Creative Planning lessened its stake in SunTrust Banks, Inc. (NYSE:STI) by 7.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,764 shares of the financial services provider’s stock after selling 2,574 shares during the quarter. Creative Planning’s holdings in SunTrust Banks were worth $2,122,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in STI. Principal Financial Group Inc. boosted its position in shares of SunTrust Banks by 50.0% in 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. Dynamic Technology Lab Private Ltd purchased a new stake in shares of SunTrust Banks in the 1st quarter worth about $393,000. American National Bank boosted its position in shares of SunTrust Banks by 4.7% in the 2nd quarter. American National Bank now owns 75,947 shares of the financial services provider’s stock worth $5,014,000 after buying an additional 3,427 shares in the last quarter. DnB Asset Management AS boosted its position in shares of SunTrust Banks by 25.1% in the 2nd quarter. DnB Asset Management AS now owns 999,810 shares of the financial services provider’s stock worth $66,007,000 after buying an additional 200,600 shares in the last quarter. Finally, Abner Herrman & Brock LLC boosted its position in shares of SunTrust Banks by 0.9% in the 2nd quarter. Abner Herrman & Brock LLC now owns 175,570 shares of the financial services provider’s stock worth $11,591,000 after buying an additional 1,526 shares in the last quarter. Institutional investors and hedge funds own 84.38% of the company’s stock.
NYSE:STI traded up $0.17 on Thursday, reaching $61.90. The stock had a trading volume of 2,787,444 shares, compared to its average volume of 3,526,085. The firm has a market cap of $27.73 billion, a price-to-earnings ratio of 15.32, a price-to-earnings-growth ratio of 1.02 and a beta of 1.27. The company has a current ratio of 0.95, a quick ratio of 0.93 and a debt-to-equity ratio of 0.65. SunTrust Banks, Inc. has a 12-month low of $57.17 and a 12-month high of $75.08.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings data on Friday, October 19th. The financial services provider reported $1.56 EPS for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.17. SunTrust Banks had a net margin of 28.17% and a return on equity of 11.66%. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the company posted $1.06 EPS. The company’s quarterly revenue was down .8% compared to the same quarter last year. On average, equities research analysts forecast that SunTrust Banks, Inc. will post 5.61 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Friday, November 30th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date is Thursday, November 29th. SunTrust Banks’s dividend payout ratio is currently 49.50%.
Several research firms recently commented on STI. Edward Jones began coverage on shares of SunTrust Banks in a research report on Tuesday, August 28th. They issued a “hold” rating on the stock. Argus boosted their price objective on shares of SunTrust Banks to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. BMO Capital Markets decreased their price objective on shares of SunTrust Banks from $74.00 to $70.00 and set a “market perform” rating on the stock in a research report on Monday, October 22nd. B. Riley set a $79.00 price objective on shares of SunTrust Banks and gave the stock a “buy” rating in a research report on Monday, October 15th. Finally, Zacks Investment Research lowered shares of SunTrust Banks from a “buy” rating to a “hold” rating in a report on Wednesday, September 19th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $77.00.
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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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