Independence Trust CO lifted its holdings in SunTrust Banks, Inc. (NYSE:STI) by 593.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 31,387 shares of the financial services provider’s stock after purchasing an additional 26,859 shares during the quarter. SunTrust Banks accounts for approximately 2.2% of Independence Trust CO’s holdings, making the stock its 16th largest position. Independence Trust CO’s holdings in SunTrust Banks were worth $2,027,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in STI. Shelton Capital Management bought a new position in shares of SunTrust Banks in the second quarter worth $216,000. Raymond James Financial Services Advisors Inc. grew its stake in shares of SunTrust Banks by 13.9% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 36,982 shares of the financial services provider’s stock worth $2,098,000 after purchasing an additional 4,512 shares in the last quarter. Westwood Holdings Group Inc. bought a new position in shares of SunTrust Banks in the second quarter worth $136,000. 1st Global Advisors Inc. grew its stake in shares of SunTrust Banks by 18.6% in the second quarter. 1st Global Advisors Inc. now owns 7,466 shares of the financial services provider’s stock worth $423,000 after purchasing an additional 1,173 shares in the last quarter. Finally, Advisory Services Network LLC boosted its stake in SunTrust Banks by 0.9% during the second quarter. Advisory Services Network LLC now owns 2,140 shares of the financial services provider’s stock valued at $121,000 after buying an additional 20 shares in the last quarter. 81.77% of the stock is owned by institutional investors.
Several research analysts recently weighed in on the company. Morgan Stanley raised their target price on SunTrust Banks from $78.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. UBS Group cut SunTrust Banks from an “outperform” rating to a “market perform” rating in a research note on Monday, October 23rd. Goldman Sachs Group reaffirmed a “buy” rating and set a $74.00 target price on shares of SunTrust Banks in a research note on Thursday, January 4th. B. Riley reaffirmed a “hold” rating and set a $70.00 target price on shares of SunTrust Banks in a research note on Monday, January 22nd. Finally, FBR & Co reaffirmed a “hold” rating and set a $62.00 target price on shares of SunTrust Banks in a research note on Friday, October 20th. Fifteen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. SunTrust Banks presently has an average rating of “Hold” and a consensus target price of $69.02.
SunTrust Banks (NYSE:STI) last announced its earnings results on Friday, January 19th. The financial services provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.05 by $0.04. SunTrust Banks had a return on equity of 12.59% and a net margin of 32.73%. The business had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the prior year, the business posted $0.90 earnings per share. SunTrust Banks’s revenue was up 5.1% compared to the same quarter last year. sell-side analysts anticipate that SunTrust Banks, Inc. will post 5.04 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 28th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.28%. The ex-dividend date is Tuesday, February 27th. SunTrust Banks’s dividend payout ratio is currently 35.71%.
In related news, Vice Chairman Mark A. Chancy sold 4,000 shares of the stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $60.06, for a total value of $240,240.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jerome T. Lienhard sold 29,248 shares of the stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $17.37, for a total value of $508,037.76. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by corporate insiders.
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SunTrust Banks Profile
SunTrust Banks, Inc is a provider of financial services. The Company’s principal subsidiary is SunTrust Bank (the Bank). The Company’s business segments include Consumer Banking and Private Wealth Management, Wholesale Banking, Mortgage Banking and Corporate Other. As of December 31, 2016, the Consumer Banking and Private Wealth Management segment consisted of three primary businesses: Consumer Banking, Consumer Lending and Private Wealth Management.
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