SunTrust Banks, Inc. (NYSE:STI) – Jefferies Group decreased their FY2017 earnings per share estimates for SunTrust Banks in a report released on Tuesday. Jefferies Group analyst K. Usdin now forecasts that the financial services provider will post earnings of $4.01 per share for the year, down from their prior forecast of $4.03. Jefferies Group currently has a “Buy” rating and a $69.00 target price on the stock. Jefferies Group also issued estimates for SunTrust Banks’ Q4 2017 earnings at $1.04 EPS.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings data on Friday, July 21st. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same period last year, the firm earned $0.94 earnings per share. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year.
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Other analysts have also recently issued reports about the stock. Piper Jaffray Companies restated a “buy” rating and set a $63.00 target price on shares of SunTrust Banks in a research report on Monday, August 28th. Zacks Investment Research upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Friday, September 22nd. BidaskClub upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, July 5th. Royal Bank Of Canada restated a “buy” rating and set a $60.00 target price on shares of SunTrust Banks in a research report on Thursday, July 27th. Finally, Morgan Stanley upgraded shares of SunTrust Banks from an “underweight” rating to an “equal weight” rating and set a $63.00 target price on the stock in a research report on Thursday, August 3rd. Seventeen investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $62.48.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.68%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, August 29th. SunTrust Banks’s dividend payout ratio is presently 42.67%.
SunTrust Banks declared that its Board of Directors has approved a share 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 board of directors believes its shares are undervalued.
In related news, insider Susan S. Johnson sold 808 shares of the company’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $57.34, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Guardian Life Insurance Co. of America grew its stake in SunTrust Banks by 1.0% in the 1st quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock worth $105,000 after acquiring an additional 18 shares in the last quarter. Advisory Services Network LLC grew its stake in SunTrust Banks by 0.9% in the 2nd quarter. Advisory Services Network LLC now owns 2,140 shares of the financial services provider’s stock worth $121,000 after acquiring an additional 20 shares in the last quarter. Canal Capital Management LLC grew its stake in SunTrust Banks by 0.4% in the 2nd quarter. Canal Capital Management LLC now owns 6,318 shares of the financial services provider’s stock worth $358,000 after acquiring an additional 27 shares in the last quarter. Capital Management Corp VA grew its stake in SunTrust Banks by 0.5% in the 2nd quarter. Capital Management Corp VA now owns 8,201 shares of the financial services provider’s stock worth $465,000 after acquiring an additional 38 shares in the last quarter. Finally, Smith Salley & Associates grew its stake in SunTrust Banks by 1.3% in the 2nd quarter. Smith Salley & Associates now owns 5,139 shares of the financial services provider’s stock worth $291,000 after acquiring an additional 66 shares in the last quarter. Institutional investors and hedge funds own 81.18% of the company’s stock.
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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