SunTrust Banks, Inc. (NYSE:STI) – FIG Partners boosted their Q2 2018 earnings per share estimates for shares of SunTrust Banks in a report released on Friday, June 29th. FIG Partners analyst C. Marinac now anticipates that the financial services provider will earn $1.30 per share for the quarter, up from their previous estimate of $1.29. FIG Partners currently has a “Outperform” rating on the stock. FIG Partners also issued estimates for SunTrust Banks’ Q3 2018 earnings at $1.34 EPS, Q4 2018 earnings at $1.35 EPS, FY2018 earnings at $5.28 EPS, Q2 2019 earnings at $1.39 EPS, Q3 2019 earnings at $1.45 EPS, Q4 2019 earnings at $1.47 EPS and FY2019 earnings at $5.67 EPS.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Friday, April 20th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.18. SunTrust Banks had a return on equity of 10.05% and a net margin of 24.92%. The company had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the prior year, the company earned $0.91 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year.
Other equities research analysts also recently issued reports about the company. Piper Jaffray Companies restated a “buy” rating and issued a $75.00 price target on shares of SunTrust Banks in a report on Sunday, April 22nd. ValuEngine raised SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. Zacks Investment Research raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Wednesday, March 21st. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $75.00 price objective on shares of SunTrust Banks in a research report on Thursday, April 5th. Finally, Sandler O’Neill raised SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Friday. Seventeen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. SunTrust Banks has a consensus rating of “Hold” and a consensus price target of $70.70.
Shares of SunTrust Banks opened at $67.02 on Monday, Marketbeat.com reports. SunTrust Banks has a 1 year low of $51.96 and a 1 year high of $73.37. The stock has a market capitalization of $30.69 billion, a price-to-earnings ratio of 16.59, a price-to-earnings-growth ratio of 0.97 and a beta of 1.31. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.48.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Alliancebernstein L.P. raised its stake in SunTrust Banks by 522.8% in the fourth quarter. Alliancebernstein L.P. now owns 5,543,914 shares of the financial services provider’s stock valued at $358,081,000 after buying an additional 4,653,780 shares during the period. Schafer Cullen Capital Management Inc. bought a new stake in SunTrust Banks in the fourth quarter valued at approximately $81,267,000. Renaissance Technologies LLC raised its stake in SunTrust Banks by 1,837.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,224,917 shares of the financial services provider’s stock valued at $79,117,000 after buying an additional 1,161,700 shares during the period. OppenheimerFunds Inc. raised its stake in SunTrust Banks by 31.0% in the first quarter. OppenheimerFunds Inc. now owns 4,240,997 shares of the financial services provider’s stock valued at $288,557,000 after buying an additional 1,002,395 shares during the period. Finally, BlackRock Inc. raised its stake in SunTrust Banks by 2.1% in the first quarter. BlackRock Inc. now owns 45,528,440 shares of the financial services provider’s stock valued at $3,097,755,000 after buying an additional 951,652 shares during the period. 83.63% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Steven C. Voorhees purchased 6,000 shares of SunTrust Banks stock in a transaction that occurred on Friday, May 4th. The stock was purchased at an average cost of $65.96 per share, with a total value of $395,760.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $659,600. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Agnes Bundy Scanlan sold 1,500 shares of the stock in a transaction that occurred on Wednesday, May 2nd. The shares were sold at an average price of $67.35, for a total value of $101,025.00. The disclosure for this sale can be found here. Insiders have sold 21,250 shares of company stock valued at $1,464,300 over the last three months. Insiders own 0.52% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Friday, June 15th. Investors of record on Thursday, May 31st were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, May 30th. This represents a $1.60 annualized dividend and a yield of 2.39%. SunTrust Banks’s dividend payout ratio (DPR) is presently 39.60%.
SunTrust Banks announced that its board has initiated a stock repurchase plan on Thursday, June 28th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 6.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
About SunTrust Banks
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, and institutions in the United States. It operates through two segments, Consumer and Wholesale. The Consumer segment provides deposits and payments; home equity and personal credit lines; auto, student, and other lending products; credit cards; discount/online and full-service brokerage products; professional investment advisory products and services; and trust services, as well as family office solutions.
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