Roosevelt Investment Group Inc. Sells 229,731 Shares of SunTrust Banks, Inc. (STI)
Roosevelt Investment Group Inc. reduced its stake in SunTrust Banks, Inc. (NYSE:STI) by 92.4% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 18,884 shares of the financial services provider’s stock after selling 229,731 shares during the quarter. Roosevelt Investment Group Inc.’s holdings in SunTrust Banks were worth $1,119,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc boosted its stake in shares of SunTrust Banks by 2.2% in the third quarter. Vanguard Group Inc now owns 36,403,676 shares of the financial services provider’s stock valued at $2,431,401,000 after buying an additional 793,283 shares during the period. Geode Capital Management LLC boosted its stake in shares of SunTrust Banks by 12.2% in the fourth quarter. Geode Capital Management LLC now owns 6,297,205 shares of the financial services provider’s stock valued at $317,113,000 after buying an additional 684,600 shares during the period. Boston Partners boosted its stake in shares of SunTrust Banks by 43.7% in the first quarter. Boston Partners now owns 6,241,376 shares of the financial services provider’s stock valued at $369,802,000 after buying an additional 1,898,260 shares during the period. Northern Trust Corp boosted its stake in shares of SunTrust Banks by 9.1% in the fourth quarter. Northern Trust Corp now owns 5,573,625 shares of the financial services provider’s stock valued at $281,133,000 after buying an additional 463,087 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in shares of SunTrust Banks by 2.9% in the fourth quarter. Victory Capital Management Inc. now owns 5,136,609 shares of the financial services provider’s stock valued at $259,091,000 after buying an additional 144,530 shares during the period. Institutional investors and hedge funds own 78.00% of the company’s stock.
STI has been the subject of several recent research reports. Sanford C. Bernstein cut SunTrust Banks from an “outperform” rating to a “market perform” rating and set a $64.72 price target for the company. in a research note on Friday, February 8th. Keefe, Bruyette & Woods downgraded shares of SunTrust Banks from an “outperform” rating to a “market perform” rating in a research report on Friday, February 8th. BMO Capital Markets boosted their price objective on shares of SunTrust Banks from $61.00 to $73.00 and gave the company a “market perform” rating in a research report on Monday, February 11th. Morgan Stanley restated an “equal weight” rating and set a $73.00 price objective (down from $80.00) on shares of SunTrust Banks in a research report on Monday, March 11th. Finally, Zacks Investment Research downgraded shares of SunTrust Banks from a “hold” rating to a “sell” rating in a research report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the stock. SunTrust Banks has a consensus rating of “Hold” and an average price target of $70.65.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.04. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.34 billion. SunTrust Banks had a net margin of 25.26% and a return on equity of 12.22%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.29 earnings per share. On average, analysts expect that SunTrust Banks, Inc. will post 5.79 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, May 30th. This represents a $2.00 annualized dividend and a dividend yield of 3.22%. SunTrust Banks’s dividend payout ratio (DPR) is presently 35.09%.
In other news, EVP Jorge Arrieta sold 4,000 shares of the company’s stock in a transaction on Monday, February 25th. The shares were sold at an average price of $66.25, for a total transaction of $265,000.00. Following the completion of the transaction, the executive vice president now directly owns 8,662 shares in the company, valued at $573,857.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Mark A. Chancy sold 41,882 shares of the company’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $63.10, for a total transaction of $2,642,754.20. Following the transaction, the insider now owns 228,130 shares of the company’s stock, valued at $14,395,003. The disclosure for this sale can be found here. Insiders have sold 62,488 shares of company stock valued at $3,980,771 over the last quarter. Company insiders own 0.42% of the company’s stock.
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About SunTrust Banks
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, institutions, and not-for-profit entities in the United States. It operates in two segments, Consumer and Wholesale. The Consumer segment provides deposits and payments; home equity and personal credit lines; auto, student, and other lending products; credit cards; discount/online and full-service brokerage products; professional investment advisory products and services; and trust services, as well as family office solutions.
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