses, including deposit, credit, mortgage banking, and trust and investment services. The Company’s other subsidiaries provide asset and wealth management, securities brokerage, and capital market services.

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