Retirement Systems of Alabama cut its stake in shares of SunTrust Banks Inc. (NYSE:STI) by 0.9% during the second quarter, Holdings Channel reports. The firm owned 255,482 shares of the financial services provider’s stock after selling 2,320 shares during the period. Retirement Systems of Alabama’s holdings in SunTrust Banks were worth $10,495,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Panagora Asset Management Inc. increased its position in shares of SunTrust Banks by 0.5% in the first quarter. Panagora Asset Management Inc. now owns 2,371,568 shares of the financial services provider’s stock valued at $85,566,000 after buying an additional 11,760 shares during the period. Endeavour Capital Advisors Inc. increased its position in shares of SunTrust Banks by 69.1% in the first quarter. Endeavour Capital Advisors Inc. now owns 912,310 shares of the financial services provider’s stock valued at $32,916,000 after buying an additional 372,871 shares during the period. AMP Capital Investors Ltd increased its position in shares of SunTrust Banks by 10.7% in the first quarter. AMP Capital Investors Ltd now owns 294,737 shares of the financial services provider’s stock valued at $10,755,000 after buying an additional 28,469 shares during the period. 1st Global Advisors Inc. bought a new position in shares of SunTrust Banks during the second quarter valued at $202,000. Finally, Envestnet Asset Management Inc. increased its position in shares of SunTrust Banks by 4.6% in the first quarter. Envestnet Asset Management Inc. now owns 212,692 shares of the financial services provider’s stock valued at $7,674,000 after buying an additional 9,279 shares during the period. Institutional investors own 82.37% of the company’s stock.
Shares of SunTrust Banks Inc. (NYSE:STI) traded up 2.24% on Wednesday, hitting $45.73. The company’s stock had a trading volume of 4,896,753 shares. The stock’s 50 day moving average price is $43.61 and its 200 day moving average price is $41.62. SunTrust Banks Inc. has a 52 week low of $31.07 and a 52 week high of $46.08. The stock has a market capitalization of $22.93 billion, a P/E ratio of 12.38 and a beta of 1.31.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings data on Friday, July 22nd. The financial services provider reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.06. SunTrust Banks had a return on equity of 8.53% and a net margin of 22.31%. The company earned $2.19 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the prior year, the firm earned $0.89 EPS. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, analysts forecast that SunTrust Banks Inc. will post $3.51 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date was Monday, August 29th. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.24. SunTrust Banks’s dividend payout ratio is 28.18%.
STI has been the topic of several analyst reports. Zacks Investment Research upgraded SunTrust Banks from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Wednesday, September 21st. Wells Fargo & Co. reiterated a “buy” rating on shares of SunTrust Banks in a research note on Sunday, July 10th. Credit Agricole SA lifted their target price on SunTrust Banks from $52.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, September 23rd. Barclays PLC reiterated an “equal weight” rating and issued a $46.00 target price on shares of SunTrust Banks in a research note on Sunday, July 10th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of SunTrust Banks in a report on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $44.45.
In other news, insider Susan S. Johnson sold 1,118 shares of the stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $42.40, for a total value of $47,403.20. Following the completion of the sale, the insider now owns 1,119 shares in the company, valued at $47,445.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.67% of the company’s stock.
About SunTrust Banks
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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