Patten & Patten Inc. TN Has $4.23 Million Holdings in SunTrust Banks, Inc. (STI)

Patten & Patten Inc. TN reduced its position in SunTrust Banks, Inc. (NYSE:STI) by 5.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 65,490 shares of the financial services provider’s stock after selling 4,087 shares during the period. Patten & Patten Inc. TN’s holdings in SunTrust Banks were worth $4,230,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC purchased a new position in SunTrust Banks in the 4th quarter valued at about $4,747,000. State of Alaska Department of Revenue boosted its position in SunTrust Banks by 148.1% in the 4th quarter. State of Alaska Department of Revenue now owns 52,066 shares of the financial services provider’s stock valued at $3,362,000 after buying an additional 31,077 shares during the last quarter. Acadian Asset Management LLC boosted its position in SunTrust Banks by 97.9% in the 4th quarter. Acadian Asset Management LLC now owns 5,148 shares of the financial services provider’s stock valued at $333,000 after buying an additional 2,547 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in SunTrust Banks by 3.2% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,658,745 shares of the financial services provider’s stock valued at $107,139,000 after buying an additional 51,904 shares during the last quarter. Finally, National Pension Service boosted its position in SunTrust Banks by 0.8% in the 4th quarter. National Pension Service now owns 479,977 shares of the financial services provider’s stock valued at $31,002,000 after buying an additional 3,705 shares during the last quarter. 80.65% of the stock is owned by institutional investors.

In related news, Vice Chairman Mark A. Chancy sold 4,000 shares of the stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $60.06, for a total transaction of $240,240.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kyle P. Legg sold 3,300 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $21.82, for a total transaction of $72,006.00. The disclosure for this sale can be found here. 0.55% of the stock is owned by corporate insiders.

A number of equities analysts have weighed in on STI shares. Credit Suisse Group raised shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $56.00 to $60.00 in a research report on Monday, October 9th. Barclays upped their price objective on shares of SunTrust Banks from $68.00 to $77.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. Morgan Stanley raised shares of SunTrust Banks from an “equal weight” rating to an “overweight” rating and set a $68.00 price objective for the company in a research report on Monday, January 8th. Zacks Investment Research raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $74.00 price objective for the company in a research report on Tuesday, December 26th. Finally, Raymond James Financial lowered shares of SunTrust Banks from an “outperform” rating to a “market perform” rating in a research note on Monday, October 23rd. Fourteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $68.40.

SunTrust Banks, Inc. (STI) traded up $0.64 on Monday, reaching $68.58. 5,101,700 shares of the company traded hands, compared to its average volume of 4,156,008. The firm has a market capitalization of $33,070.00, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 1.36 and a beta of 1.29. SunTrust Banks, Inc. has a 52-week low of $51.96 and a 52-week high of $69.56. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.43.

SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, January 19th. The financial services provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.04. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.32 billion. SunTrust Banks had a net margin of 23.35% and a return on equity of 9.18%. SunTrust Banks’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share. equities analysts anticipate that SunTrust Banks, Inc. will post 4.74 EPS for the current year.

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

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