HL Financial Services LLC lifted its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 34.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,584 shares of the financial services provider’s stock after purchasing an additional 6,341 shares during the period. HL Financial Services LLC’s holdings in SunTrust Banks were worth $1,642,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in STI. Trust Co. of Vermont lifted its position in shares of SunTrust Banks by 138.1% during the second quarter. Trust Co. of Vermont now owns 1,905 shares of the financial services provider’s stock valued at $126,000 after purchasing an additional 1,105 shares in the last quarter. Denali Advisors LLC bought a new position in shares of SunTrust Banks during the third quarter valued at about $127,000. Flagship Harbor Advisors LLC purchased a new stake in SunTrust Banks during the second quarter worth about $134,000. Parallel Advisors LLC increased its holdings 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 worth $153,000 after buying an additional 795 shares during the last quarter. Finally, Oakworth Capital Inc. increased its holdings in SunTrust Banks by 117.0% during the third quarter. Oakworth Capital Inc. now owns 2,300 shares of the financial services provider’s stock worth $154,000 after buying an additional 1,240 shares during the last quarter. 84.07% of the stock is currently owned by institutional investors.
A number of analysts recently issued reports on the stock. Jefferies Financial Group restated a “buy” rating and set a $80.00 price objective on shares of SunTrust Banks in a report on Tuesday, July 24th. B. Riley upgraded shares of SunTrust Banks from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $70.00 to $81.00 in a report on Monday, July 23rd. Barclays raised their price objective on shares of SunTrust Banks from $77.00 to $79.00 and gave the stock a “$72.58” rating in a report on Monday, July 23rd. Zacks Investment Research upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a report on Monday, July 16th. Finally, Macquarie downgraded shares of SunTrust Banks to an “underperform” rating in a report on Monday, July 23rd. Two equities 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’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $77.00.
SunTrust Banks (NYSE:STI) last posted its earnings results on Friday, October 19th. The financial services provider reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.17. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. SunTrust Banks had a net margin of 28.17% and a return on equity of 11.66%. The company’s revenue was down .8% on a year-over-year basis. During the same quarter last year, the company earned $1.06 earnings per share. On average, equities research analysts anticipate that SunTrust Banks, Inc. will post 5.59 EPS for the current fiscal year.
In other news, EVP Jorge Arrieta sold 2,500 shares of SunTrust Banks stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $73.13, for a total value of $182,825.00. Following the completion of the transaction, the executive vice president now owns 6,148 shares in the company, valued at $449,603.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.52% of the stock is owned by company insiders.
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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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