SunTrust’s “Neutral” Rating Reaffirmed at Zacks (STI)
SunTrust (NYSE:STI)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Wednesday. They currently have a $40.00 price target on the stock. Zacks‘s price objective suggests a potential upside of 4.00% from the stock’s previous close.
Zacks’ analyst wrote, “SunTrust’s second-quarter 2014 earnings were well ahead of the Zacks Consensus Estimate, driven by growth in revenue and fall in provision for credit losses. These were, however, partially offset by a rise in operating expenses. We believe that improving credit quality and a favorable deposit mix will continue to remain the driving forces at SunTrust. Moreover, the consistent capital deployment activities will boost shareholders’ confidence going forward. Further, efficient cost-containment efforts amid a sluggish economic recovery seem encouraging as well. Nevertheless, we remain concerned about the company’s subdued top-line growth, exposure to risky assets and continued regulatory pressures.”
SunTrust (NYSE:STI) traded down 0.65% during mid-day trading on Wednesday, hitting $38.01. The stock had a trading volume of 663,893 shares. SunTrust has a 52 week low of $31.59 and a 52 week high of $41.26. The stock’s 50-day moving average is $38.34 and its 200-day moving average is $38.70. The company has a market cap of $20.136 billion and a P/E ratio of 15.01.
SunTrust (NYSE:STI) last announced its earnings results on Monday, July 21st. The company reported $0.81 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.73 by $0.08. The company had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter last year, the company posted $0.68 earnings per share. SunTrust’s revenue was down .2% compared to the same quarter last year. Analysts expect that SunTrust will post $3.04 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, September 15th. Investors of record on Friday, August 29th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend is Wednesday, August 27th.
A number of other analysts have also recently weighed in on STI. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of SunTrust in a research note on Wednesday, July 23rd. They now have a $43.00 price target on the stock, down previously from $44.00. Separately, analysts at Goldman Sachs reiterated a “buy” rating on shares of SunTrust in a research note on Tuesday, July 22nd. They now have a $46.00 price target on the stock, down previously from $47.00. Finally, analysts at Evercore Partners downgraded shares of SunTrust from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 22nd. They now have a $40.00 price target on the stock, down previously from $42.00. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. SunTrust has an average rating of “Buy” and an average target price of $41.98.
SunTrust Banks, Inc (NYSE:STI) is a commercial banking organization.
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