Daiwa Securities Group Inc. boosted its position in SunTrust Banks, Inc. (NYSE:STI) by 11.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,496 shares of the financial services provider’s stock after buying an additional 2,010 shares during the quarter. Daiwa Securities Group Inc.’s holdings in SunTrust Banks were worth $1,341,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. MRA Associates USA LLC bought a new stake in SunTrust Banks in the second quarter valued at about $25,000. Venturi Wealth Management LLC bought a new stake in SunTrust Banks in the third quarter valued at about $32,000. Manchester Financial Inc. bought a new stake in SunTrust Banks in the second quarter valued at about $34,000. Private Capital Group LLC increased its holdings in SunTrust Banks by 60.0% in the second quarter. Private Capital Group LLC now owns 664 shares of the financial services provider’s stock valued at $44,000 after buying an additional 249 shares during the last quarter. Finally, Burt Wealth Advisors bought a new stake in SunTrust Banks in the second quarter valued at about $43,000. 80.61% of the stock is owned by hedge funds and other institutional investors.
STI has been the subject of several research analyst reports. Jefferies Financial Group raised SunTrust Banks from a “hold” rating to a “buy” rating and boosted their price objective for the company from $67.00 to $75.00 in a report on Tuesday, October 8th. Morgan Stanley boosted their price objective on SunTrust Banks from $66.00 to $71.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. UBS Group lowered their price objective on SunTrust Banks from $69.00 to $67.00 and set a “neutral” rating for the company in a report on Monday, October 21st. Finally, Argus set a $81.00 target price on SunTrust Banks and gave the company a “buy” rating in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $68.20.
SunTrust Banks (NYSE:STI) last posted its earnings results on Thursday, October 17th. The financial services provider reported $1.40 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.40. The company had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.33 billion. SunTrust Banks had a return on equity of 11.40% and a net margin of 22.31%. The business’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.56 earnings per share. As a group, analysts predict that SunTrust Banks, Inc. will post 5.52 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 18th. Stockholders of record on Friday, November 8th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Thursday, November 7th. SunTrust Banks’s dividend payout ratio (DPR) is presently 39.30%.
About SunTrust Banks
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, institutions, and not-for-profit entities in the United States. It operates in two segments, Consumer and Wholesale. The Consumer segment provides deposits and payments; home equity and personal credit lines; auto, student, and other lending products; credit cards; discount/online and full-service brokerage products; professional investment advisory products and services; and trust services, as well as family office solutions.
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