Seelaus Asset Management LLC Cuts Stake in SunTrust Banks, Inc. (STI)
Seelaus Asset Management LLC lowered its stake in shares of SunTrust Banks, Inc. (NYSE:STI) by 1.2% in the first quarter, HoldingsChannel reports. The firm owned 16,130 shares of the financial services provider’s stock after selling 200 shares during the period. Seelaus Asset Management LLC’s holdings in SunTrust Banks were worth $956,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Liberty Wealth Management LLC purchased a new stake in SunTrust Banks during the 4th quarter valued at about $26,000. CNB Bank grew its stake in SunTrust Banks by 790.0% during the 1st quarter. CNB Bank now owns 445 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 395 shares in the last quarter. Sontag Advisory LLC purchased a new stake in SunTrust Banks during the 4th quarter valued at about $27,000. Resources Investment Advisors Inc. grew its stake in SunTrust Banks by 465.0% during the 4th quarter. Resources Investment Advisors Inc. now owns 565 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 465 shares in the last quarter. Finally, Capital Investment Advisory Services LLC purchased a new stake in SunTrust Banks during the 4th quarter valued at about $30,000. 79.28% of the stock is owned by institutional investors and hedge funds.
Shares of SunTrust Banks stock traded down $0.85 during mid-day trading on Wednesday, hitting $61.17. The stock had a trading volume of 2,589 shares, compared to its average volume of 2,214,844. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.96 and a quick ratio of 0.95. SunTrust Banks, Inc. has a 12-month low of $46.05 and a 12-month high of $75.08. The stock has a market cap of $27.11 billion, a price-to-earnings ratio of 10.72, a price-to-earnings-growth ratio of 1.35 and a beta of 1.56.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be issued a $0.50 dividend. The ex-dividend date is Thursday, May 30th. This represents a $2.00 annualized dividend and a dividend yield of 3.27%. SunTrust Banks’s dividend payout ratio is currently 35.09%.
In other news, EVP Jorge Arrieta sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $66.25, for a total value of $265,000.00. Following the transaction, the executive vice president now directly owns 8,662 shares in the company, valued at approximately $573,857.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Mark A. Chancy sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 26th. The stock was sold at an average price of $65.38, for a total transaction of $653,800.00. Following the completion of the transaction, the insider now owns 205,846 shares in the company, valued at $13,458,211.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 62,488 shares of company stock worth $3,980,771. Company insiders own 0.42% of the company’s stock.
Several brokerages recently issued reports on STI. Zacks Investment Research cut shares of SunTrust Banks from a “hold” rating to a “sell” rating in a research note on Tuesday, April 9th. Morgan Stanley dropped their price objective on shares of SunTrust Banks from $73.00 to $68.00 and set an “equal weight” rating for the company in a research note on Monday, April 22nd. Macquarie raised shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $64.72 price objective for the company in a research note on Friday, February 8th. ValuEngine raised shares of SunTrust Banks from a “sell” rating to a “hold” rating in a research note on Friday, February 8th. Finally, UBS Group cut shares of SunTrust Banks from a “buy” rating to a “neutral” rating and increased their price target for the company from $68.00 to $71.00 in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the company’s stock. SunTrust Banks currently has an average rating of “Hold” and an average target price of $70.65.
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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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