Ibex Wealth Advisors increased its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 3.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 45,296 shares of the financial services provider’s stock after acquiring an additional 1,573 shares during the period. Ibex Wealth Advisors’ holdings in SunTrust Banks were worth $2,997,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently bought and sold shares of STI. Visionary Asset Management Inc. purchased a new position in shares of SunTrust Banks in the third quarter valued at approximately $290,000. Copper Rock Capital Partners LLC lifted its position in shares of SunTrust Banks by 10.9% in the third quarter. Copper Rock Capital Partners LLC now owns 145,302 shares of the financial services provider’s stock valued at $9,769,000 after acquiring an additional 14,316 shares in the last quarter. CENTRAL TRUST Co lifted its position in shares of SunTrust Banks by 6.0% in the third quarter. CENTRAL TRUST Co now owns 72,216 shares of the financial services provider’s stock valued at $4,823,000 after acquiring an additional 4,076 shares in the last quarter. New England Research & Management Inc. lifted its position in shares of SunTrust Banks by 117.4% in the third quarter. New England Research & Management Inc. now owns 24,350 shares of the financial services provider’s stock valued at $1,626,000 after acquiring an additional 13,150 shares in the last quarter. Finally, United Services Automobile Association lifted its position in shares of SunTrust Banks by 51.7% in the second quarter. United Services Automobile Association now owns 224,958 shares of the financial services provider’s stock valued at $14,852,000 after acquiring an additional 76,688 shares in the last quarter. 83.86% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Jorge Arrieta sold 2,500 shares of SunTrust Banks stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $73.13, for a total value of $182,825.00. Following the completion of the sale, the executive vice president now directly owns 6,148 shares of the company’s stock, valued at $449,603.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.52% of the company’s stock.
SunTrust Banks (NYSE:STI) last posted its earnings results on Friday, July 20th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.19. SunTrust Banks had a return on equity of 10.94% and a net margin of 26.41%. The company had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.33 billion. During the same quarter last year, the firm earned $1.03 earnings per share. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. As a group, equities research analysts anticipate that SunTrust Banks, Inc. will post 5.59 earnings per share for the current fiscal year.
SunTrust Banks announced that its Board of Directors has authorized a share buyback plan on Thursday, June 28th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 6.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 17th. Stockholders of record on Friday, August 31st were paid a $0.50 dividend. The ex-dividend date was Thursday, August 30th. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.40. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.99%. SunTrust Banks’s payout ratio is presently 49.50%.
A number of brokerages recently commented on STI. Edward Jones began coverage on SunTrust Banks in a research report on Tuesday, August 28th. They set a “hold” rating on the stock. Ameriprise Financial upgraded SunTrust Banks from a “neutral” rating to a “buy” rating in a research report on Monday, July 23rd. Morgan Stanley lifted their price objective on SunTrust Banks from $80.00 to $86.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 24th. Jefferies Financial Group reiterated a “buy” rating and set a $80.00 price objective on shares of SunTrust Banks in a research report on Tuesday, July 24th. Finally, Argus lifted their price objective on SunTrust Banks to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $73.85.
SunTrust Banks 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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