SunTrust Banks Inc. (NYSE:STI) – Investment analysts at Jefferies Group increased their FY2016 earnings estimates for shares of SunTrust Banks in a research report issued to clients and investors on Tuesday. Jefferies Group analyst K. Usdin now expects that the firm will post earnings of $3.53 per share for the year, up from their previous estimate of $3.50.
STI has been the subject of several other reports. Wells Fargo & Co. reissued a “buy” rating on shares of SunTrust Banks in a research note on Sunday, July 10th. Robert W. Baird reiterated an “underperform” rating on shares of SunTrust Banks in a report on Thursday, August 4th. BMO Capital Markets reiterated a “hold” rating and set a $44.00 target price on shares of SunTrust Banks in a report on Thursday, July 7th. Barclays PLC reiterated an “equal weight” rating and set a $46.00 target price on shares of SunTrust Banks in a report on Sunday, July 10th. Finally, Sanford C. Bernstein lowered SunTrust Banks from an “outperform” rating to a “market perform” rating and set a $43.00 target price on the stock. in a report on Tuesday, August 16th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $44.91.
SunTrust Banks (NYSE:STI) opened at 45.03 on Friday. The firm has a market capitalization of $22.58 billion, a price-to-earnings ratio of 12.19 and a beta of 1.31. The firm has a 50-day moving average price of $44.17 and a 200 day moving average price of $41.98. SunTrust Banks has a 12 month low of $31.07 and a 12 month high of $46.47.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings results on Friday, July 22nd. The financial services provider reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.06. The firm had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.14 billion. SunTrust Banks had a return on equity of 8.53% and a net margin of 22.31%. SunTrust Banks’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.89 earnings per share.
In other SunTrust Banks news, insider Susan S. Johnson sold 1,118 shares of the firm’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $42.40, for a total value of $47,403.20. Following the completion of the transaction, the insider now directly owns 1,119 shares of the company’s stock, valued at approximately $47,445.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.67% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in STI. Riverhead Capital Management LLC increased its stake in SunTrust Banks by 274.1% in the first quarter. Riverhead Capital Management LLC now owns 532,796 shares of the financial services provider’s stock worth $19,223,000 after buying an additional 390,390 shares in the last quarter. Pictet Asset Management Ltd. increased its stake in SunTrust Banks by 1.8% in the first quarter. Pictet Asset Management Ltd. now owns 274,793 shares of the financial services provider’s stock valued at $9,118,000 after buying an additional 4,900 shares in the last quarter. Scotia Capital Inc. increased its stake in SunTrust Banks by 57.4% in the first quarter. Scotia Capital Inc. now owns 14,835 shares of the financial services provider’s stock valued at $536,000 after buying an additional 5,410 shares in the last quarter. Rafferty Asset Management LLC increased its stake in SunTrust Banks by 40.5% in the first quarter. Rafferty Asset Management LLC now owns 81,773 shares of the financial services provider’s stock valued at $2,950,000 after buying an additional 23,570 shares in the last quarter. Finally, Pegasus Partners Ltd. acquired a new stake in SunTrust Banks during the first quarter valued at $574,000. 82.37% of the stock is owned by hedge funds and other institutional investors.
SunTrust Banks Company Profile
SunTrust Banks, Inc is a bank holding company and a financial holding company. Through its principal subsidiary, SunTrust Bank, the Company offers a line of financial services for consumers and businesses, including deposit, credit, mortgage banking, and trust and investment services. The Company’s other subsidiaries provide asset and wealth management, securities brokerage, and capital market services.
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