W.G. Shaheen & Associates DBA Whitney & Co decreased its stake in SunTrust Banks Inc. (NYSE:STI) by 0.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 50,745 shares of the financial services provider’s stock after selling 150 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in SunTrust Banks were worth $2,223,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the company. Squarepoint Ops LLC acquired a new stake in SunTrust Banks during the first quarter valued at $1,803,000. First Republic Investment Management Inc. increased its stake in SunTrust Banks by 24.5% in the first quarter. First Republic Investment Management Inc. now owns 46,284 shares of the financial services provider’s stock valued at $1,670,000 after buying an additional 9,109 shares during the period. BlueMountain Capital Management LLC increased its stake in SunTrust Banks by 1,739.9% in the first quarter. BlueMountain Capital Management LLC now owns 15,345 shares of the financial services provider’s stock valued at $554,000 after buying an additional 14,511 shares during the last quarter. Fulton Bank N.A. increased its stake in SunTrust Banks by 2.8% in the second quarter. Fulton Bank N.A. now owns 19,844 shares of the financial services provider’s stock valued at $816,000 after buying an additional 543 shares during the last quarter. Finally, Washington Trust Bank increased its stake in SunTrust Banks by 2.1% in the second quarter. Washington Trust Bank now owns 4,420 shares of the financial services provider’s stock valued at $182,000 after buying an additional 90 shares during the last quarter. Institutional investors and hedge funds own 81.23% of the company’s stock.
Shares of SunTrust Banks Inc. (NYSE:STI) traded down 1.23% on Monday, reaching $51.56. The company’s stock had a trading volume of 5,407,392 shares. The stock has a 50-day moving average price of $47.63 and a 200-day moving average price of $43.96. The company has a market capitalization of $25.57 billion, a price-to-earnings ratio of 14.28 and a beta of 1.36. SunTrust Banks Inc. has a 1-year low of $31.07 and a 1-year high of $52.65.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, October 21st. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. SunTrust Banks had a return on equity of 8.18% and a net margin of 21.12%. The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.15 billion. During the same quarter last year, the company earned $1.00 EPS. The business’s quarterly revenue was up 8.4% on a year-over-year basis. On average, equities research analysts forecast that SunTrust Banks Inc. will post $3.57 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 30th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend is Monday, November 28th. SunTrust Banks’s dividend payout ratio (DPR) is presently 28.89%.
Several research firms recently weighed in on STI. Zacks Investment Research downgraded SunTrust Banks from a “buy” rating to a “hold” rating in a report on Monday. FBR & Co set a $49.00 price objective on SunTrust Banks and gave the company a “buy” rating in a report on Monday, October 24th. Compass Point downgraded SunTrust Banks from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $48.00 to $54.00 in a report on Wednesday, November 23rd. They noted that the move was a valuation call. Sanford C. Bernstein downgraded SunTrust Banks from an “outperform” rating to a “market perform” rating and set a $43.00 price objective for the company. in a report on Tuesday, August 16th. They noted that the move was a valuation call. Finally, Barclays PLC restated a “hold” rating and issued a $49.00 price objective on shares of SunTrust Banks in a report on Monday, November 7th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $46.13.
In other news, SVP Thomas E. Panther sold 959 shares of the firm’s stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $44.75, for a total transaction of $42,915.25. Following the sale, the senior vice president now owns 20,322 shares of the company’s stock, valued at approximately $909,409.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Susan S. Johnson sold 794 shares of the firm’s stock in a transaction that occurred on Monday, October 24th. The stock was sold at an average price of $45.58, for a total value of $36,190.52. Following the transaction, the insider now owns 1,947 shares in the company, valued at approximately $88,744.26. The disclosure for this sale can be found here. 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.