Cypress Capital Management LLC Invests $5.81 Million in SunTrust Banks, Inc. (STI)
Cypress Capital Management LLC acquired a new position in shares of SunTrust Banks, Inc. (NYSE:STI) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 98,025 shares of the financial services provider’s stock, valued at approximately $5,808,000.
Several other large investors have also recently bought and sold shares of the stock. IndexIQ Advisors LLC grew its stake in SunTrust Banks by 1,064.1% in the first quarter. IndexIQ Advisors LLC now owns 1,198,368 shares of the financial services provider’s stock valued at $71,004,000 after purchasing an additional 1,095,427 shares in the last quarter. Dean Capital Investments Management LLC acquired a new stake in shares of SunTrust Banks in the first quarter valued at approximately $1,319,000. Toronto Dominion Bank lifted its position in shares of SunTrust Banks by 15.6% in the first quarter. Toronto Dominion Bank now owns 290,422 shares of the financial services provider’s stock valued at $17,203,000 after buying an additional 39,143 shares during the last quarter. Cetera Advisor Networks LLC lifted its position in shares of SunTrust Banks by 3.4% in the first quarter. Cetera Advisor Networks LLC now owns 15,018 shares of the financial services provider’s stock valued at $890,000 after buying an additional 494 shares during the last quarter. Finally, OLD National Bancorp IN lifted its position in shares of SunTrust Banks by 10.7% in the first quarter. OLD National Bancorp IN now owns 195,130 shares of the financial services provider’s stock valued at $11,562,000 after buying an additional 18,922 shares during the last quarter. Institutional investors and hedge funds own 79.28% of the company’s stock.
A number of analysts have recently issued reports on STI shares. Wells Fargo & Co reaffirmed a “buy” rating on shares of SunTrust Banks in a research report on Monday, March 18th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $73.00 price objective (down from $80.00) on shares of SunTrust Banks in a research report on Monday, March 11th. BMO Capital Markets reaffirmed a “hold” rating and issued a $61.00 price objective on shares of SunTrust Banks in a research report on Sunday, January 20th. ValuEngine raised SunTrust Banks from a “sell” rating to a “hold” rating in a research report on Saturday, January 19th. Finally, Sandler O’Neill cut SunTrust Banks from a “buy” rating to a “hold” rating and set a $69.00 price objective for the company. in a research report on Friday, February 8th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company’s stock. SunTrust Banks currently has a consensus rating of “Hold” and a consensus price target of $70.65.
SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.29 by $0.04. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.34 billion. SunTrust Banks had a return on equity of 12.22% and a net margin of 25.26%. The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period last year, the firm posted $1.29 EPS. As a group, sell-side analysts forecast that SunTrust Banks, Inc. will post 5.78 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $2.00 annualized dividend and a yield of 3.29%. SunTrust Banks’s payout ratio is currently 35.09%.
In related news, EVP Jorge Arrieta sold 6,606 shares of SunTrust Banks stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $63.46, for a total transaction of $419,216.76. Following the completion of the sale, the executive vice president now directly owns 2,556 shares of the company’s stock, valued at approximately $162,203.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Mark A. Chancy sold 10,000 shares of SunTrust Banks stock in a transaction that occurred on Tuesday, February 26th. The stock was sold at an average price of $65.38, for a total value of $653,800.00. Following the sale, the insider now directly owns 205,846 shares of the company’s stock, valued at $13,458,211.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 62,488 shares of company stock valued at $3,980,771. 0.42% of the stock is currently owned by insiders.
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SunTrust Banks Company Profile
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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