SunTrust Banks, Inc. (STI) Stake Boosted by Rafferty Asset Management LLC
Rafferty Asset Management LLC increased its stake in SunTrust Banks, Inc. (NYSE:STI) by 318.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 105,727 shares of the financial services provider’s stock after buying an additional 80,465 shares during the period. Rafferty Asset Management LLC’s holdings in SunTrust Banks were worth $5,847,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. ZWJ Investment Counsel Inc. raised its stake in SunTrust Banks by 110.1% in the first quarter. ZWJ Investment Counsel Inc. now owns 37,506 shares of the financial services provider’s stock worth $2,074,000 after buying an additional 19,653 shares during the last quarter. Kings Point Capital Management purchased a new position in shares of SunTrust Banks during the first quarter valued at $195,000. AXA boosted its position in shares of SunTrust Banks by 1,118.8% in the first quarter. AXA now owns 97,500 shares of the financial services provider’s stock valued at $5,392,000 after buying an additional 89,500 shares during the last quarter. Cadence Capital Management LLC boosted its position in shares of SunTrust Banks by 6.8% in the first quarter. Cadence Capital Management LLC now owns 20,093 shares of the financial services provider’s stock valued at $1,111,000 after buying an additional 1,286 shares during the last quarter. Finally, Comerica Securities Inc. boosted its position in shares of SunTrust Banks by 39.9% in the first quarter. Comerica Securities Inc. now owns 5,631 shares of the financial services provider’s stock valued at $311,000 after buying an additional 1,606 shares during the last quarter. 82.43% of the stock is owned by institutional investors.
SunTrust Banks, Inc. (STI) traded up 0.23% during midday trading on Friday, reaching $56.15. The company’s stock had a trading volume of 4,645,717 shares. SunTrust Banks, Inc. has a 1-year low of $37.71 and a 1-year high of $61.69. The company’s 50-day moving average price is $55.69 and its 200-day moving average price is $56.17. The company has a market capitalization of $27.27 billion, a price-to-earnings ratio of 15.30 and a beta of 1.34.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Friday, April 21st. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.07. SunTrust Banks had a return on equity of 8.14% and a net margin of 20.32%. The company had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.21 billion. During the same quarter in the previous year, the firm posted $0.84 EPS. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. On average, analysts predict that SunTrust Banks, Inc. will post $3.97 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Wednesday, May 31st were issued a $0.26 dividend. The ex-dividend date of this dividend was Friday, May 26th. This represents a $1.04 annualized dividend and a dividend yield of 1.85%. SunTrust Banks’s dividend payout ratio (DPR) is 28.42%.
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Several research analysts have recently weighed in on the stock. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of SunTrust Banks in a research report on Sunday, April 23rd. Keefe, Bruyette & Woods set a $58.00 target price on shares of SunTrust Banks and gave the company a “hold” rating in a research report on Monday, June 5th. Evercore ISI cut shares of SunTrust Banks to a “buy” rating in a research report on Friday, March 3rd. Jefferies Group LLC raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $63.00 target price on the stock in a research report on Monday, April 3rd. Finally, Zacks Investment Research raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research report on Tuesday, March 28th. Two investment analysts have rated the stock with a sell rating, twelve have assigned 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 $56.42.
SunTrust Banks Company 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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