SunTrust Banks (NYSE:STI) Rating Reiterated by Goldman Sachs Group

Goldman Sachs Group reiterated their buy rating on shares of SunTrust Banks (NYSE:STI) in a research note published on Thursday, January 4th. They currently have a $74.00 target price on the financial services provider’s stock.

A number of other brokerages have also weighed in on STI. Credit Suisse Group raised shares of SunTrust Banks from an underperform rating to a neutral rating and lifted their target price for the company from $56.00 to $60.00 in a research note on Monday, October 9th. Barclays lifted their target price on shares of SunTrust Banks from $68.00 to $77.00 and gave the company an equal weight rating in a research note on Tuesday, January 2nd. Zacks Investment Research raised shares of SunTrust Banks from a hold rating to a buy rating and set a $74.00 target price on the stock in a research note on Tuesday, December 26th. Raymond James Financial lowered shares of SunTrust Banks from an outperform rating to a market perform rating in a research note on Monday, October 23rd. Finally, Wedbush lowered shares of SunTrust Banks from an outperform rating to a neutral rating and dropped their price objective for the stock from $71.00 to $63.00 in a research note on Thursday, December 21st. They noted that the move was a valuation call. Fourteen research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $67.88.

SunTrust Banks (NYSE STI) traded up $0.16 during mid-day trading on Thursday, hitting $67.86. 4,168,300 shares of the company’s stock were exchanged, compared to its average volume of 4,201,688. SunTrust Banks has a 12-month low of $51.96 and a 12-month high of $68.62. The stock has a market capitalization of $32,600.00, a PE ratio of 17.40, a price-to-earnings-growth ratio of 1.58 and a beta of 1.29. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.94 and a quick ratio of 0.93.

SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, October 20th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.06. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.30 billion. SunTrust Banks had a net margin of 20.88% and a return on equity of 8.83%. The company’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 company earned $0.91 earnings per share. research analysts expect that SunTrust Banks will post 4.07 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Thursday, November 30th were issued a dividend of $0.40 per share. The ex-dividend date was Wednesday, November 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.36%. SunTrust Banks’s payout ratio is 41.03%.

In other news, Vice Chairman Mark A. Chancy sold 4,000 shares of the business’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kyle P. Legg sold 3,300 shares of the business’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 transaction of $72,006.00. The disclosure for this sale can be found here. 0.55% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in STI. Capital World Investors increased its stake in shares of SunTrust Banks by 20.7% in the second quarter. Capital World Investors now owns 29,513,083 shares of the financial services provider’s stock worth $1,673,982,000 after purchasing an additional 5,056,000 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of SunTrust Banks by 3,033.8% in the second quarter. Janus Henderson Group PLC now owns 2,006,553 shares of the financial services provider’s stock worth $113,812,000 after purchasing an additional 1,942,524 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of SunTrust Banks by 3,009.4% in the second quarter. Lazard Asset Management LLC now owns 1,938,443 shares of the financial services provider’s stock worth $109,948,000 after purchasing an additional 1,876,101 shares in the last quarter. American Century Companies Inc. increased its stake in shares of SunTrust Banks by 31.4% in the third quarter. American Century Companies Inc. now owns 7,293,744 shares of the financial services provider’s stock worth $435,947,000 after purchasing an additional 1,742,756 shares in the last quarter. Finally, TIAA CREF Investment Management LLC increased its stake in shares of SunTrust Banks by 70.6% in the second quarter. TIAA CREF Investment Management LLC now owns 3,534,925 shares of the financial services provider’s stock worth $200,501,000 after purchasing an additional 1,462,517 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for SunTrust Banks (NYSE:STI)

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