Sandler O’Neill Lowers SunTrust Banks, Inc. (STI) to Hold
SunTrust Banks, Inc. (NYSE:STI) was downgraded by equities research analysts at Sandler O’Neill from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, The Fly reports.
A number of other brokerages have also recently issued reports on STI. Credit Suisse Group raised SunTrust Banks from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $56.00 to $60.00 in a research note on Monday, October 9th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of SunTrust Banks in a report on Sunday, July 23rd. Instinet reiterated a “neutral” rating and set a $61.00 target price on shares of SunTrust Banks in a report on Wednesday, July 12th. Royal Bank Of Canada reiterated a “buy” rating and set a $60.00 target price on shares of SunTrust Banks in a report on Thursday, July 27th. Finally, Robert W. Baird reiterated a “hold” rating and set a $55.00 target price on shares of SunTrust Banks in a report on Friday, August 25th. Eighteen research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $62.73.
Shares of SunTrust Banks (NYSE:STI) opened at 60.02 on Monday. SunTrust Banks has a 12 month low of $44.45 and a 12 month high of $61.69. The company has a market cap of $28.91 billion, a price-to-earnings ratio of 15.96 and a beta of 1.31. The company’s 50-day moving average price is $57.59 and its 200-day moving average price is $56.45.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings data on Friday, October 20th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.06. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter last year, the business posted $0.91 earnings per share. The firm’s revenue was up 3.7% compared to the same quarter last year. Analysts anticipate that SunTrust Banks will post $4.05 EPS for the current year.
SunTrust Banks announced that its board has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $1.32 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of SunTrust Banks stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $57.34, for a total value of $46,330.72. Following the completion of the sale, the insider now owns 3,515 shares of the company’s stock, valued at approximately $201,550.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.55% of the company’s stock.
Large investors have recently bought and sold shares of the business. Keybank National Association OH grew its position in SunTrust Banks by 2.5% in the 2nd quarter. Keybank National Association OH now owns 147,647 shares of the financial services provider’s stock worth $8,375,000 after purchasing an additional 3,564 shares during the period. Park National Corp OH grew its position in SunTrust Banks by 0.8% in the 2nd quarter. Park National Corp OH now owns 9,907 shares of the financial services provider’s stock worth $562,000 after purchasing an additional 80 shares during the period. Ballentine Partners LLC bought a new stake in SunTrust Banks in the 1st quarter worth approximately $275,000. HPM Partners LLC grew its position in SunTrust Banks by 32.5% in the 2nd quarter. HPM Partners LLC now owns 95,768 shares of the financial services provider’s stock worth $4,681,000 after purchasing an additional 23,506 shares during the period. Finally, Airain ltd grew its position in SunTrust Banks by 479.9% in the 2nd quarter. Airain ltd now owns 59,044 shares of the financial services provider’s stock worth $3,349,000 after purchasing an additional 48,863 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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