Manning & Napier Group LLC lifted its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 9.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 88,823 shares of the financial services provider’s stock after buying an additional 7,752 shares during the period. Manning & Napier Group LLC’s holdings in SunTrust Banks were worth $5,931,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. LSV Asset Management raised its stake in SunTrust Banks by 0.3% during the second quarter. LSV Asset Management now owns 6,471,822 shares of the financial services provider’s stock worth $427,269,000 after purchasing an additional 21,800 shares during the period. Boston Partners raised its stake in SunTrust Banks by 1.3% during the second quarter. Boston Partners now owns 5,449,455 shares of the financial services provider’s stock worth $359,773,000 after purchasing an additional 71,355 shares during the period. Northern Trust Corp raised its stake in SunTrust Banks by 1.7% during the second quarter. Northern Trust Corp now owns 5,163,571 shares of the financial services provider’s stock worth $340,899,000 after purchasing an additional 87,873 shares during the period. Bank of Montreal Can raised its stake in SunTrust Banks by 169.8% during the second quarter. Bank of Montreal Can now owns 4,117,886 shares of the financial services provider’s stock worth $271,863,000 after purchasing an additional 2,591,748 shares during the period. Finally, First Trust Advisors LP raised its stake in SunTrust Banks by 71.6% during the second quarter. First Trust Advisors LP now owns 1,822,123 shares of the financial services provider’s stock worth $120,297,000 after purchasing an additional 760,417 shares during the period. 83.86% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have weighed in on STI. Edward Jones began coverage on shares of SunTrust Banks in a research note on Tuesday, August 28th. They set a “hold” rating on the stock. Ameriprise Financial raised shares of SunTrust Banks from a “neutral” rating to a “buy” rating in a research note on Monday, July 23rd. Morgan Stanley increased their price target on shares of SunTrust Banks from $80.00 to $86.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 24th. 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. Finally, Argus increased their price target on shares of SunTrust Banks to $81.00 and gave the stock a “buy” rating in a research note on Wednesday, July 25th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $74.42.
In other news, EVP Jorge Arrieta sold 2,500 shares of the firm’s 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 owns 6,148 shares of the company’s stock, valued at approximately $449,603.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.52% of the company’s stock.
Shares of STI stock opened at $62.31 on Friday. SunTrust Banks, Inc. has a 52 week low of $56.30 and a 52 week high of $75.08. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $30.77 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 1.03 and a beta of 1.29.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, July 20th. The financial services provider reported $1.49 EPS for the quarter, beating the Zacks’ 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 the consensus estimate of $2.33 billion. During the same quarter last year, the firm posted $1.03 EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, equities analysts expect that SunTrust Banks, Inc. will post 5.59 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 17th. Stockholders of record on Friday, August 31st were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend was Thursday, August 30th. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.40. SunTrust Banks’s dividend payout ratio (DPR) is currently 49.50%.
SunTrust Banks declared that its Board of Directors has approved a share buyback plan on Thursday, June 28th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 6.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.
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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