CIBC Asset Management Inc Cuts Holdings in SunTrust Banks, Inc. (STI)

CIBC Asset Management Inc reduced its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 2.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,048 shares of the financial services provider’s stock after selling 1,267 shares during the period. CIBC Asset Management Inc’s holdings in SunTrust Banks were worth $3,677,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of STI. Bank of Montreal Can increased its stake in SunTrust Banks by 169.8% during the 2nd quarter. Bank of Montreal Can now owns 4,117,886 shares of the financial services provider’s stock worth $271,863,000 after buying an additional 2,591,748 shares in the last quarter. First Trust Advisors LP increased its stake in SunTrust Banks by 71.6% during 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 buying an additional 760,417 shares in the last quarter. Bank of Nova Scotia increased its stake in SunTrust Banks by 613.4% during the 2nd quarter. Bank of Nova Scotia now owns 583,090 shares of the financial services provider’s stock worth $38,495,000 after buying an additional 501,357 shares in the last quarter. Janus Henderson Group PLC increased its stake in SunTrust Banks by 78.1% during 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 buying an additional 500,896 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in SunTrust Banks by 50.0% during the 1st quarter. Principal Financial Group Inc. now owns 1,414,818 shares of the financial services provider’s stock worth $96,264,000 after buying an additional 471,824 shares in the last quarter. Institutional investors own 84.07% of the company’s stock.

In related news, EVP Jorge Arrieta sold 2,500 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 6,148 shares in the company, valued at $449,603.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.52% of the company’s stock.

Several research firms have commented on STI. ValuEngine lowered SunTrust Banks from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. Edward Jones upgraded SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, October 31st. BMO Capital Markets cut their price objective on SunTrust Banks from $74.00 to $70.00 and set a “market perform” rating for the company in a research note on Monday, October 22nd. B. Riley set a $79.00 price objective on SunTrust Banks and gave the stock a “buy” rating in a research note on Monday, October 15th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $75.00 price objective on shares of SunTrust Banks in a research note on Monday, October 8th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company. SunTrust Banks presently has a consensus rating of “Hold” and an average price target of $77.00.

STI stock opened at $63.34 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.95 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $28.08 billion, a PE ratio of 15.68, a P/E/G ratio of 1.03 and a beta of 1.27. SunTrust Banks, Inc. has a 1 year low of $56.30 and a 1 year high of $75.08.

SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, October 19th. The financial services provider reported $1.56 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the prior year, the firm posted $1.06 earnings per share. The firm’s quarterly revenue was down .8% on a year-over-year basis. Equities research analysts predict that SunTrust Banks, Inc. will post 5.59 EPS for the current fiscal year.

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About SunTrust Banks

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

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