State of Alaska Department of Revenue grew its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 2.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 77,291 shares of the financial services provider’s stock after acquiring an additional 1,865 shares during the period. State of Alaska Department of Revenue’s holdings in SunTrust Banks were worth $5,160,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Beacon Investment Advisory Services Inc. raised its stake in shares of SunTrust Banks by 1.8% during the second quarter. Beacon Investment Advisory Services Inc. now owns 45,648 shares of the financial services provider’s stock valued at $3,014,000 after acquiring an additional 797 shares in the last quarter. Argent Trust Co raised its stake in shares of SunTrust Banks by 2.6% during the second quarter. Argent Trust Co now owns 35,901 shares of the financial services provider’s stock valued at $2,370,000 after acquiring an additional 906 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of SunTrust Banks by 3.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,748,113 shares of the financial services provider’s stock valued at $115,411,000 after acquiring an additional 56,665 shares in the last quarter. Toronto Dominion Bank raised its stake in shares of SunTrust Banks by 16.2% during the second quarter. Toronto Dominion Bank now owns 299,158 shares of the financial services provider’s stock valued at $19,746,000 after acquiring an additional 41,690 shares in the last quarter. Finally, NumerixS Investment Technologies Inc raised its stake in shares of SunTrust Banks by 53.8% during the second quarter. NumerixS Investment Technologies Inc now owns 6,000 shares of the financial services provider’s stock valued at $394,000 after acquiring an additional 2,099 shares in the last quarter. 83.86% of the stock is owned by hedge funds and other institutional investors.
Shares of STI stock opened at $62.31 on Friday. The company has a market cap of $30.77 billion, a P/E ratio of 15.42, a price-to-earnings-growth ratio of 1.03 and a beta of 1.29. 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 52-week low of $56.30 and a 52-week high of $75.08.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings data on Friday, July 20th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.19. The company had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.33 billion. SunTrust Banks had a net margin of 26.41% and a return on equity of 10.94%. SunTrust Banks’s revenue was up 3.9% compared to the same quarter last year. During the same period last year, the company posted $1.03 earnings per share. Sell-side analysts anticipate that SunTrust Banks, Inc. will post 5.59 earnings per share for the current fiscal year.
SunTrust Banks declared that its board has initiated a stock buyback program on Thursday, June 28th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 6.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Friday, August 31st were issued a $0.50 dividend. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.40. This represents a $2.00 annualized dividend and a yield of 3.21%. The ex-dividend date was Thursday, August 30th. SunTrust Banks’s payout ratio is currently 49.50%.
In other SunTrust Banks news, EVP Jorge Arrieta sold 2,500 shares of SunTrust Banks stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $73.13, for a total value of $182,825.00. Following the transaction, the executive vice president now directly owns 6,148 shares of the company’s stock, valued at $449,603.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.52% of the stock is currently owned by insiders.
Several analysts have recently weighed in on STI shares. BMO Capital Markets lifted their price target on shares of SunTrust Banks from $73.00 to $74.00 and gave the company a “$72.58” rating in a research note on Monday, July 23rd. Barclays lifted their price target on shares of SunTrust Banks from $77.00 to $79.00 and gave the company a “$72.58” rating in a research note on Monday, July 23rd. Jefferies Financial Group reaffirmed a “buy” rating and set a $80.00 price target on shares of SunTrust Banks in a research note on Tuesday, July 24th. Zacks Investment Research raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $76.00 price target for the company in a research note on Monday, July 16th. Finally, Argus raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Monday, July 2nd. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have issued a buy rating to the company. SunTrust Banks has a consensus rating of “Hold” and a consensus price target 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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