State of Alaska Department of Revenue increased its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 2.5% during the third quarter, Holdings Channel reports. The institutional investor owned 77,291 shares of the financial services provider’s stock after buying an additional 1,865 shares during the quarter. State of Alaska Department of Revenue’s holdings in SunTrust Banks were worth $5,160,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Fortis Advisors LLC grew its holdings in shares of SunTrust Banks by 13.4% during the second quarter. Fortis Advisors LLC now owns 6,380 shares of the financial services provider’s stock valued at $421,000 after buying an additional 755 shares during the last quarter. Trust Co grew its holdings in shares of SunTrust Banks by 23.9% during the first quarter. Trust Co now owns 4,118 shares of the financial services provider’s stock valued at $281,000 after buying an additional 794 shares during the last quarter. Parallel Advisors LLC lifted its position in SunTrust Banks by 52.2% during the second quarter. Parallel Advisors LLC now owns 2,318 shares of the financial services provider’s stock valued at $153,000 after purchasing an additional 795 shares during the period. Beacon Investment Advisory Services Inc. lifted its position in SunTrust Banks by 1.8% during the second quarter. Beacon Investment Advisory Services Inc. now owns 45,648 shares of the financial services provider’s stock valued at $3,014,000 after purchasing an additional 797 shares during the period. Finally, Argent Trust Co lifted its position in SunTrust Banks by 2.6% during the second quarter. Argent Trust Co now owns 35,901 shares of the financial services provider’s stock valued at $2,370,000 after purchasing an additional 906 shares during the period. 83.86% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently issued reports on STI. Jefferies Financial Group restated a “buy” rating and set a $75.00 target price on shares of SunTrust Banks in a research report on Monday, October 8th. Zacks Investment Research downgraded shares of SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Wednesday, September 19th. Wedbush set a $75.00 target price on shares of SunTrust Banks and gave the company a “hold” rating in a research report on Thursday, September 13th. Piper Jaffray Companies downgraded shares of SunTrust Banks from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $76.00 to $74.00 in a research report on Thursday, September 13th. Finally, Edward Jones began coverage on shares of SunTrust Banks in a research report on Tuesday, August 28th. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $74.42.
Shares of SunTrust Banks stock opened at $62.31 on Friday. The stock has a market capitalization of $30.77 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 1.03 and a beta of 1.29. SunTrust Banks, Inc. has a fifty-two week low of $56.30 and a fifty-two week high of $75.08. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.94 and a quick ratio of 0.92.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings data on Friday, July 20th. The financial services provider reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.19. The business had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.33 billion. SunTrust Banks had a net margin of 26.41% and a return on equity of 10.94%. The company’s revenue was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 earnings per share. On average, sell-side analysts predict that SunTrust Banks, Inc. will post 5.59 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Friday, August 31st were given a $0.50 dividend. The ex-dividend date was Thursday, August 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.21%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.40. SunTrust Banks’s dividend payout ratio is 49.50%.
SunTrust Banks declared that its Board of Directors has authorized a share repurchase program on Thursday, June 28th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 6.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
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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