SunTrust Banks, Inc. (NYSE:STI) – Analysts at Wedbush upped their FY2019 earnings estimates for shares of SunTrust Banks in a research note issued to investors on Sunday, July 1st. Wedbush analyst P. Winter now forecasts that the financial services provider will earn $5.73 per share for the year, up from their prior estimate of $5.71.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings data on Friday, April 20th. The financial services provider reported $1.29 earnings per share for the quarter, topping the Zacks’ 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 firm had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the prior year, the company posted $0.91 earnings per share. SunTrust Banks’s quarterly revenue was up .4% on a year-over-year basis.
Several other analysts have also weighed in on the company. ValuEngine raised SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. Zacks Investment Research raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a report on Wednesday, March 21st. Credit Suisse Group reissued a “neutral” rating and issued a $73.00 target price (up previously from $71.00) on shares of SunTrust Banks in a report on Wednesday, March 14th. BMO Capital Markets lowered their target price on SunTrust Banks from $79.00 to $77.00 and set a “market perform” rating on the stock in a report on Friday, April 20th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $75.00 target price on shares of SunTrust Banks in a report on Thursday, April 5th. Seventeen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $70.70.
Shares of SunTrust Banks opened at $66.58 on Tuesday, MarketBeat.com reports. SunTrust Banks has a 1-year low of $51.96 and a 1-year high of $73.37. The firm has a market cap of $30.69 billion, a P/E ratio of 16.48, a price-to-earnings-growth ratio of 0.97 and a beta of 1.31. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.48.
SunTrust Banks declared that its board has authorized a stock buyback program on Thursday, June 28th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 6.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 15th. Stockholders of record on Thursday, May 31st were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, May 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.40%. SunTrust Banks’s dividend payout ratio is currently 39.60%.
In other news, Director Agnes Bundy Scanlan sold 1,500 shares of the company’s stock in a transaction on Wednesday, May 2nd. The stock was sold at an average price of $67.35, for a total value of $101,025.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Frank P. Scruggs, Jr. acquired 1,000 shares of SunTrust Banks stock in a transaction dated Wednesday, May 16th. The stock was bought at an average price of $69.01 per share, for a total transaction of $69,010.00. Following the completion of the transaction, the director now directly owns 8,501 shares of the company’s stock, valued at $586,654.01. The disclosure for this purchase can be found here. Insiders sold 21,250 shares of company stock worth $1,464,300 over the last 90 days. Company insiders own 0.52% of the company’s stock.
Large investors have recently modified their holdings of the company. We Are One Seven LLC purchased a new position in SunTrust Banks during the fourth quarter worth about $308,000. BNP Paribas Arbitrage SA lifted its position in SunTrust Banks by 45.2% during the first quarter. BNP Paribas Arbitrage SA now owns 144,523 shares of the financial services provider’s stock worth $9,833,000 after buying an additional 45,006 shares during the period. Raymond James & Associates lifted its position in SunTrust Banks by 1.2% during the fourth quarter. Raymond James & Associates now owns 629,215 shares of the financial services provider’s stock worth $40,642,000 after buying an additional 7,421 shares during the period. MainStreet Investment Advisors LLC purchased a new position in SunTrust Banks during the fourth quarter worth about $262,000. Finally, Cambria Investment Management L.P. lifted its position in SunTrust Banks by 2.7% during the first quarter. Cambria Investment Management L.P. now owns 31,993 shares of the financial services provider’s stock worth $2,177,000 after buying an additional 830 shares during the period. Institutional investors and hedge funds own 83.63% of the company’s stock.
SunTrust Banks Company Profile
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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