Independent Investors Inc. Continues to Hold Stake in SunTrust Banks, Inc. (STI)

Independent Investors Inc. continued to hold its stake in SunTrust Banks, Inc. (NYSE:STI) during the second quarter, according to its most recent filing with the SEC. The fund owned 4,500 shares of the financial services provider’s stock at the end of the second quarter. Independent Investors Inc.’s holdings in SunTrust Banks were worth $255,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Guardian Life Insurance Co. of America raised its stake in 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 valued at $105,000 after buying an additional 18 shares during the period. Whittier Trust Co. raised its stake in SunTrust Banks by 3.1% in the first quarter. Whittier Trust Co. now owns 1,909 shares of the financial services provider’s stock valued at $105,000 after buying an additional 58 shares during the period. Advisory Services Network LLC purchased a new stake in SunTrust Banks during the first quarter valued at about $117,000. Bronfman E.L. Rothschild L.P. raised its stake in 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 valued at $125,000 after buying an additional 192 shares during the period. Finally, Independent Portfolio Consultants Inc. raised its stake in 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 valued at $150,000 after buying an additional 1,718 shares during the period. Hedge funds and other institutional investors own 82.08% of the company’s stock.

SunTrust Banks, Inc. (NYSE STI) remained flat at $56.13 during mid-day trading on Friday. 2,375,927 shares of the stock traded hands. SunTrust Banks, Inc. has a 12 month low of $42.36 and a 12 month high of $61.69. The stock’s 50-day moving average price is $57.06 and its 200 day moving average price is $56.67. The firm has a market capitalization of $27.03 billion, a price-to-earnings ratio of 14.93 and a beta of 1.33.

SunTrust Banks (NYSE:STI) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.05. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.29 billion. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.94 EPS. Analysts forecast that SunTrust Banks, Inc. will post $4.04 EPS for the current year.

SunTrust Banks announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that allows the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization allows 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.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date is Tuesday, August 29th. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s dividend payout ratio (DPR) is currently 27.73%.

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Several research firms have recently issued reports on STI. Morgan Stanley upgraded shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 target price for the company in a report on Thursday, August 3rd. FBR & Co set a $65.00 price target on shares of SunTrust Banks and gave the stock a “buy” rating in a research note on Monday, April 24th. Wells Fargo & Company began coverage on shares of SunTrust Banks in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $70.00 price target on the stock. BidaskClub downgraded shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $60.00 price target on shares of SunTrust Banks in a research note on Thursday, May 18th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $60.08.

In related news, insider Susan S. Johnson sold 808 shares of SunTrust Banks stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $57.34, for a total transaction of $46,330.72. Following the completion of the sale, the insider now owns 3,515 shares in the company, valued at approximately $201,550.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.55% of the company’s stock.

SunTrust Banks Company Profile

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.

Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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