Water Island Capital LLC bought a new stake in SunTrust Banks, Inc. (NYSE:STI) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,014,466 shares of the financial services provider’s stock, valued at approximately $60,107,000. SunTrust Banks makes up about 3.0% of Water Island Capital LLC’s investment portfolio, making the stock its 14th biggest position.
A number of other institutional investors and hedge funds also recently made changes to their positions in STI. CNB Bank raised its stake in shares of SunTrust Banks by 790.0% during the first quarter. CNB Bank now owns 445 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 395 shares in the last quarter. Massey Quick Simon & CO. LLC purchased a new position in shares of SunTrust Banks during the first quarter worth approximately $30,000. Liberty Wealth Management LLC purchased a new position in shares of SunTrust Banks during the fourth quarter worth approximately $26,000. Sontag Advisory LLC purchased a new position in shares of SunTrust Banks during the fourth quarter worth approximately $27,000. Finally, Resources Investment Advisors Inc. raised its stake in shares of SunTrust Banks by 465.0% during the fourth quarter. Resources Investment Advisors Inc. now owns 565 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 465 shares in the last quarter. 79.28% of the stock is currently owned by institutional investors and hedge funds.
In other SunTrust Banks news, Vice Chairman Mark A. Chancy sold 41,882 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $63.10, for a total value of $2,642,754.20. Following the completion of the transaction, the insider now owns 228,130 shares of the company’s stock, valued at approximately $14,395,003. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Jorge Arrieta sold 6,606 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $63.46, for a total value of $419,216.76. Following the completion of the transaction, the executive vice president now directly owns 2,556 shares of the company’s stock, valued at approximately $162,203.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,488 shares of company stock valued at $3,980,771. 0.42% of the stock is owned by insiders.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.04. The firm had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.34 billion. SunTrust Banks had a return on equity of 12.22% and a net margin of 25.26%. SunTrust Banks’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.29 EPS. As a group, sell-side analysts anticipate that SunTrust Banks, Inc. will post 5.78 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend is Thursday, May 30th. SunTrust Banks’s dividend payout ratio is presently 35.09%.
Several research analysts have recently issued reports on the stock. Zacks Investment Research cut shares of SunTrust Banks from a “hold” rating to a “sell” rating in a report on Tuesday, April 9th. Morgan Stanley cut their target price on shares of SunTrust Banks from $73.00 to $68.00 and set an “equal weight” rating on the stock in a report on Monday, April 22nd. Macquarie upgraded shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $64.72 price target on the stock in a report on Friday, February 8th. ValuEngine upgraded shares of SunTrust Banks from a “sell” rating to a “hold” rating in a report on Friday, February 8th. Finally, UBS Group cut shares of SunTrust Banks from a “buy” rating to a “neutral” rating and lifted their price target for the company from $68.00 to $71.00 in a report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $70.65.
SunTrust Banks Profile
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, institutions, and not-for-profit entities in the United States. It operates in 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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