Tokio Marine Asset Management Co. Ltd. cut its position in SunTrust Banks Inc. (NYSE:STI) by 7.3% during the second quarter, Holdings Channel reports. The institutional investor owned 16,312 shares of the financial services provider’s stock after selling 1,280 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in SunTrust Banks were worth $670,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. Capital Management Corp VA boosted its stake in SunTrust Banks by 0.6% in the second quarter. Capital Management Corp VA now owns 8,013 shares of the financial services provider’s stock worth $329,000 after buying an additional 45 shares in the last quarter. Pitcairn Co. boosted its stake in SunTrust Banks by 0.7% in the second quarter. Pitcairn Co. now owns 9,813 shares of the financial services provider’s stock valued at $403,000 after buying an additional 72 shares during the period. Washington Trust Bank boosted its stake 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 valued at $182,000 after buying an additional 90 shares during the period. BKD Wealth Advisors LLC boosted its stake in SunTrust Banks by 5.9% in the second quarter. BKD Wealth Advisors LLC now owns 6,991 shares of the financial services provider’s stock valued at $287,000 after buying an additional 392 shares during the period. Finally, Capstone Asset Management Co. boosted its stake in SunTrust Banks by 0.9% in the second quarter. Capstone Asset Management Co. now owns 50,506 shares of the financial services provider’s stock valued at $2,075,000 after buying an additional 429 shares during the period. 82.37% of the stock is currently owned by hedge funds and other institutional investors.
SunTrust Banks Inc. (NYSE:STI) traded down 0.22% during mid-day trading on Friday, hitting $45.69. The company had a trading volume of 2,819,418 shares. The firm has a market capitalization of $22.91 billion, a P/E ratio of 12.37 and a beta of 1.31. SunTrust Banks Inc. has a 12 month low of $31.07 and a 12 month high of $46.21. The company has a 50-day moving average price of $43.78 and a 200 day moving average price of $41.71.
SunTrust Banks (NYSE:STI) last announced its earnings results on Friday, July 22nd. The financial services provider reported $0.94 earnings per share 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 had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same period in the previous year, the business earned $0.89 EPS. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. Equities analysts forecast that SunTrust Banks Inc. will post $3.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.28%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, August 29th. SunTrust Banks’s payout ratio is 28.18%.
Several equities research analysts recently commented on the company. Wells Fargo & Co. reaffirmed a “buy” rating on shares of SunTrust Banks in a research report on Sunday, July 10th. Robert W. Baird reaffirmed an “underperform” rating on shares of SunTrust Banks in a research report on Thursday, August 4th. BMO Capital Markets reaffirmed a “hold” rating and set a $44.00 price objective on shares of SunTrust Banks in a research report on Thursday, July 7th. Barclays PLC reaffirmed an “equal weight” rating and set a $46.00 price objective on shares of SunTrust Banks in a research report on Sunday, July 10th. Finally, Sanford C. Bernstein cut SunTrust Banks from an “outperform” rating to a “market perform” rating and set a $43.00 price objective on the stock. in a research report on Tuesday, August 16th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $44.73.
In related news, insider Susan S. Johnson sold 1,118 shares of the business’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $42.40, for a total transaction of $47,403.20. Following the transaction, the insider now directly owns 1,119 shares in the company, valued at approximately $47,445.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate 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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