Sumitomo Mitsui Trust Holdings Inc. lowered its stake in SunTrust Banks, Inc. (NYSE:STI) by 2.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,405,489 shares of the financial services provider’s stock after selling 35,490 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.30% of SunTrust Banks worth $84,006,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the stock. Kiwi Wealth Investments Limited Partnership increased its holdings in shares of SunTrust Banks by 8.2% in the third quarter. Kiwi Wealth Investments Limited Partnership now owns 222,414 shares of the financial services provider’s stock valued at $13,294,000 after purchasing an additional 16,944 shares in the last quarter. Comerica Bank increased its holdings in shares of SunTrust Banks by 2.2% in the third quarter. Comerica Bank now owns 143,706 shares of the financial services provider’s stock valued at $8,673,000 after purchasing an additional 3,098 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in SunTrust Banks by 7.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,448,472 shares of the financial services provider’s stock worth $385,427,000 after acquiring an additional 437,387 shares during the period. Bank of Stockton grew its holdings in SunTrust Banks by 17.8% during the 3rd quarter. Bank of Stockton now owns 12,190 shares of the financial services provider’s stock worth $728,000 after acquiring an additional 1,840 shares during the period. Finally, Montag A & Associates Inc. grew its holdings in SunTrust Banks by 6.0% during the 3rd quarter. Montag A & Associates Inc. now owns 223,085 shares of the financial services provider’s stock worth $13,334,000 after acquiring an additional 12,594 shares during the period. 82.32% of the stock is owned by institutional investors and hedge funds.
Shares of SunTrust Banks, Inc. (NYSE STI) traded down $0.06 on Friday, reaching $57.72. 3,038,500 shares of the company were exchanged, compared to its average volume of 3,367,021. SunTrust Banks, Inc. has a twelve month low of $50.66 and a twelve month high of $61.69. The firm has a market cap of $27,505.20, a price-to-earnings ratio of 14.97, a P/E/G ratio of 1.56 and a beta of 1.29. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.93 and a current ratio of 0.94.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings data on Friday, October 20th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.06. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.30 billion. SunTrust Banks had a net margin of 20.88% and a return on equity of 8.83%. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.91 EPS. analysts anticipate that SunTrust Banks, Inc. will post 4.06 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date is Wednesday, November 29th. SunTrust Banks’s dividend payout ratio is currently 41.03%.
A number of analysts have commented on STI shares. Sandler O’Neill lowered shares of SunTrust Banks from a “buy” rating to a “hold” rating and set a $62.00 target price for the company. in a report on Monday, October 23rd. Piper Jaffray Companies reaffirmed a “buy” rating and set a $63.00 target price on shares of SunTrust Banks in a report on Monday, August 28th. Zacks Investment Research lowered shares of SunTrust Banks from a “buy” rating to a “hold” rating in a report on Monday, September 25th. Morgan Stanley lifted their target price on shares of SunTrust Banks from $63.00 to $68.00 and gave the stock an “equal weight” rating in a report on Monday, October 23rd. Finally, Barclays PLC lifted their price target on shares of SunTrust Banks from $65.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Monday, October 23rd. Eighteen investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. SunTrust Banks currently has a consensus rating of “Hold” and an average price target of $63.18.
In other SunTrust Banks news, Director Kyle P. Legg sold 3,300 shares of the business’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $21.82, for a total value of $72,006.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.55% of the company’s stock.
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About SunTrust Banks
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.
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