Wedbush Analysts Give SunTrust Banks (NYSE:STI) a $75.00 Price Target
Wedbush set a $75.00 target price on SunTrust Banks (NYSE:STI) in a research note issued to investors on Thursday, September 13th. The brokerage currently has a hold rating on the financial services provider’s stock.
Several other analysts also recently weighed in on STI. Sanford C. Bernstein upgraded SunTrust Banks from a market perform rating to an outperform rating in a report on Wednesday, June 27th. They noted that the move was a valuation call. Sandler O’Neill upgraded SunTrust Banks from a hold rating to a buy rating in a report on Friday, June 29th. FIG Partners upgraded SunTrust Banks from a market perform rating to an outperform rating in a report on Friday, June 29th. Argus upgraded SunTrust Banks from a hold rating to a buy rating and set a $75.00 price objective for the company in a report on Monday, July 2nd. Finally, Zacks Investment Research upgraded SunTrust Banks from a hold rating to a buy rating and set a $76.00 price objective for the company in a report on Monday, July 16th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and thirteen have given a buy rating to the company. SunTrust Banks presently has a consensus rating of Hold and an average target price of $74.10.
Shares of STI opened at $66.70 on Thursday. The firm has a market cap of $30.77 billion, a PE ratio of 16.51, a P/E/G ratio of 1.03 and a beta of 1.29. SunTrust Banks has a 12-month low of $56.30 and a 12-month high of $75.08. The company has a quick ratio of 0.92, a current ratio of 0.94 and a debt-to-equity ratio of 0.54.
SunTrust Banks announced that its board has approved a stock buyback program on Thursday, June 28th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 6.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Friday, August 31st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend was Thursday, August 30th. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.40. SunTrust Banks’s dividend payout ratio is currently 49.50%.
In other news, EVP Jorge Arrieta sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $73.13, for a total transaction of $182,825.00. Following the completion of the transaction, the executive vice president now directly owns 6,148 shares of the company’s stock, valued at approximately $449,603.24. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.52% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Visionary Asset Management Inc. acquired a new position in SunTrust Banks in the 3rd quarter valued at $290,000. Copper Rock Capital Partners LLC raised its stake in SunTrust Banks by 10.9% in the 3rd quarter. Copper Rock Capital Partners LLC now owns 145,302 shares of the financial services provider’s stock valued at $9,769,000 after purchasing an additional 14,316 shares during the last quarter. CENTRAL TRUST Co increased its stake in shares of SunTrust Banks by 6.0% in the 3rd quarter. CENTRAL TRUST Co now owns 72,216 shares of the financial services provider’s stock worth $4,823,000 after acquiring an additional 4,076 shares during the last quarter. New England Research & Management Inc. increased its stake in shares of SunTrust Banks by 117.4% in the 3rd quarter. New England Research & Management Inc. now owns 24,350 shares of the financial services provider’s stock worth $1,626,000 after acquiring an additional 13,150 shares during the last quarter. Finally, United Services Automobile Association increased its stake in shares of SunTrust Banks by 51.7% in the 2nd quarter. United Services Automobile Association now owns 224,958 shares of the financial services provider’s stock worth $14,852,000 after acquiring an additional 76,688 shares during the last quarter. 83.86% of the stock is owned by institutional investors and hedge funds.
About SunTrust Banks
SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, and institutions in the United States. It operates through 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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