Riverhead Capital Management LLC decreased its stake in SunTrust Banks, Inc. (NYSE:STI) by 13.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,515 shares of the financial services provider’s stock after selling 7,436 shares during the period. Riverhead Capital Management LLC’s holdings in SunTrust Banks were worth $3,241,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Argent Trust Co lifted its position in SunTrust Banks by 2.6% in the second quarter. Argent Trust Co now owns 35,901 shares of the financial services provider’s stock worth $2,370,000 after purchasing an additional 906 shares during the period. Beacon Investment Advisory Services Inc. lifted its position in SunTrust Banks by 1.8% in the second quarter. Beacon Investment Advisory Services Inc. now owns 45,648 shares of the financial services provider’s stock worth $3,014,000 after purchasing an additional 797 shares during the period. Schwab Charles Investment Management Inc. lifted its position in SunTrust Banks by 3.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,748,113 shares of the financial services provider’s stock worth $115,411,000 after purchasing an additional 56,665 shares during the period. NumerixS Investment Technologies Inc lifted its position in SunTrust Banks by 53.8% in the second quarter. NumerixS Investment Technologies Inc now owns 6,000 shares of the financial services provider’s stock worth $394,000 after purchasing an additional 2,099 shares during the period. Finally, New England Research & Management Inc. lifted its position in SunTrust Banks by 117.4% in the third quarter. New England Research & Management Inc. now owns 24,350 shares of the financial services provider’s stock worth $1,626,000 after purchasing an additional 13,150 shares during the period. Institutional investors and hedge funds own 82.80% of the company’s stock.
SunTrust Banks stock opened at $56.94 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.95 and a quick ratio of 0.93. SunTrust Banks, Inc. has a 12-month low of $56.58 and a 12-month high of $75.08. The stock has a market capitalization of $26.26 billion, a P/E ratio of 14.09, a price-to-earnings-growth ratio of 0.96 and a beta of 1.25.
SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, October 19th. The financial services provider reported $1.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.17. SunTrust Banks had a return on equity of 11.66% and a net margin of 28.17%. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the business posted $1.06 earnings per share. The firm’s revenue for the quarter was down .8% compared to the same quarter last year. As a group, sell-side analysts predict that SunTrust Banks, Inc. will post 5.61 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Friday, November 30th will be issued a $0.50 dividend. The ex-dividend date is Thursday, November 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.51%. SunTrust Banks’s dividend payout ratio is 49.50%.
A number of brokerages have issued reports on STI. Credit Suisse Group cut their price objective on SunTrust Banks from $75.00 to $70.00 and set a “neutral” rating for the company in a report on Friday. Edward Jones began coverage on SunTrust Banks in a report on Tuesday, August 28th. They set a “hold” rating for the company. BMO Capital Markets cut their price objective on SunTrust Banks from $74.00 to $70.00 and set a “market perform” rating for the company in a report on Monday, October 22nd. B. Riley set a $79.00 price objective on SunTrust Banks and gave the company a “buy” rating in a report on Monday, October 15th. Finally, Zacks Investment Research cut SunTrust Banks from a “buy” rating to a “hold” rating in a report on Wednesday, September 19th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. SunTrust Banks currently has a consensus rating of “Hold” and an average price target of $76.73.
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SunTrust Banks Company Profile
SunTrust Banks, Inc is a bank and financial holding company that engages in the provision of financial services. It offers deposit, credit, mortgage banking, trust and investment, asset management, securities brokerage, and capital market services. It operates through the following segments: Consumer, Wholesale, and Corporate Other.
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