Todays Report: The Advisory Services Network LLC Reduces Position in SunTrust Banks Inc. (STI)

The Advisory Services Network LLC Reduces Position in SunTrust Banks Inc. (STI)

Advisory Services Network LLC lowered its stake in SunTrust Banks Inc. (NYSE:STI) by 3.1% during the second quarter, Holdings Channel reports. The firm owned 7,217 shares of the financial services provider’s stock after selling 233 shares during the period. Advisory Services Network LLC’s holdings in SunTrust Banks were worth $296,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. American Century Companies Inc. increased its stake in shares of 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 valued at $339,618,000 after buying an additional 3,238,624 shares during the period. Investec Asset Management LTD bought a new stake in shares of SunTrust Banks during the first quarter valued at about $86,734,000. Bank of Montreal Can bought a new stake in shares of SunTrust Banks during the second quarter valued at about $55,797,000. Canada Pension Plan Investment Board increased its stake in shares of SunTrust Banks by 476.5% in the first quarter. Canada Pension Plan Investment Board now owns 735,651 shares of the financial services provider’s stock valued at $26,542,000 after buying an additional 608,040 shares during the period. Finally, Smith Asset Management Group LP bought a new stake in shares of SunTrust Banks during the second quarter valued at about $21,758,000. Institutional investors and hedge funds own 82.37% of the company’s stock.

SunTrust Banks Inc. (NYSE:STI) traded down 0.22% during trading on Friday, reaching $45.69. The company had a trading volume of 2,819,418 shares. The company has a market capitalization of $22.91 billion, a PE ratio of 12.37 and a beta of 1.31. The firm’s 50 day moving average is $43.78 and its 200 day moving average is $41.71. SunTrust Banks Inc. has a one year low of $31.07 and a one year high of $46.21.

SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, July 22nd. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.06. SunTrust Banks had a return on equity of 8.53% and a net margin of 22.31%. The business earned $2.19 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same quarter in the previous year, the company posted $0.89 earnings per share. SunTrust Banks’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities research analysts predict that SunTrust Banks Inc. will post $3.51 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Monday, August 29th. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.24. SunTrust Banks’s payout ratio is currently 28.18%.

STI has been the subject of several recent research reports. Sanford C. Bernstein downgraded SunTrust Banks from an “outperform” rating to a “market perform” rating and set a $43.00 price target for the company. in a report on Tuesday, August 16th. They noted that the move was a valuation call. Wells Fargo & Co. reiterated a “buy” rating on shares of SunTrust Banks in a report on Sunday, July 10th. Robert W. Baird downgraded SunTrust Banks from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $43.00 to $41.00 in a research note on Friday, July 15th. Zacks Investment Research downgraded SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Monday, September 26th. Finally, Barclays PLC restated an “equal weight” rating and issued a $46.00 price objective on shares of SunTrust Banks in a research note on Sunday, July 10th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. SunTrust Banks currently has a consensus rating of “Buy” and a consensus price target of $44.73.

In other news, insider Susan S. Johnson sold 1,118 shares of the business’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $42.40, for a total value of $47,403.20. Following the transaction, the insider now directly owns 1,119 shares in the company, valued at $47,445.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.67% of the company’s stock.

SunTrust Banks Company Profile

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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