Jefferies Group Weighs in on SunTrust Banks, Inc.’s Q3 2017 Earnings (STI)
SunTrust Banks, Inc. (NYSE:STI) – Analysts at Jefferies Group boosted their Q3 2017 earnings estimates for SunTrust Banks in a report issued on Monday. Jefferies Group analyst K. Usdin now expects that the financial services provider will earn $1.03 per share for the quarter, up from their prior forecast of $1.02. Jefferies Group also issued estimates for SunTrust Banks’ Q1 2018 earnings at $0.96 EPS, Q2 2018 earnings at $1.14 EPS, Q3 2018 earnings at $1.15 EPS and Q4 2018 earnings at $1.16 EPS.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.05. The business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The company’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 earnings per share.
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Other equities research analysts have also recently issued reports about the company. Royal Bank Of Canada reissued a “buy” rating and issued a $60.00 target price on shares of SunTrust Banks in a research note on Thursday, July 27th. BidaskClub raised SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Piper Jaffray Companies reissued a “buy” rating and issued a $63.00 target price on shares of SunTrust Banks in a research note on Monday, August 28th. Zacks Investment Research raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research note on Friday, September 22nd. Finally, Morgan Stanley raised SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 target price for the company in a research note on Thursday, August 3rd. Sixteen research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. SunTrust Banks presently has an average rating of “Hold” and an average target price of $62.18.
Shares of SunTrust Banks (NYSE:STI) opened at 60.76 on Wednesday. SunTrust Banks has a one year low of $44.25 and a one year high of $61.69. The stock has a 50 day moving average price of $56.74 and a 200 day moving average price of $56.22. The firm has a market cap of $29.26 billion, a price-to-earnings ratio of 16.16 and a beta of 1.31.
SunTrust Banks announced that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, August 29th. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.63%. SunTrust Banks’s payout ratio is 42.67%.
In related news, insider Susan S. Johnson sold 808 shares of SunTrust Banks stock in a transaction on Monday, August 14th. The stock was sold at an average price of $57.34, for a total transaction of $46,330.72. Following the completion of the sale, the insider now directly owns 3,515 shares of the company’s stock, valued at $201,550.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.55% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. Intl Fcstone Inc. acquired a new stake in shares of SunTrust Banks during the second quarter worth $364,000. Toronto Dominion Bank grew its stake in shares of SunTrust Banks by 23.6% during the second quarter. Toronto Dominion Bank now owns 164,362 shares of the financial services provider’s stock worth $9,320,000 after purchasing an additional 31,398 shares during the period. Oak Associates Ltd. OH grew its stake in shares of SunTrust Banks by 1.5% during the second quarter. Oak Associates Ltd. OH now owns 123,355 shares of the financial services provider’s stock worth $6,997,000 after purchasing an additional 1,825 shares during the period. Archford Capital Strategies LLC grew its stake in shares of SunTrust Banks by 46,593.9% during the second quarter. Archford Capital Strategies LLC now owns 15,409 shares of the financial services provider’s stock worth $1,675,000 after purchasing an additional 15,376 shares during the period. Finally, Cookson Peirce & Co. Inc. grew its stake in shares of SunTrust Banks by 0.6% during the second quarter. Cookson Peirce & Co. Inc. now owns 441,526 shares of the financial services provider’s stock worth $25,043,000 after purchasing an additional 2,556 shares during the period. 81.18% of the stock is owned by institutional investors and hedge funds.
SunTrust Banks Company Profile
SunTrust Banks, Inc is a provider of financial services. The Company’s principal subsidiary is SunTrust Bank (the Bank). The Company’s business segments include Consumer Banking and Private Wealth Management, Wholesale Banking, Mortgage Banking and Corporate Other. As of December 31, 2016, the Consumer Banking and Private Wealth Management segment consisted of three primary businesses: Consumer Banking, Consumer Lending and Private Wealth Management.
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