SunTrust Banks’ (STI) Outperform Rating Reaffirmed at FBR & Co
SunTrust Banks Inc. (NYSE:STI)‘s stock had its “outperform” rating reissued by investment analysts at FBR & Co in a research report issued on Tuesday, StockTargetPrices.com reports. They presently have a $49.00 price objective on the financial services provider’s stock. FBR & Co’s price objective points to a potential upside of 6.15% from the stock’s current price.
Several other equities research analysts have also issued reports on the stock. Sanford C. Bernstein lowered shares of SunTrust Banks from an “outperform” rating to a “market perform” rating and set a $43.00 target price for the company. in a research 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 research report on Sunday, July 10th. Robert W. Baird lowered shares of SunTrust Banks from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $43.00 to $41.00 in a research report on Friday, July 15th. Zacks Investment Research lowered shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Monday, September 26th. Finally, Wedbush initiated coverage on shares of SunTrust Banks in a research report on Thursday, October 6th. They set a “neutral” rating and a $47.00 target price for the company. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. SunTrust Banks has a consensus rating of “Buy” and a consensus target price of $44.91.
SunTrust Banks (NYSE:STI) opened at 46.16 on Tuesday. The company’s 50-day moving average is $43.88 and its 200 day moving average is $41.85. SunTrust Banks has a 52 week low of $31.07 and a 52 week high of $46.47. The company has a market capitalization of $23.14 billion, a price-to-earnings ratio of 12.50 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.06. SunTrust Banks had a net margin of 22.31% and a return on equity of 8.53%. The business earned $2.19 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same period in the previous year, the business 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, analysts forecast that SunTrust Banks will post $3.51 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were paid a $0.26 dividend. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, August 29th. This represents a $1.04 dividend on an annualized basis and a yield of 2.25%. SunTrust Banks’s payout ratio is presently 28.18%.
In related 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 value of $47,403.20. Following the transaction, the insider now owns 1,119 shares in the company, valued at approximately $47,445.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.67% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of STI. Panagora Asset Management Inc. boosted its position 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 in the last quarter. Endeavour Capital Advisors Inc. boosted its position 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 in the last quarter. Standard Life Investments LTD boosted its position 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 in the last quarter. AMP Capital Investors Ltd boosted its position 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 in the last quarter. Finally, Pegasus Partners Ltd. boosted its position 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 in the last quarter. Institutional investors and hedge funds own 82.37% 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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