SunTrust Banks, Inc. (STI) Set to Announce Quarterly Earnings on Thursday
SunTrust Banks, Inc. (NYSE:STI) is scheduled to issue its quarterly earnings data before the market opens on Thursday, October 19th.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping 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%. SunTrust Banks’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 earnings per share. On average, analysts expect SunTrust Banks to post $4.05 EPS for the current fiscal year and $4.45 EPS for the next fiscal year.
Shares of SunTrust Banks, Inc. (NYSE STI) opened at 60.17 on Thursday. The stock has a market cap of $28.98 billion, a price-to-earnings ratio of 16.00 and a beta of 1.31. SunTrust Banks, Inc. has a 52 week low of $44.25 and a 52 week high of $61.69. The firm has a 50-day moving average price of $56.84 and a 200 day moving average price of $56.25.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.66%. 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. SunTrust Banks’s dividend payout ratio (DPR) is currently 42.67%.
SunTrust Banks declared that its board has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $1.32 billion in shares. This buyback authorization permits the financial services provider to buy up to 4.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, insider Susan S. Johnson sold 808 shares of the business’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $57.34, for a total value of $46,330.72. Following the completion of the transaction, the insider now directly owns 3,515 shares of the company’s stock, valued at approximately $201,550.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.55% of the company’s stock.
Several equities analysts have weighed in on the company. Citigroup Inc. restated a “neutral” rating and set a $63.00 price target (up previously from $60.00) on shares of SunTrust Banks in a report on Monday. Credit Suisse Group upgraded SunTrust Banks from an “underperform” rating to a “neutral” rating and raised their price target for the company from $56.00 to $60.00 in a report on Monday. Zacks Investment Research cut SunTrust Banks from a “buy” rating to a “hold” rating in a report on Wednesday. UBS AG restated a “neutral” rating and set a $62.00 price target (up previously from $61.00) on shares of SunTrust Banks in a report on Friday, October 6th. Finally, FBR & Co cut SunTrust Banks from a “buy” rating to a “neutral” rating and set a $62.00 price target for the company. in a report on Tuesday. Seventeen analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. SunTrust Banks currently has an average rating of “Hold” and a consensus target price of $62.48.
About SunTrust Banks
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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