SunTrust Banks, Inc. (NYSE:STI) Position Lowered by Mitsubishi UFJ Kokusai Asset Management Co. Ltd.
Mitsubishi UFJ Kokusai Asset Management Co. Ltd. decreased its position in shares of SunTrust Banks, Inc. (NYSE:STI) by 9.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,648 shares of the financial services provider’s stock after selling 7,854 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in SunTrust Banks were worth $4,177,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Diversified Trust Co raised its position in shares of SunTrust Banks by 4.6% in the first quarter. Diversified Trust Co now owns 104,161 shares of the financial services provider’s stock worth $5,760,000 after buying an additional 4,583 shares during the period. Hudson Valley Investment Advisors Inc. ADV raised its position in shares of SunTrust Banks by 5.1% in the first quarter. Hudson Valley Investment Advisors Inc. ADV now owns 56,903 shares of the financial services provider’s stock worth $3,147,000 after buying an additional 2,740 shares during the last quarter. Abner Herrman & Brock LLC raised its position in shares of SunTrust Banks by 6.9% in the first quarter. Abner Herrman & Brock LLC now owns 154,011 shares of the financial services provider’s stock worth $8,517,000 after buying an additional 9,993 shares during the last quarter. Retirement Systems of Alabama raised its position in shares of SunTrust Banks by 2.1% in the first quarter. Retirement Systems of Alabama now owns 237,540 shares of the financial services provider’s stock worth $13,136,000 after buying an additional 4,914 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new position in shares of SunTrust Banks during the first quarter worth $224,000. Hedge funds and other institutional investors own 82.10% of the company’s stock.
SunTrust Banks, Inc. (NYSE STI) opened at 55.99 on Friday. The firm has a 50-day moving average price of $56.86 and a 200 day moving average price of $56.69. SunTrust Banks, Inc. has a 52-week low of $41.76 and a 52-week high of $61.69. The firm has a market capitalization of $26.97 billion, a P/E ratio of 14.89 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last released its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.05. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the prior year, the business posted $0.94 earnings per share. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. Analysts forecast that SunTrust Banks, Inc. will post $4.04 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.86%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date is Tuesday, August 29th. SunTrust Banks’s dividend payout ratio (DPR) is 27.73%.
SunTrust Banks declared that its board has approved a share repurchase program on Wednesday, June 28th that permits the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
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A number of research analysts have weighed in on STI shares. FBR & Co set a $65.00 price objective on SunTrust Banks and gave the company a “buy” rating in a report on Monday, April 24th. Bank of America Corporation restated a “hold” rating on shares of SunTrust Banks in a report on Monday, April 24th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of SunTrust Banks in a report on Sunday, April 23rd. Morgan Stanley upgraded SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price objective on the stock in a report on Thursday, August 3rd. Finally, Zacks Investment Research lowered SunTrust Banks from a “buy” rating to a “hold” rating in a report on Tuesday, April 25th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and eleven have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $59.18.
About SunTrust Banks
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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