SunTrust Banks, Inc. (NYSE:STI)‘s stock had its “neutral” rating restated by investment analysts at Citigroup Inc. in a research report issued on Monday. They presently have a $63.00 target price on the financial services provider’s stock, up from their prior target price of $60.00. Citigroup Inc.’s price target suggests a potential upside of 3.69% from the stock’s previous close.
Other equities analysts have also recently issued research reports about the company. Royal Bank Of Canada reissued a “buy” rating and set a $60.00 target price on shares of SunTrust Banks in a report on Thursday, July 27th. BidaskClub raised SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. Piper Jaffray Companies reissued a “buy” rating and set a $63.00 target price on shares of SunTrust Banks in a report on Monday, August 28th. Zacks Investment Research raised SunTrust Banks from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Friday, September 22nd. Finally, Morgan Stanley raised 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. Sixteen research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. SunTrust Banks presently has an average rating of “Hold” and an average target price of $62.18.
SunTrust Banks (STI) opened at 60.76 on Monday. The firm’s 50-day moving average price is $56.74 and its 200 day moving average price is $56.22. SunTrust Banks has a 12-month low of $44.25 and a 12-month high of $61.69. The stock has a market cap of $29.26 billion, a PE ratio of 16.16 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last announced its earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The business had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter in the prior year, the firm earned $0.94 earnings per share. The business’s revenue was up 2.0% compared to the same quarter last year. Analysts anticipate that SunTrust Banks will post $4.05 EPS for the current year.
SunTrust Banks announced that its board has initiated a share repurchase plan 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 stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Susan S. Johnson sold 808 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $57.34, for a total value of $46,330.72. Following the completion of the sale, the insider now directly owns 3,515 shares in the company, valued at $201,550.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is owned by corporate insiders.
Several hedge funds have recently bought and sold shares of STI. Oxford Asset Management purchased a new stake in shares of SunTrust Banks in the first quarter valued at approximately $564,000. ProVise Management Group LLC grew its position in shares of SunTrust Banks by 13.0% in the first quarter. ProVise Management Group LLC now owns 7,458 shares of the financial services provider’s stock valued at $412,000 after purchasing an additional 858 shares in the last quarter. Cibc World Markets Corp grew its position in shares of SunTrust Banks by 52.6% in the first quarter. Cibc World Markets Corp now owns 51,338 shares of the financial services provider’s stock valued at $2,839,000 after purchasing an additional 17,700 shares in the last quarter. Mastrapasqua Asset Management Inc. purchased a new stake in shares of SunTrust Banks in the first quarter valued at approximately $2,859,000. Finally, Dynamic Technology Lab Private Ltd grew its position in shares of SunTrust Banks by 197.2% in the first quarter. Dynamic Technology Lab Private Ltd now owns 13,811 shares of the financial services provider’s stock valued at $764,000 after purchasing an additional 9,164 shares in the last quarter. Institutional investors and hedge funds own 81.18% 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.
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