Nissay Asset Management Corp Japan ADV lessened its position in SunTrust Banks, Inc. (NYSE:STI) by 21.7% in the first quarter, HoldingsChannel.com reports. The fund owned 51,762 shares of the financial services provider’s stock after selling 14,307 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in SunTrust Banks were worth $3,067,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in STI. Legal & General Group Plc raised its holdings in SunTrust Banks by 0.8% in the third quarter. Legal & General Group Plc now owns 2,117,724 shares of the financial services provider’s stock valued at $141,451,000 after acquiring an additional 15,904 shares in the last quarter. Morgan Stanley raised its holdings in shares of SunTrust Banks by 16.0% during the third quarter. Morgan Stanley now owns 2,254,090 shares of the financial services provider’s stock worth $150,552,000 after purchasing an additional 311,392 shares during the period. Vanguard Group Inc raised its holdings in shares of SunTrust Banks by 2.2% during the third quarter. Vanguard Group Inc now owns 36,403,676 shares of the financial services provider’s stock worth $2,431,401,000 after purchasing an additional 793,283 shares during the period. Hennessy Advisors Inc. raised its holdings in shares of SunTrust Banks by 128.6% during the fourth quarter. Hennessy Advisors Inc. now owns 32,000 shares of the financial services provider’s stock worth $1,614,000 after purchasing an additional 18,000 shares during the period. Finally, Gateway Investment Advisers LLC raised its holdings in shares of SunTrust Banks by 5.4% during the fourth quarter. Gateway Investment Advisers LLC now owns 26,675 shares of the financial services provider’s stock worth $1,345,000 after purchasing an additional 1,364 shares during the period. 79.28% of the stock is owned by hedge funds and other institutional investors.
STI stock opened at $62.02 on Thursday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.95 and a current ratio of 0.96. SunTrust Banks, Inc. has a fifty-two week low of $46.05 and a fifty-two week high of $75.08. The stock has a market capitalization of $27.11 billion, a P/E ratio of 10.88, a PEG ratio of 1.35 and a beta of 1.56.
SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.04. SunTrust Banks had a net margin of 25.26% and a return on equity of 12.22%. The business had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter last year, the company earned $1.29 EPS. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. As a group, research analysts forecast that SunTrust Banks, Inc. will post 5.78 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a dividend of $0.50 per share. The ex-dividend date is Thursday, May 30th. This represents a $2.00 annualized dividend and a dividend yield of 3.22%. SunTrust Banks’s dividend payout ratio (DPR) is 35.09%.
In other SunTrust Banks news, Vice Chairman Mark A. Chancy sold 10,000 shares of the company’s stock in a transaction dated Tuesday, February 26th. The shares were sold at an average price of $65.38, for a total transaction of $653,800.00. Following the completion of the sale, the insider now directly owns 205,846 shares of the company’s stock, valued at $13,458,211.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jorge Arrieta sold 4,000 shares of the company’s stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $66.25, for a total transaction of $265,000.00. Following the sale, the executive vice president now directly owns 8,662 shares of the company’s stock, valued at $573,857.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,488 shares of company stock valued at $3,980,771. Insiders own 0.42% of the company’s stock.
A number of brokerages have weighed in on STI. ValuEngine raised shares of SunTrust Banks from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Zacks Investment Research cut shares of SunTrust Banks from a “hold” rating to a “sell” rating in a report on Tuesday, April 9th. Morgan Stanley reissued an “equal weight” rating and set a $73.00 target price (down from $80.00) on shares of SunTrust Banks in a report on Monday, March 11th. Macquarie raised shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $64.72 target price on the stock in a report on Friday, February 8th. Finally, Robert W. Baird cut shares of SunTrust Banks from an “outperform” rating to a “neutral” rating and set a $61.90 target price on the stock. in a report on Monday, January 28th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $70.65.
SunTrust Banks Profile
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, institutions, and not-for-profit entities in the United States. It operates in 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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