Dimensional Fund Advisors LP cut its holdings in SunTrust Banks, Inc. (NYSE:STI) by 0.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,276,781 shares of the financial services provider’s stock after selling 17,837 shares during the quarter. Dimensional Fund Advisors LP owned 0.69% of SunTrust Banks worth $195,838,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of STI. Acadian Asset Management LLC raised its position in shares of SunTrust Banks by 38.1% during the second quarter. Acadian Asset Management LLC now owns 3,592 shares of the financial services provider’s stock worth $204,000 after purchasing an additional 991 shares during the period. Global X Management Co. LLC raised its position in SunTrust Banks by 35.3% in the 2nd quarter. Global X Management Co. LLC now owns 6,399 shares of the financial services provider’s stock valued at $363,000 after buying an additional 1,669 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in SunTrust Banks by 3.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,589,418 shares of the financial services provider’s stock valued at $90,152,000 after buying an additional 50,309 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in SunTrust Banks by 57.9% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 347,209 shares of the financial services provider’s stock valued at $19,694,000 after buying an additional 127,255 shares during the last quarter. Finally, LMR Partners LLP purchased a new stake in SunTrust Banks in the 2nd quarter valued at $4,072,000. 80.83% of the stock is currently owned by institutional investors.
A number of research analysts have issued reports on the company. UBS upgraded SunTrust Banks from a “neutral” rating to a “buy” rating and upped their price objective for the company from $62.00 to $73.00 in a research note on Tuesday. Piper Jaffray Companies restated a “buy” rating and issued a $63.00 price objective on shares of SunTrust Banks in a research note on Monday, August 28th. Sandler O’Neill downgraded SunTrust Banks from a “buy” rating to a “hold” rating and set a $62.00 price objective for the company. in a research note on Monday, October 23rd. Raymond James Financial downgraded SunTrust Banks from an “outperform” rating to a “market perform” rating in a research note on Monday, October 23rd. Finally, FBR & Co downgraded SunTrust Banks from a “buy” rating to a “neutral” rating and set a $62.00 price target for the company. in a research note on Tuesday, October 10th. Sixteen investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. SunTrust Banks has an average rating of “Hold” and a consensus price target of $64.58.
SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, October 20th. The financial services provider reported $1.06 earnings per share for the quarter, meeting the consensus estimate of $1.06. SunTrust Banks had a return on equity of 8.83% and a net margin of 20.88%. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.30 billion. During the same quarter last year, the firm posted $0.91 EPS. The company’s revenue was up 3.7% compared to the same quarter last year. equities analysts expect that SunTrust Banks, Inc. will post 4.06 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be issued a $0.40 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.48%. SunTrust Banks’s payout ratio is currently 41.03%.
In other SunTrust Banks news, Vice Chairman Mark A. Chancy sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $60.06, for a total value of $240,240.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kyle P. Legg sold 3,300 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $21.82, for a total value of $72,006.00. The disclosure for this sale can be found here. Company insiders own 0.55% of the company’s stock.
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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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