SunTrust Banks (NYSE:STI) had its price objective raised by equities research analysts at Barclays from $68.00 to $77.00 in a research note issued on Tuesday. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Barclays’ price target suggests a potential upside of 19.21% from the company’s current price.
Several other research analysts have also weighed in on STI. Nomura increased their target price on shares of SunTrust Banks from $62.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, September 28th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $77.00 target price on shares of SunTrust Banks in a research note on Friday. Robert W. Baird reaffirmed a “hold” rating and set a $55.00 target price on shares of SunTrust Banks in a research note on Sunday, October 1st. Jefferies Group reaffirmed a “buy” rating and set a $69.00 target price on shares of SunTrust Banks in a research note on Thursday, October 12th. Finally, Zacks Investment Research raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $74.00 target price for the company in a research note on Tuesday, December 26th. Sixteen equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $66.25.
Shares of SunTrust Banks (NYSE:STI) traded down $0.85 during mid-day trading on Tuesday, reaching $64.59. 2,558,800 shares of the company’s stock traded hands, compared to its average volume of 3,421,123. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $30,746.98, a price-to-earnings ratio of 16.56, a PEG ratio of 1.74 and a beta of 1.29. SunTrust Banks has a one year low of $51.96 and a one year high of $66.62.
In related news, Director Kyle P. Legg sold 3,300 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $21.82, for a total value of $72,006.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Mark A. Chancy sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $60.06, for a total transaction of $240,240.00. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. Great West Life Assurance Co. Can raised its holdings in SunTrust Banks by 1.5% during the third quarter. Great West Life Assurance Co. Can now owns 537,936 shares of the financial services provider’s stock worth $23,558,000 after purchasing an additional 7,745 shares in the last quarter. First Midwest Bank Trust Division raised its holdings in SunTrust Banks by 12.0% during the third quarter. First Midwest Bank Trust Division now owns 89,437 shares of the financial services provider’s stock worth $3,918,000 after purchasing an additional 9,557 shares in the last quarter. Morgan Stanley raised its holdings in SunTrust Banks by 200.5% during the third quarter. Morgan Stanley now owns 1,944,915 shares of the financial services provider’s stock worth $85,188,000 after purchasing an additional 1,297,734 shares in the last quarter. Bank of Montreal Can raised its holdings in SunTrust Banks by 27.8% during the fourth quarter. Bank of Montreal Can now owns 1,167,186 shares of the financial services provider’s stock worth $50,001,000 after purchasing an additional 254,060 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in SunTrust Banks by 13.0% during the second quarter. Victory Capital Management Inc. now owns 4,105,521 shares of the financial services provider’s stock worth $168,654,000 after purchasing an additional 471,201 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.
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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.
