SunTrust Banks, Inc. (NYSE:STI) – Equities researchers at Wedbush increased their FY2017 earnings per share estimates for shares of SunTrust Banks in a research note issued to investors on Sunday. Wedbush analyst P. Winter now forecasts that the financial services provider will post earnings per share of $4.07 for the year, up from their prior estimate of $4.06. Wedbush also issued estimates for SunTrust Banks’ Q4 2017 earnings at $1.07 EPS, Q1 2018 earnings at $0.97 EPS, Q2 2018 earnings at $1.05 EPS, Q3 2018 earnings at $1.17 EPS and Q4 2018 earnings at $1.19 EPS.

Several other research analysts have also recently weighed in on STI. Nomura upped their price objective on SunTrust Banks from $62.00 to $63.00 and gave the stock a “neutral” rating in a research report on Thursday, September 28th. UBS AG cut SunTrust Banks from an “outperform” rating to a “market perform” rating in a research report on Monday. Citigroup Inc. cut 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. Raymond James Financial, Inc. cut SunTrust Banks from an “outperform” rating to a “market perform” rating in a research report on Monday. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of SunTrust Banks in a report on Friday, October 20th. Nineteen analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $63.13.

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Shares of SunTrust Banks (STI) opened at 60.18 on Wednesday. SunTrust Banks has a 1-year low of $44.45 and a 1-year high of $61.69. The stock has a market capitalization of $28.98 billion, a P/E ratio of 16.01 and a beta of 1.31. The stock’s 50 day moving average price is $57.77 and its 200-day moving average price is $56.54.

SunTrust Banks (NYSE:STI) last posted its quarterly earnings results on Friday, October 20th. The financial services provider reported $1.06 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.06. SunTrust Banks had a return on equity of 8.83% and a net margin of 20.88%. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.30 billion. During the same period last year, the business earned $0.91 EPS. The business’s quarterly revenue was up 3.7% on a year-over-year basis.

SunTrust Banks announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.9% of its shares through open market purchases. Shares buyback programs are usually 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 company’s stock in a transaction that occurred 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 transaction, the insider now owns 3,515 shares of the company’s stock, valued at $201,550.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of STI. Capital World Investors grew its position in SunTrust Banks by 20.7% during the second quarter. Capital World Investors now owns 29,513,083 shares of the financial services provider’s stock worth $1,673,982,000 after buying an additional 5,056,000 shares in the last quarter. Janus Henderson Group PLC grew its position in SunTrust Banks by 3,033.8% during the second quarter. Janus Henderson Group PLC now owns 2,006,553 shares of the financial services provider’s stock worth $113,812,000 after buying an additional 1,942,524 shares in the last quarter. Lazard Asset Management LLC grew its position in SunTrust Banks by 3,009.4% during the second quarter. Lazard Asset Management LLC now owns 1,938,443 shares of the financial services provider’s stock worth $109,948,000 after buying an additional 1,876,101 shares in the last quarter. TIAA CREF Investment Management LLC grew its position in SunTrust Banks by 70.6% during the second quarter. TIAA CREF Investment Management LLC now owns 3,534,925 shares of the financial services provider’s stock worth $200,501,000 after buying an additional 1,462,517 shares in the last quarter. Finally, FMR LLC grew its position in SunTrust Banks by 4.3% during the second quarter. FMR LLC now owns 29,614,981 shares of the financial services provider’s stock worth $1,679,761,000 after buying an additional 1,219,272 shares in the last quarter. 81.25% of the stock is currently 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.

Earnings History and Estimates for SunTrust Banks (NYSE:STI)

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