SunTrust Banks (STI) Announces Earnings Results

SunTrust Banks (NYSE:STI) announced its quarterly earnings results on Friday. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.04, Bloomberg Earnings reports. SunTrust Banks had a return on equity of 8.83% and a net margin of 20.88%. The company had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the previous year, the company posted $0.90 earnings per share. SunTrust Banks’s revenue for the quarter was up 5.1% on a year-over-year basis.

Shares of SunTrust Banks (STI) opened at $67.94 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.93 and a current ratio of 0.94. SunTrust Banks has a 12-month low of $51.96 and a 12-month high of $69.56. The company has a market capitalization of $32,340.00, a P/E ratio of 17.42, a P/E/G ratio of 1.36 and a beta of 1.29.

In other SunTrust Banks news, Vice Chairman Mark A. Chancy sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $60.06, for a total value of $240,240.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kyle P. Legg sold 3,300 shares of the company’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $21.82, for a total value of $72,006.00. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of STI. Capital World Investors grew its holdings in 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 valued at $1,673,982,000 after buying an additional 5,056,000 shares in the last quarter. Janus Henderson Group PLC grew its holdings in SunTrust Banks by 3,033.8% in the 2nd quarter. Janus Henderson Group PLC now owns 2,006,553 shares of the financial services provider’s stock valued at $113,812,000 after buying an additional 1,942,524 shares in the last quarter. American Century Companies Inc. grew its holdings in SunTrust Banks by 31.4% in the 3rd quarter. American Century Companies Inc. now owns 7,293,744 shares of the financial services provider’s stock valued at $435,947,000 after buying an additional 1,742,756 shares in the last quarter. FMR LLC grew its holdings in SunTrust Banks by 4.3% in the 2nd quarter. FMR LLC now owns 29,614,981 shares of the financial services provider’s stock valued at $1,679,761,000 after buying an additional 1,219,272 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its holdings in SunTrust Banks by 75.0% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 2,125,403 shares of the financial services provider’s stock valued at $120,553,000 after buying an additional 910,731 shares in the last quarter. Institutional investors own 80.71% of the company’s stock.

STI has been the subject of a number of analyst reports. Credit Suisse Group raised SunTrust Banks from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $56.00 to $60.00 in a report on Monday, October 9th. Barclays boosted their price target on SunTrust Banks from $68.00 to $77.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. Morgan Stanley upgraded SunTrust Banks from an “equal weight” rating to an “overweight” rating and set a $68.00 price objective for the company in a research report on Monday, January 8th. Zacks Investment Research upgraded SunTrust Banks from a “hold” rating to a “buy” rating and set a $74.00 price objective for the company in a research report on Tuesday, December 26th. Finally, Raymond James Financial cut SunTrust Banks from an “outperform” rating to a “market perform” rating in a research report on Monday, October 23rd. Fourteen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $67.88.

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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 for SunTrust Banks (NYSE:STI)

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