Kanawha Capital Management LLC held its position in SunTrust Banks Inc. (NYSE:STI) during the second quarter, Holdings Channel reports. The firm owned 8,286 shares of the financial services provider’s stock at the end of the second quarter. Kanawha Capital Management LLC’s holdings in SunTrust Banks were worth $340,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Washington Trust Bank raised its position in SunTrust Banks by 2.1% in the second quarter. Washington Trust Bank now owns 4,420 shares of the financial services provider’s stock worth $182,000 after buying an additional 90 shares during the last quarter. Home Federal Bank of Tennessee purchased a new stake in SunTrust Banks during the second quarter valued at about $200,000. 1st Global Advisors Inc. purchased a new stake in SunTrust Banks during the second quarter valued at about $202,000. Genesee Valley Trust Co. purchased a new stake in SunTrust Banks during the second quarter valued at about $205,000. Finally, Huntington National Bank increased its stake in SunTrust Banks by 22.2% in the second quarter. Huntington National Bank now owns 4,974 shares of the financial services provider’s stock valued at $205,000 after buying an additional 904 shares during the period. 82.37% of the stock is currently owned by institutional investors and hedge funds.
Shares of SunTrust Banks Inc. (NYSE:STI) traded up 1.14% during midday trading on Friday, hitting $45.27. The company had a trading volume of 2,650,713 shares. SunTrust Banks Inc. has a 52 week low of $31.07 and a 52 week high of $46.47. The company has a market capitalization of $22.70 billion, a P/E ratio of 12.26 and a beta of 1.31. The firm’s 50 day moving average is $44.10 and its 200 day moving average is $41.93.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings results on Friday, July 22nd. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.06. SunTrust Banks had a return on equity of 8.53% and a net margin of 22.31%. The firm earned $2.19 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same quarter in the previous year, the company posted $0.89 earnings per share. The company’s revenue was up 6.9% compared to the same quarter last year. Equities research analysts anticipate that SunTrust Banks Inc. will post $3.51 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $1.04 annualized dividend and a yield of 2.32%. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.24. SunTrust Banks’s payout ratio is 28.18%.
Several analysts recently issued reports on STI shares. Wedbush started coverage on SunTrust Banks in a research note on Thursday, October 6th. They issued a “neutral” rating and a $47.00 price target for the company. Credit Suisse Group AG restated a “sell” rating on shares of SunTrust Banks in a research note on Tuesday, July 12th. FBR & Co restated an “outperform” rating and issued a $49.00 price target on shares of SunTrust Banks in a research note on Tuesday. Compass Point boosted their price target on SunTrust Banks from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, July 26th. Finally, Zacks Investment Research downgraded SunTrust Banks from a “buy” rating to a “hold” rating in a research note on Monday, September 26th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $44.91.
In other SunTrust Banks news, insider Susan S. Johnson sold 1,118 shares of SunTrust Banks stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $42.40, for a total transaction of $47,403.20. Following the completion of the sale, the insider now owns 1,119 shares of the company’s stock, valued at $47,445.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.67% of the company’s stock.
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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