Thrivent Financial for Lutherans decreased its stake in SunTrust Banks, Inc. (NYSE:STI) by 89.1% during the fourth quarter, Holdings Channel reports. The fund owned 17,130 shares of the financial services provider’s stock after selling 140,679 shares during the period. Thrivent Financial for Lutherans’ holdings in SunTrust Banks were worth $940,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Independent Advisor Alliance purchased a new stake in shares of SunTrust Banks during the fourth quarter valued at approximately $105,000. Global X Management Co. LLC boosted its stake in shares of SunTrust Banks by 121.2% in the third quarter. Global X Management Co. LLC now owns 2,787 shares of the financial services provider’s stock valued at $122,000 after buying an additional 1,527 shares during the last quarter. TLP Group LLC purchased a new stake in shares of SunTrust Banks during the third quarter valued at approximately $128,000. MSI Financial Services Inc boosted its stake in shares of SunTrust Banks by 66.2% in the third quarter. MSI Financial Services Inc now owns 3,010 shares of the financial services provider’s stock valued at $132,000 after buying an additional 1,199 shares during the last quarter. Finally, Ancora Advisors LLC purchased a new stake in shares of SunTrust Banks during the fourth quarter valued at approximately $138,000. Hedge funds and other institutional investors own 82.17% of the company’s stock.
SunTrust Banks, Inc. (NYSE:STI) opened at 54.81 on Friday. The stock has a 50 day moving average price of $58.45 and a 200 day moving average price of $52.19. The firm has a market cap of $26.92 billion, a price-to-earnings ratio of 15.23 and a beta of 1.33. SunTrust Banks, Inc. has a 52 week low of $35.10 and a 52 week high of $61.69.
SunTrust Banks (NYSE:STI) last released its quarterly earnings data on Friday, January 20th. The financial services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.02. SunTrust Banks had a return on equity of 8.08% and a net margin of 20.50%. The firm earned $2.19 billion during the quarter. During the same period in the previous year, the business earned $0.91 earnings per share. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. Equities research analysts expect that SunTrust Banks, Inc. will post $3.85 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Tuesday, February 28th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Friday, February 24th. SunTrust Banks’s payout ratio is currently 28.97%.
STI has been the subject of several research reports. Zacks Investment Research upgraded SunTrust Banks from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Thursday, December 8th. Deutsche Bank AG boosted their price target on SunTrust Banks from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, November 30th. Royal Bank of Canada reiterated a “buy” rating on shares of SunTrust Banks in a research report on Saturday, December 17th. Sandler O’Neill upgraded SunTrust Banks from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research report on Monday, January 23rd. Finally, Evercore ISI cut SunTrust Banks to a “buy” rating in a research report on Friday, March 3rd. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $51.58.
In related news, insider Susan S. Johnson sold 757 shares of the firm’s stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $59.83, for a total value of $45,291.31. Following the completion of the transaction, the insider now directly owns 2,706 shares of the company’s stock, valued at approximately $161,899.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Thomas E. Freeman sold 22,584 shares of the firm’s stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $59.25, for a total value of $1,338,102.00. Following the completion of the transaction, the executive vice president now directly owns 148,273 shares of the company’s stock, valued at $8,785,175.25. The disclosure for this sale can be found here. Company insiders own 0.67% of the company’s stock.
About SunTrust Banks
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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