Nomura Increases SunTrust Banks, Inc. (STI) Price Target to $64.00
SunTrust Banks, Inc. (NYSE:STI) had its price objective raised by equities research analysts at Nomura from $63.00 to $64.00 in a report released on Thursday. The firm presently has a “neutral” rating on the financial services provider’s stock. Nomura’s price objective points to a potential upside of 5.59% from the stock’s previous close.
A number of other research analysts have also recently commented on STI. BidaskClub upgraded SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, July 5th. Keefe, Bruyette & Woods set a $58.00 target price on SunTrust Banks and gave the stock a “hold” rating in a research report on Thursday, July 6th. Instinet reaffirmed a “neutral” rating and set a $61.00 target price on shares of SunTrust Banks in a research report on Wednesday, July 12th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of SunTrust Banks in a research report on Sunday, July 23rd. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $63.00 target price (up from $62.00) on shares of SunTrust Banks in a research report on Tuesday, July 25th. Nineteen analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. SunTrust Banks presently has an average rating of “Hold” and a consensus price target of $63.18.
SunTrust Banks (NYSE STI) traded up 1.39% on Thursday, hitting $60.61. The stock had a trading volume of 2,344,891 shares. SunTrust Banks has a 12-month low of $44.45 and a 12-month high of $61.69. The company’s 50 day moving average is $57.93 and its 200 day moving average is $56.56. The firm has a market cap of $29.19 billion, a PE ratio of 16.12 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last issued 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 for the quarter, compared to analysts’ expectations of $2.30 billion. SunTrust Banks had a return on equity of 8.83% and a net margin of 20.88%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 earnings per share. On average, equities research analysts expect that SunTrust Banks will post $4.06 EPS for the current fiscal year.
SunTrust Banks declared that its board has approved a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 4.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
In other news, insider Susan S. Johnson sold 808 shares of the business’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 transaction of $46,330.72. Following the completion of the transaction, the insider now directly owns 3,515 shares in the company, valued at $201,550.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.55% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Advisory Services Network LLC boosted its position in shares of SunTrust Banks by 0.9% during the second quarter. Advisory Services Network LLC now owns 2,140 shares of the financial services provider’s stock worth $121,000 after buying an additional 20 shares during the period. Canal Capital Management LLC boosted its position in shares of SunTrust Banks by 0.4% during the second quarter. Canal Capital Management LLC now owns 6,318 shares of the financial services provider’s stock worth $358,000 after buying an additional 27 shares during the period. Capital Management Corp VA boosted its position in shares of SunTrust Banks by 0.5% during the second quarter. Capital Management Corp VA now owns 8,201 shares of the financial services provider’s stock worth $465,000 after buying an additional 38 shares during the period. Smith Salley & Associates boosted its position in shares of SunTrust Banks by 1.3% during the second quarter. Smith Salley & Associates now owns 5,139 shares of the financial services provider’s stock worth $291,000 after buying an additional 66 shares during the period. Finally, Intrust Bank NA boosted its position in shares of SunTrust Banks by 0.4% during the second quarter. Intrust Bank NA now owns 16,568 shares of the financial services provider’s stock worth $940,000 after buying an additional 70 shares during the period. Institutional investors and hedge funds own 81.25% 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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