Analysts at Zacks Investment Research upgraded shares of SunTrust Banks Inc. (NYSE: STI) from Hold to Buy today. Zacks Investment Research currently has a rating of Buy on the shares. The one-year price target of $44.94 is higher than the opening price of $44.03, causing a fair amount of other analysts to issue statements on the stock in recent days. Looking back over the last year, SunTrust Banks Inc. stock has a high of $45.24. Usually, after analysts assign an upgrade report on a stock, they will subsequently issue periodic updates, usually followed by a price target change.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Shares of SunTrust Banks Inc. (NYSE: STI) opened at $44.03 yesterday trading between $43.82 and $44.61, and last traded at $44.29, which is an increase of $0.51 compared to the previous closing price.
SunTrust Banks Inc. (NYSE: STI) currently has a market cap of 22.21B.
3,958,354 shares crossed the trading desk yesterday, above the average, out of a total float 499,718,000. Considerable volume accumulation by institutional investors may be in the near future as the combination of significant expansions in trading volume and price appreciation can be indicative components.
While an increase in trading for short periods will not mean much, however, a trend of heavy trading volume on the buy side over a series of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have teams of analysts researching thousands of stocks, so it is good validation to see them buying a stock you’re researching.
By following the activity of these professional investors and how they affect moving averages,it allows for traders to make more useful choices on trades.
Trades for SunTrust Banks Inc. (NYSE: STI) have ranged from $31.07 – 45.24, and the stock now has a 50-day MA of $43.12 and 200-day MA of $41.08. Today’s last price is 0.02% lower than the 52 week high of $45.24.
Earnings growth is a critical factor to look at when buying stocks and investors identify companies that have raised their earnings at least 25% or more over the past 3 years.
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