Trust Co. of Virginia VA lowered its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 16.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,251 shares of the financial services provider’s stock after selling 1,452 shares during the quarter. Trust Co. of Virginia VA’s holdings in SunTrust Banks were worth $478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of STI. Nicholas Hoffman & Company LLC. boosted its holdings in SunTrust Banks by 58.4% in the second quarter. Nicholas Hoffman & Company LLC. now owns 53,252 shares of the financial services provider’s stock worth $3,516,000 after acquiring an additional 19,634 shares in the last quarter. Greenwood Capital Associates LLC boosted its holdings in SunTrust Banks by 2.6% in the second quarter. Greenwood Capital Associates LLC now owns 88,142 shares of the financial services provider’s stock worth $5,819,000 after acquiring an additional 2,275 shares in the last quarter. FTB Advisors Inc. boosted its holdings in SunTrust Banks by 20.5% in the second quarter. FTB Advisors Inc. now owns 22,480 shares of the financial services provider’s stock worth $1,483,000 after acquiring an additional 3,818 shares in the last quarter. Strs Ohio boosted its holdings in SunTrust Banks by 5.2% in the second quarter. Strs Ohio now owns 308,293 shares of the financial services provider’s stock worth $20,353,000 after acquiring an additional 15,300 shares in the last quarter. Finally, Toronto Dominion Bank boosted its holdings in SunTrust Banks by 16.2% in the second quarter. Toronto Dominion Bank now owns 299,158 shares of the financial services provider’s stock worth $19,746,000 after acquiring an additional 41,690 shares in the last quarter. 84.93% of the stock is currently owned by institutional investors.
Shares of NYSE:STI opened at $73.39 on Thursday. SunTrust Banks, Inc. has a 52-week low of $51.96 and a 52-week high of $73.47. The stock has a market capitalization of $33.15 billion, a PE ratio of 18.17, a PEG ratio of 0.97 and a beta of 1.31. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.94 and a quick ratio of 0.92.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Friday, August 31st will be given a dividend of $0.50 per share. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.40. This represents a $2.00 annualized dividend and a yield of 2.73%. The ex-dividend date is Thursday, August 30th. SunTrust Banks’s dividend payout ratio (DPR) is currently 39.60%.
SunTrust Banks declared that its Board of Directors has authorized a stock repurchase plan on Thursday, June 28th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 6.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.
Several equities research analysts have weighed in on the company. Argus raised their price target on SunTrust Banks to $81.00 and gave the stock a “buy” rating in a report on Wednesday, July 25th. Morgan Stanley raised their price target on SunTrust Banks from $80.00 to $86.00 and gave the stock an “overweight” rating in a report on Tuesday, July 24th. Jefferies Financial Group reissued a “buy” rating and issued a $80.00 price target on shares of SunTrust Banks in a report on Tuesday, July 24th. Ameriprise Financial raised SunTrust Banks from a “neutral” rating to a “buy” rating in a report on Monday, July 23rd. Finally, Macquarie downgraded SunTrust Banks to an “underperform” rating in a report on Monday, July 23rd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and fifteen have issued a buy rating to the stock. SunTrust Banks currently has an average rating of “Buy” and an average target price of $72.23.
In related news, COO Hugh S. Cummins III sold 11,000 shares of SunTrust Banks stock in a transaction that occurred on Monday, May 21st. The stock was sold at an average price of $69.00, for a total transaction of $759,000.00. Following the completion of the transaction, the chief operating officer now directly owns 40,198 shares in the company, valued at $2,773,662. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jorge Arrieta sold 2,500 shares of SunTrust Banks stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $73.13, for a total value of $182,825.00. Following the transaction, the executive vice president now owns 6,148 shares of the company’s stock, valued at $449,603.24. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by company insiders.
SunTrust Banks Company Profile
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, and institutions in the United States. It operates through 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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