Wedbush Lowers SunTrust Banks (STI) to Neutral

SunTrust Banks (NYSE:STI) was downgraded by equities research analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research note issued on Thursday. They presently have a $63.00 price objective on the financial services provider’s stock, down from their prior price objective of $71.00. Wedbush’s price objective would indicate a potential downside of 3.74% from the stock’s previous close. The analysts noted that the move was a valuation call.

Several other brokerages have also recently weighed in on STI. Keefe, Bruyette & Woods raised SunTrust Banks from a “market perform” rating to an “outperform” rating in a research note on Tuesday, December 12th. UBS raised SunTrust Banks from a “neutral” rating to a “buy” rating and upped their price target for the stock from $62.00 to $73.00 in a research note on Tuesday, December 12th. Citigroup reaffirmed a “neutral” rating and issued a $63.00 price target (up from $60.00) on shares of SunTrust Banks in a research note on Monday, October 9th. Credit Suisse Group raised SunTrust Banks from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $56.00 to $60.00 in a research note on Monday, October 9th. Finally, Zacks Investment Research cut SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Wednesday, October 11th. Sixteen investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. SunTrust Banks has an average rating of “Hold” and a consensus price target of $64.58.

Shares of SunTrust Banks (STI) opened at $65.45 on Thursday. The firm has a market capitalization of $31,242.06, a price-to-earnings ratio of 17.00, a P/E/G ratio of 1.77 and a beta of 1.29. SunTrust Banks has a 12 month low of $51.96 and a 12 month high of $66.62. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.50.

SunTrust Banks (NYSE:STI) last issued its quarterly earnings results on Friday, October 20th. The financial services provider reported $1.06 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.06. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.30 billion. SunTrust Banks had a return on equity of 8.83% and a net margin of 20.88%. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. analysts predict that SunTrust Banks will post 4.07 EPS for the current year.

In other news, Director Kyle P. Legg sold 3,300 shares of the company’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $21.82, for a total transaction of $72,006.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Mark A. Chancy sold 4,000 shares of the company’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $60.06, for a total value of $240,240.00. The disclosure for this sale can be found here. Corporate insiders own 0.55% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Hellman Jordan Management Co. Inc. MA bought a new position in shares of SunTrust Banks during the third quarter valued at $499,000. AXA lifted its holdings in shares of SunTrust Banks by 1.6% during the third quarter. AXA now owns 99,801 shares of the financial services provider’s stock valued at $5,966,000 after purchasing an additional 1,601 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of SunTrust Banks during the third quarter valued at $191,000. Public Employees Retirement System of Ohio lifted its holdings in shares of SunTrust Banks by 1.1% during the third quarter. Public Employees Retirement System of Ohio now owns 248,115 shares of the financial services provider’s stock valued at $14,830,000 after purchasing an additional 2,773 shares in the last quarter. Finally, Americafirst Capital Management LLC bought a new position in shares of SunTrust Banks during the third quarter valued at $299,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for SunTrust Banks (NYSE:STI)

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