SunTrust Banks, Inc. (STI) Stock Rating Reaffirmed by Royal Bank Of Canada
SunTrust Banks, Inc. (NYSE:STI)‘s stock had its “buy” rating reaffirmed by stock analysts at Royal Bank Of Canada in a report issued on Monday. They currently have a $65.00 price objective on the financial services provider’s stock. Royal Bank Of Canada’s target price points to a potential upside of 8.30% from the stock’s current price.
A number of other research analysts have also issued reports on the company. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of SunTrust Banks in a research report on Sunday, July 23rd. UBS AG lowered SunTrust Banks from an “outperform” rating to a “market perform” rating in a research report on Monday. Instinet reiterated a “neutral” rating and set a $61.00 target price on shares of SunTrust Banks in a research report on Wednesday, July 12th. BidaskClub upgraded SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, July 5th. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $63.00 target price on shares of SunTrust Banks in a research report on Monday, August 28th. Seventeen analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. SunTrust Banks currently has a consensus rating of “Hold” and a consensus price target of $62.73.
Shares of SunTrust Banks (STI) opened at 60.02 on Monday. The firm’s 50-day moving average is $57.59 and its 200-day moving average is $56.45. The company has a market cap of $28.91 billion, a PE ratio of 15.96 and a beta of 1.31. SunTrust Banks has a 1-year low of $44.45 and a 1-year high of $61.69.
SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, October 20th. The financial services provider reported $1.06 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.06. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same quarter in the prior year, the firm posted $0.91 EPS. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. On average, equities analysts forecast that SunTrust Banks will post $4.05 earnings per share for the current fiscal year.
SunTrust Banks announced that its Board of Directors has initiated 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 repurchase up to 4.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
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In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the firm’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 sale, the insider now directly owns 3,515 shares of the company’s stock, valued at approximately $201,550.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.55% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of SunTrust Banks by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 32,947,441 shares of the financial services provider’s stock worth $1,868,780,000 after acquiring an additional 227,501 shares during the last quarter. FMR LLC increased its stake in shares of SunTrust Banks by 4.3% in the 2nd quarter. FMR LLC now owns 29,614,981 shares of the financial services provider’s stock worth $1,679,761,000 after acquiring an additional 1,219,272 shares during the last quarter. Capital World Investors increased its stake in shares of SunTrust Banks by 20.7% in the 2nd quarter. Capital World Investors now owns 29,513,083 shares of the financial services provider’s stock worth $1,673,982,000 after acquiring an additional 5,056,000 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of SunTrust Banks by 8.6% in the 1st quarter. AQR Capital Management LLC now owns 8,758,128 shares of the financial services provider’s stock worth $484,324,000 after acquiring an additional 694,144 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of SunTrust Banks by 4.3% in the 2nd quarter. Victory Capital Management Inc. now owns 5,676,079 shares of the financial services provider’s stock worth $321,947,000 after acquiring an additional 232,350 shares during the last quarter. 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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