Barclays PLC Boosts SunTrust Banks, Inc. (STI) Price Target to $68.00
SunTrust Banks, Inc. (NYSE:STI) had its price objective increased by analysts at Barclays PLC from $65.00 to $68.00 in a research note issued to investors on Monday. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Barclays PLC’s price objective would suggest a potential upside of 13.30% from the company’s current price.
A number of other research firms have also recently weighed in on STI. Nomura upped their price target on shares of SunTrust Banks from $62.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, September 28th. UBS AG cut shares of SunTrust Banks from an “outperform” rating to a “market perform” rating in a research note on Monday. Citigroup Inc. cut shares of SunTrust Banks from an “outperform” rating to a “market perform” rating in a research note on Monday. They noted that the move was a valuation call. Raymond James Financial, Inc. cut shares of SunTrust Banks from an “outperform” rating to a “market perform” rating in a research note on Monday. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of SunTrust Banks in a research note on Friday. Nineteen equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. SunTrust Banks has a consensus rating of “Hold” and an average price target of $63.13.
SunTrust Banks (NYSE STI) traded down 0.118% during mid-day trading on Monday, reaching $59.949. 1,135,990 shares of the company traded hands. The stock’s 50 day moving average price is $57.59 and its 200 day moving average price is $56.46. SunTrust Banks has a 52 week low of $44.45 and a 52 week high of $61.69. The firm has a market capitalization of $28.87 billion, a price-to-earnings ratio of 15.944 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings data on Friday, October 20th. The financial services provider reported $1.06 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.06. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.30 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. SunTrust Banks’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 EPS. Equities analysts forecast that SunTrust Banks will post $4.05 EPS for the current year.
SunTrust Banks announced that its board has authorized 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 buy up to 4.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
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In other news, insider Susan S. Johnson sold 808 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were 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 filing with the Securities & Exchange Commission, which can be accessed through this link. 0.55% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in STI. Beacon Capital Management acquired a new position in SunTrust Banks in the fourth quarter worth $0. Independent Advisor Alliance acquired a new position in SunTrust Banks in the fourth quarter worth $105,000. Whittier Trust Co. boosted its holdings in SunTrust Banks by 3.1% in the first quarter. Whittier Trust Co. now owns 1,909 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 58 shares during the period. Guardian Life Insurance Co. of America boosted its holdings in SunTrust Banks by 1.0% in the first quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 18 shares during the period. Finally, Advisory Services Network LLC acquired a new position in SunTrust Banks in the first quarter worth $117,000. 81.18% of the stock is owned by institutional investors and hedge funds.
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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