SunTrust Banks, Inc. Forecasted to Post Q3 2017 Earnings of $1.08 Per Share (STI)
SunTrust Banks, Inc. (NYSE:STI) – FBR & Co decreased their Q3 2017 earnings per share (EPS) estimates for shares of SunTrust Banks in a report released on Tuesday. FBR & Co analyst S. Moss now anticipates that the financial services provider will post earnings of $1.08 per share for the quarter, down from their prior forecast of $1.09. FBR & Co has a “Neutral” rating and a $62.00 price target on the stock. FBR & Co also issued estimates for SunTrust Banks’ Q4 2017 earnings at $1.07 EPS, FY2017 earnings at $4.10 EPS, Q1 2018 earnings at $1.02 EPS, Q2 2018 earnings at $1.13 EPS, Q3 2018 earnings at $1.15 EPS, Q4 2018 earnings at $1.14 EPS, FY2018 earnings at $4.45 EPS and FY2019 earnings at $5.00 EPS.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.05. The company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.29 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. SunTrust Banks’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the prior year, the business earned $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 reiterated a “buy” rating and set a $60.00 price target on shares of SunTrust Banks in a research report on Thursday, July 27th. BidaskClub upgraded SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, July 5th. Piper Jaffray Companies reiterated a “buy” rating and set a $63.00 price target on shares of SunTrust Banks in a research report on Monday, August 28th. Zacks Investment Research upgraded SunTrust Banks from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Friday, September 22nd. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $69.00 price target on shares of SunTrust Banks in a research report on Thursday. Seventeen equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. SunTrust Banks has an average rating of “Hold” and an average target price of $62.48.
SunTrust Banks (STI) opened at 60.17 on Thursday. The company has a 50 day moving average of $56.84 and a 200 day moving average of $56.25. SunTrust Banks has a 52-week low of $44.25 and a 52-week high of $61.69. The company has a market capitalization of $28.98 billion, a PE ratio of 16.00 and a beta of 1.31.
Several large investors have recently added to or reduced their stakes in STI. Oxford Asset Management purchased a new stake in shares of SunTrust Banks during the first quarter valued at approximately $564,000. Westpac Banking Corp boosted its stake in shares of SunTrust Banks by 25.5% during the first quarter. Westpac Banking Corp now owns 543,721 shares of the financial services provider’s stock valued at $29,655,000 after purchasing an additional 110,403 shares during the period. Comerica Securities Inc. boosted its stake in shares of SunTrust Banks by 39.9% during the first quarter. Comerica Securities Inc. now owns 5,631 shares of the financial services provider’s stock valued at $311,000 after purchasing an additional 1,606 shares during the period. Cadence Capital Management LLC boosted its stake in shares of SunTrust Banks by 6.8% during the first quarter. Cadence Capital Management LLC now owns 20,093 shares of the financial services provider’s stock valued at $1,111,000 after purchasing an additional 1,286 shares during the period. Finally, AXA boosted its stake in shares of SunTrust Banks by 1,118.8% during the first quarter. AXA now owns 97,500 shares of the financial services provider’s stock valued at $5,392,000 after purchasing an additional 89,500 shares during the period. 81.18% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Susan S. Johnson sold 808 shares of the stock in a transaction that occurred 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 owns 3,515 shares of the company’s stock, valued at $201,550.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend was Tuesday, August 29th. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s dividend payout ratio is 42.67%.
SunTrust Banks announced that its board has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
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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