Brokers Issue Forecasts for SunTrust Banks Inc.’s Q4 2016 Earnings (STI)
SunTrust Banks Inc. (NYSE:STI) – Stock analysts at Jefferies Group lowered their Q4 2016 earnings estimates for SunTrust Banks in a research report issued on Tuesday. Jefferies Group analyst K. Usdin now forecasts that the firm will post earnings per share of $0.85 for the quarter, down from their previous forecast of $0.86. Jefferies Group also issued estimates for SunTrust Banks’ Q1 2017 earnings at $0.81 EPS, Q2 2017 earnings at $0.95 EPS, Q3 2017 earnings at $0.98 EPS and Q4 2017 earnings at $0.96 EPS.
Other analysts have also issued research reports about the company. Compass Point upped their price objective on SunTrust Banks from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, July 26th. Goldman Sachs Group Inc. lowered SunTrust Banks from a “conviction-buy” rating to a “buy” rating and upped their price objective for the company from $44.00 to $46.00 in a research note on Monday, July 25th. Wells Fargo & Co. restated a “buy” rating on shares of SunTrust Banks in a research note on Sunday, July 10th. Deutsche Bank AG restated a “buy” rating on shares of SunTrust Banks in a research note on Wednesday, June 15th. Finally, Zacks Investment Research upgraded SunTrust Banks from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Wednesday, September 21st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $44.91.
Shares of SunTrust Banks (NYSE:STI) traded down 2.56% during mid-day trading on Thursday, reaching $44.53. The company had a trading volume of 2,076,629 shares. SunTrust Banks has a 12-month low of $31.07 and a 12-month high of $46.47. The firm’s 50 day moving average is $44.04 and its 200-day moving average is $41.90. The stock has a market capitalization of $22.33 billion, a P/E ratio of 12.06 and a beta of 1.31.
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SunTrust Banks (NYSE:STI) last announced its quarterly 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 business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.14 billion. SunTrust Banks had a return on equity of 8.53% and a net margin of 22.31%. SunTrust Banks’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.89 EPS.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Panagora Asset Management Inc. raised its position in shares of 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. raised its position in shares of 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 raised its position in shares of 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 raised its position in shares of 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. raised its position in shares of 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. 82.37% of the stock is owned by institutional investors and hedge funds.
In related news, insider Susan S. Johnson sold 1,118 shares of the firm’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $42.40, for a total transaction of $47,403.20. Following the completion of the transaction, the insider now directly owns 1,119 shares of the company’s stock, valued at approximately $47,445.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.67% of the company’s stock.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were given a dividend of $0.26 per share. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.28%. The ex-dividend date was Monday, August 29th. SunTrust Banks’s dividend payout ratio (DPR) is currently 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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