SunTrust Banks (NYSE:STI) was downgraded by investment analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research note issued on Thursday, Marketbeat reports. They currently have a $63.00 target price on the financial services provider’s stock, down from their previous target price of $71.00. Wedbush’s price objective indicates a potential downside of 3.74% from the stock’s current price. The analysts noted that the move was a valuation call.
Several other equities analysts have also weighed in on the stock. Sandler O’Neill lowered shares of SunTrust Banks from a “buy” rating to a “hold” rating and set a $62.00 price target for the company. in a research report on Monday, October 23rd. Piper Jaffray Companies restated a “buy” rating and set a $63.00 price target on shares of SunTrust Banks in a research report on Monday, August 28th. Nomura increased their price target on shares of SunTrust Banks from $63.00 to $64.00 and gave the company a “neutral” rating in a research report on Thursday, October 26th. Barclays increased their price target on shares of SunTrust Banks from $65.00 to $68.00 and gave the company an “equal weight” rating in a research report on Monday, October 23rd. Finally, Zacks Investment Research lowered shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Monday, September 25th. Sixteen analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $64.58.
SunTrust Banks (NYSE:STI) traded down $0.18 during midday trading on Thursday, hitting $65.45. 4,412,800 shares of the stock traded hands, compared to its average volume of 3,443,688. SunTrust Banks has a 12-month low of $51.96 and a 12-month high of $66.62. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market cap of $31,242.06, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 1.77 and a beta of 1.29.
In other SunTrust Banks news, Vice Chairman Mark A. Chancy sold 4,000 shares of the stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $60.06, for a total transaction of $240,240.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kyle P. Legg sold 3,300 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $21.82, for a total transaction of $72,006.00. The disclosure for this sale can be found here. 0.55% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of the business. Capital World Investors lifted its holdings in shares of SunTrust Banks by 20.7% in 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 lifted its holdings in shares of SunTrust Banks by 3,033.8% in 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 lifted its holdings in shares of SunTrust Banks by 3,009.4% in 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. American Century Companies Inc. lifted its holdings in shares of SunTrust Banks by 31.4% in the third quarter. American Century Companies Inc. now owns 7,293,744 shares of the financial services provider’s stock worth $435,947,000 after buying an additional 1,742,756 shares in the last quarter. Finally, TIAA CREF Investment Management LLC lifted its holdings in shares of SunTrust Banks by 70.6% in 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. Hedge funds and other institutional investors own 80.69% of the company’s stock.
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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.
