SunTrust Banks’ (STI) “Hold” Rating Reiterated at Robert W. Baird
SunTrust Banks, Inc. (NYSE:STI)‘s stock had its “hold” rating reaffirmed by stock analysts at Robert W. Baird in a research report issued to clients and investors on Sunday, October 1st. They presently have a $55.00 price objective on the financial services provider’s stock. Robert W. Baird’s price target would suggest a potential downside of 7.50% from the stock’s current price.
Other equities research analysts also recently issued reports about the company. Royal Bank Of Canada reiterated a “buy” rating and issued a $60.00 price target on shares of SunTrust Banks in a report on Thursday, July 27th. BidaskClub upgraded SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, June 14th. Piper Jaffray Companies reiterated a “buy” rating and issued a $63.00 price target on shares of SunTrust Banks in a report on Monday, August 28th. Zacks Investment Research upgraded SunTrust Banks from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Friday, September 22nd. Finally, Morgan Stanley upgraded SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 price objective for the company in a research report on Thursday, August 3rd. Seventeen equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. SunTrust Banks has a consensus rating of “Hold” and an average price target of $62.48.
Shares of SunTrust Banks (NYSE STI) traded down 0.35% during midday trading on Friday, hitting $59.46. 4,116,211 shares of the stock traded hands. The stock has a market cap of $28.64 billion, a price-to-earnings ratio of 15.81 and a beta of 1.31. The company’s 50 day moving average price is $57.03 and its 200-day moving average price is $56.31. SunTrust Banks has a 12-month low of $44.45 and a 12-month high of $61.69.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the previous year, the business earned $0.94 EPS. SunTrust Banks’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, equities research analysts expect that SunTrust Banks will post $4.05 EPS for the current year.
SunTrust Banks declared that its board has initiated a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $1.32 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other news, insider Susan S. Johnson sold 808 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $57.34, for a total value of $46,330.72. Following the transaction, the insider now directly owns 3,515 shares in the company, valued at approximately $201,550.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Intl Fcstone Inc. acquired a new stake in shares of SunTrust Banks in the 2nd quarter valued at about $364,000. Toronto Dominion Bank increased its position in shares of SunTrust Banks by 23.6% in the second quarter. Toronto Dominion Bank now owns 164,362 shares of the financial services provider’s stock valued at $9,320,000 after acquiring an additional 31,398 shares during the last quarter. Oak Associates Ltd. OH increased its position in shares of SunTrust Banks by 1.5% in the second quarter. Oak Associates Ltd. OH now owns 123,355 shares of the financial services provider’s stock valued at $6,997,000 after acquiring an additional 1,825 shares during the last quarter. Archford Capital Strategies LLC increased its position in shares of SunTrust Banks by 46,593.9% in the second quarter. Archford Capital Strategies LLC now owns 15,409 shares of the financial services provider’s stock valued at $1,675,000 after acquiring an additional 15,376 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. increased its position in shares of SunTrust Banks by 0.6% in the second quarter. Cookson Peirce & Co. Inc. now owns 441,526 shares of the financial services provider’s stock valued at $25,043,000 after acquiring an additional 2,556 shares during the last quarter. 81.18% of the stock is currently owned by hedge funds and other institutional investors.
SunTrust Banks Company Profile
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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