Burke & Herbert Bank & Trust Co. held its stake in shares of SunTrust Banks, Inc. (NYSE:STI) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,797 shares of the financial services provider’s stock at the end of the second quarter. Burke & Herbert Bank & Trust Co.’s holdings in SunTrust Banks were worth $272,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Whittier Trust Co. boosted its stake in shares of SunTrust Banks by 3.1% in the first quarter. Whittier Trust Co. now owns 1,909 shares of the financial services provider’s stock worth $105,000 after buying an additional 58 shares during the last quarter. Guardian Life Insurance Co. of America boosted its stake in shares of SunTrust Banks by 1.0% in the first quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock worth $105,000 after buying an additional 18 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of SunTrust Banks during the first quarter worth about $117,000. Bronfman E.L. Rothschild L.P. raised its position in shares of SunTrust Banks by 9.2% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,269 shares of the financial services provider’s stock worth $125,000 after buying an additional 192 shares during the period. Finally, Independent Portfolio Consultants Inc. raised its position in shares of SunTrust Banks by 184.7% in the second quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock worth $150,000 after buying an additional 1,718 shares during the period. Institutional investors and hedge funds own 82.10% of the company’s stock.
SunTrust Banks, Inc. (NYSE STI) traded down 0.76% during mid-day trading on Friday, hitting $55.99. The stock had a trading volume of 3,418,636 shares. SunTrust Banks, Inc. has a 1-year low of $41.46 and a 1-year high of $61.69. The company has a 50-day moving average price of $56.82 and a 200 day moving average price of $56.68. The company has a market cap of $26.97 billion, a P/E ratio of 14.89 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.05. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the previous year, the business earned $0.94 EPS. The firm’s revenue was up 2.0% on a year-over-year basis. Equities research analysts forecast that SunTrust Banks, Inc. will post $4.04 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be issued a $0.40 dividend. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date is Tuesday, August 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.86%. SunTrust Banks’s payout ratio is 27.73%.
SunTrust Banks declared that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.32 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
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A number of equities analysts recently issued reports on the company. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of SunTrust Banks in a report on Sunday, April 23rd. BidaskClub lowered SunTrust Banks from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Morgan Stanley reissued an “underweight” rating and issued a $63.00 price objective (up from $62.00) on shares of SunTrust Banks in a report on Tuesday, July 25th. Keefe, Bruyette & Woods set a $58.00 price objective on SunTrust Banks and gave the stock a “hold” rating in a report on Monday, June 5th. Finally, Wells Fargo & Company began coverage on SunTrust Banks in a research note on Wednesday. They set an “outperform” rating and a $70.00 price target for the company. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $59.18.
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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