Analysts Expect SunTrust Banks, Inc. (STI) Will Post Quarterly Sales of $2.36 Billion

Analysts expect SunTrust Banks, Inc. (NYSE:STI) to post $2.36 billion in sales for the current quarter, Zacks reports. Six analysts have issued estimates for SunTrust Banks’ earnings. The highest sales estimate is $2.39 billion and the lowest is $2.31 billion. SunTrust Banks reported sales of $2.27 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 4%. The firm is expected to issue its next earnings results on Friday, January 18th.

On average, analysts expect that SunTrust Banks will report full year sales of $9.21 billion for the current financial year, with estimates ranging from $9.16 billion to $9.23 billion. For the next financial year, analysts forecast that the company will report sales of $9.54 billion, with estimates ranging from $9.45 billion to $9.69 billion. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for SunTrust Banks.

SunTrust Banks (NYSE:STI) last announced its earnings results on Friday, October 19th. The financial services provider reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.17. SunTrust Banks had a return on equity of 11.66% and a net margin of 28.17%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the firm posted $1.06 EPS. The business’s revenue was down .8% compared to the same quarter last year.

Several equities research analysts recently weighed in on STI shares. Piper Jaffray Companies lowered SunTrust Banks from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $76.00 to $74.00 in a report on Thursday, September 13th. Jefferies Financial Group reissued a “buy” rating and issued a $75.00 price objective on shares of SunTrust Banks in a report on Monday, October 8th. B. Riley set a $79.00 price objective on SunTrust Banks and gave the stock a “buy” rating in a report on Monday, October 15th. Zacks Investment Research lowered SunTrust Banks from a “buy” rating to a “hold” rating in a report on Wednesday, September 19th. Finally, Wedbush set a $75.00 price objective on SunTrust Banks and gave the stock a “hold” rating in a report on Thursday, September 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $77.00.

A number of hedge funds and other institutional investors have recently modified their holdings of STI. Capital International Investors bought a new position in SunTrust Banks in the 3rd quarter worth about $441,578,000. Vanguard Group Inc. boosted its stake in SunTrust Banks by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 36,403,676 shares of the financial services provider’s stock worth $2,431,401,000 after purchasing an additional 793,283 shares during the period. First Trust Advisors LP boosted its stake in SunTrust Banks by 71.6% in the 2nd quarter. First Trust Advisors LP now owns 1,822,123 shares of the financial services provider’s stock worth $120,297,000 after purchasing an additional 760,417 shares during the period. Bank of Nova Scotia boosted its stake in SunTrust Banks by 613.4% in the 2nd quarter. Bank of Nova Scotia now owns 583,090 shares of the financial services provider’s stock worth $38,495,000 after purchasing an additional 501,357 shares during the period. Finally, Janus Henderson Group PLC boosted its stake in SunTrust Banks by 78.1% in the 2nd quarter. Janus Henderson Group PLC now owns 1,142,369 shares of the financial services provider’s stock worth $75,419,000 after purchasing an additional 500,896 shares during the period. Institutional investors and hedge funds own 84.38% of the company’s stock.

Shares of SunTrust Banks stock traded up $0.20 during trading hours on Monday, hitting $62.69. 3,127,208 shares of the company’s stock traded hands, compared to its average volume of 2,906,092. SunTrust Banks has a 12-month low of $58.69 and a 12-month high of $75.08. The firm has a market cap of $28.08 billion, a PE ratio of 15.52, a P/E/G ratio of 1.03 and a beta of 1.27. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.95 and a quick ratio of 0.93.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Friday, November 30th will be paid a $0.50 dividend. The ex-dividend date is Thursday, November 29th. This represents a $2.00 annualized dividend and a yield of 3.19%. SunTrust Banks’s dividend payout ratio is currently 49.50%.

About SunTrust Banks

SunTrust Banks, Inc is a bank and financial holding company that engages in the provision of financial services. It offers deposit, credit, mortgage banking, trust and investment, asset management, securities brokerage, and capital market services. It operates through the following segments: Consumer, Wholesale, and Corporate Other.

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