Jefferies Group Research Analysts Cut Earnings Estimates for SunTrust Banks Inc. (STI)
SunTrust Banks Inc. (NYSE:STI) – Jefferies Group lowered their FY2016 earnings per share (EPS) estimates for shares of SunTrust Banks in a research report issued on Friday. Jefferies Group analyst K. Usdin now anticipates that the brokerage will post earnings per share of $3.50 for the year, down from their previous forecast of $3.55. Jefferies Group also issued estimates for SunTrust Banks’ FY2018 earnings at $3.95 EPS.
Several other brokerages also recently commented on STI. Wedbush started coverage on shares of SunTrust Banks in a research note on Thursday. They issued a “neutral” rating and a $47.00 target price on the stock. Credit Suisse Group AG reissued a “sell” rating on shares of SunTrust Banks in a research report on Tuesday, July 12th. Compass Point boosted their price objective on shares of SunTrust Banks from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, July 26th. Zacks Investment Research downgraded shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Monday, September 26th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of SunTrust Banks in a research report on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $44.73.
Shares of SunTrust Banks (NYSE:STI) opened at 45.69 on Monday. SunTrust Banks has a one year low of $31.07 and a one year high of $46.21. The stock has a 50 day moving average of $43.78 and a 200 day moving average of $41.71. The stock has a market cap of $22.91 billion, a P/E ratio of 12.37 and a beta of 1.31.
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SunTrust Banks (NYSE:STI) last announced its earnings results on Friday, July 22nd. The financial services provider reported $0.94 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.06. The company earned $2.19 billion during the quarter, compared to the consensus estimate of $2.14 billion. SunTrust Banks had a net margin of 22.31% and a return on equity of 8.53%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.89 earnings per share.
Several large investors have recently added to or reduced their stakes in STI. Panagora Asset Management Inc. raised its stake in SunTrust Banks by 0.5% in the first quarter. Panagora Asset Management Inc. now owns 2,371,568 shares of the financial services provider’s stock valued at $85,566,000 after buying an additional 11,760 shares during the last quarter. Endeavour Capital Advisors Inc. raised its stake in SunTrust Banks by 69.1% in the first quarter. Endeavour Capital Advisors Inc. now owns 912,310 shares of the financial services provider’s stock valued at $32,916,000 after buying an additional 372,871 shares during the last quarter. Standard Life Investments LTD raised its stake in SunTrust Banks by 0.6% in the second quarter. Standard Life Investments LTD now owns 2,153,447 shares of the financial services provider’s stock valued at $88,496,000 after buying an additional 11,808 shares during the last quarter. AMP Capital Investors Ltd raised its stake in SunTrust Banks by 10.7% in the first quarter. AMP Capital Investors Ltd now owns 294,737 shares of the financial services provider’s stock valued at $10,755,000 after buying an additional 28,469 shares during the last quarter. Finally, Pegasus Partners Ltd. raised its stake in SunTrust Banks by 14.9% in the second quarter. Pegasus Partners Ltd. now owns 18,270 shares of the financial services provider’s stock valued at $751,000 after buying an additional 2,365 shares during the last quarter. 82.37% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Susan S. Johnson sold 1,118 shares of the company’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $42.40, for a total transaction of $47,403.20. Following the completion of the sale, the insider now owns 1,119 shares of the company’s stock, valued at approximately $47,445.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.67% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a dividend of $0.26 per share. The ex-dividend date was Monday, August 29th. This represents a $1.04 annualized dividend and a dividend yield of 2.28%. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.24. SunTrust Banks’s dividend payout ratio is presently 28.18%.
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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