SunTrust Banks, Inc. (STI) Price Target Increased to $68.00 by Analysts at Morgan Stanley
SunTrust Banks, Inc. (NYSE:STI) had its target price raised by research analysts at Morgan Stanley from $63.00 to $68.00 in a report issued on Monday. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective points to a potential upside of 13.30% from the stock’s current price.
A number of other research firms also recently weighed in on STI. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of SunTrust Banks in a research report on Sunday, July 23rd. Citigroup Inc. downgraded shares of SunTrust Banks from an “outperform” rating to a “market perform” rating in a research report on Monday. They noted that the move was a valuation call. UBS AG downgraded shares of SunTrust Banks from an “outperform” rating to a “market perform” rating in a research report on Monday. Royal Bank Of Canada reissued a “buy” rating and set a $65.00 price target on shares of SunTrust Banks in a research report on Monday. Finally, Raymond James Financial, Inc. downgraded shares of SunTrust Banks from an “outperform” rating to a “market perform” rating in a research report on Monday. Nineteen analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $62.98.
SunTrust Banks (STI) traded down 0.03% on Monday, reaching $60.00. 460,982 shares of the company’s stock traded hands. 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 $28.90 billion, a P/E ratio of 15.96 and a beta of 1.31. The stock has a 50-day moving average of $57.59 and a 200 day moving average of $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, meeting the Thomson Reuters’ consensus estimate of $1.06. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter last year, the company earned $0.91 earnings per share. SunTrust Banks’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, equities analysts expect that SunTrust Banks will post $4.05 EPS for the current fiscal year.
SunTrust Banks announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
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In related news, insider Susan S. Johnson sold 808 shares of SunTrust Banks stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $57.34, for a total transaction of $46,330.72. Following the sale, the insider now directly owns 3,515 shares in the company, valued at $201,550.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.55% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. CAPROCK Group Inc. bought a new stake in shares of SunTrust Banks during the third quarter valued at about $320,000. Whittier Trust Co. raised its stake in shares of SunTrust Banks by 119.9% during the third quarter. Whittier Trust Co. now owns 4,197 shares of the financial services provider’s stock valued at $251,000 after purchasing an additional 2,288 shares in the last quarter. APG Asset Management N.V. raised its stake in shares of SunTrust Banks by 5.1% during the third quarter. APG Asset Management N.V. now owns 670,091 shares of the financial services provider’s stock valued at $40,051,000 after purchasing an additional 32,600 shares in the last quarter. Denali Advisors LLC raised its stake in shares of SunTrust Banks by 5.3% during the third quarter. Denali Advisors LLC now owns 184,100 shares of the financial services provider’s stock valued at $11,004,000 after purchasing an additional 9,200 shares in the last quarter. Finally, Douglas Lane & Associates LLC bought a new stake in shares of SunTrust Banks during the third quarter valued at about $247,000. Institutional investors and hedge funds own 81.18% of the company’s stock.
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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