Bank of Montreal Can boosted its stake in SunTrust Banks, Inc. (NYSE:STI) by 6.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,387,551 shares of the financial services provider’s stock after purchasing an additional 269,665 shares during the period. Bank of Montreal Can owned approximately 0.95% of SunTrust Banks worth $293,045,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Private Capital Group LLC increased its holdings in SunTrust Banks by 2,085.5% in the 1st quarter. Private Capital Group LLC now owns 1,508 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 1,439 shares in the last quarter. Trust Co. of Vermont increased its holdings in SunTrust Banks by 138.1% in the 2nd quarter. Trust Co. of Vermont now owns 1,905 shares of the financial services provider’s stock valued at $126,000 after purchasing an additional 1,105 shares in the last quarter. Denali Advisors LLC acquired a new stake in SunTrust Banks in the 3rd quarter valued at $127,000. Flagship Harbor Advisors LLC acquired a new stake in SunTrust Banks in the 2nd quarter valued at $134,000. Finally, Parallel Advisors LLC boosted its position in SunTrust Banks by 52.2% in the 2nd quarter. Parallel Advisors LLC now owns 2,318 shares of the financial services provider’s stock valued at $153,000 after buying an additional 795 shares during the last quarter. Hedge funds and other institutional investors own 83.86% of the company’s stock.
Shares of STI stock traded down $0.99 during trading hours on Friday, hitting $62.47. 740,780 shares of the company were exchanged, compared to its average volume of 3,119,885. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.92 and a current ratio of 0.94. SunTrust Banks, Inc. has a one year low of $56.30 and a one year high of $75.08. The stock has a market capitalization of $30.77 billion, a price-to-earnings ratio of 15.59, a PEG ratio of 1.03 and a beta of 1.29.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings results on Friday, July 20th. The financial services provider reported $1.49 EPS for the quarter, topping the consensus estimate of $1.30 by $0.19. SunTrust Banks had a net margin of 26.41% and a return on equity of 10.94%. The business had revenue of $2.32 billion for the quarter, compared to analysts’ expectations of $2.33 billion. During the same quarter last year, the company posted $1.03 earnings per share. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. As a group, research analysts forecast that SunTrust Banks, Inc. will post 5.59 EPS for the current year.
SunTrust Banks declared that its Board of Directors has approved a stock repurchase program on Thursday, June 28th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 6.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, September 17th. Stockholders of record on Friday, August 31st were given a dividend of $0.50 per share. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Thursday, August 30th. This represents a $2.00 annualized dividend and a dividend yield of 3.20%. SunTrust Banks’s dividend payout ratio (DPR) is presently 49.50%.
In other news, EVP Jorge Arrieta sold 2,500 shares of the stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $73.13, for a total transaction of $182,825.00. Following the transaction, the executive vice president now owns 6,148 shares of the company’s stock, valued at $449,603.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.52% of the company’s stock.
STI has been the subject of a number of analyst reports. Sanford C. Bernstein raised shares of SunTrust Banks from a “market perform” rating to an “outperform” rating in a research report on Wednesday, June 27th. They noted that the move was a valuation call. Edward Jones initiated coverage on shares of SunTrust Banks in a research report on Tuesday, August 28th. They issued a “hold” rating for the company. Wedbush set a $75.00 price objective on shares of SunTrust Banks and gave the company a “hold” rating in a research report on Thursday, September 13th. Jefferies Financial Group reissued a “buy” rating and issued a $80.00 price objective on shares of SunTrust Banks in a research report on Tuesday, July 24th. Finally, Barclays upped their price objective on shares of SunTrust Banks from $77.00 to $79.00 and gave the company a “$72.58” rating in a research report on Monday, July 23rd. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have issued a buy rating to the company’s stock. SunTrust Banks currently has an average rating of “Hold” and an average target price of $74.42.
SunTrust Banks Profile
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, and institutions in the United States. It operates through two segments, Consumer and Wholesale. The Consumer segment provides deposits and payments; home equity and personal credit lines; auto, student, and other lending products; credit cards; discount/online and full-service brokerage products; professional investment advisory products and services; and trust services, as well as family office solutions.
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