Silvant Capital Management LLC purchased a new position in shares of SunTrust Banks (NYSE:STI) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 141,046 shares of the financial services provider’s stock, valued at approximately $9,596,000. SunTrust Banks accounts for about 1.2% of Silvant Capital Management LLC’s portfolio, making the stock its 15th largest position.
Several other institutional investors have also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. lifted its stake in SunTrust Banks by 17.5% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 33,745 shares of the financial services provider’s stock valued at $2,296,000 after purchasing an additional 5,025 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in SunTrust Banks by 10.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 103,853 shares of the financial services provider’s stock valued at $7,055,000 after purchasing an additional 9,624 shares during the last quarter. Korea Investment CORP lifted its stake in SunTrust Banks by 6.1% in the 1st quarter. Korea Investment CORP now owns 817,343 shares of the financial services provider’s stock valued at $55,612,000 after purchasing an additional 46,783 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in SunTrust Banks by 42.4% in the 1st quarter. Teacher Retirement System of Texas now owns 184,396 shares of the financial services provider’s stock valued at $12,546,000 after purchasing an additional 54,867 shares during the last quarter. Finally, Timber Hill LLC lifted its stake in SunTrust Banks by 13.4% in the 1st quarter. Timber Hill LLC now owns 41,960 shares of the financial services provider’s stock valued at $2,855,000 after purchasing an additional 4,963 shares during the last quarter. 84.47% of the stock is owned by institutional investors.
In other news, EVP Jerome T. Lienhard sold 8,750 shares of the stock in a transaction on Monday, May 14th. The shares were sold at an average price of $69.06, for a total transaction of $604,275.00. Following the completion of the sale, the executive vice president now directly owns 41,374 shares in the company, valued at $2,857,288.44. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Frank P. Scruggs, Jr. acquired 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 16th. The shares were purchased at an average price of $69.01 per share, with a total value of $69,010.00. Following the completion of the transaction, the director now owns 8,501 shares of the company’s stock, valued at $586,654.01. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 13,850 shares of company stock valued at $961,044. 0.52% of the stock is currently owned by corporate insiders.
Shares of NYSE STI opened at $69.38 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.48. SunTrust Banks has a 52-week low of $68.51 and a 52-week high of $69.28. The company has a market capitalization of $32.03 billion, a price-to-earnings ratio of 17.17, a price-to-earnings-growth ratio of 1.01 and a beta of 1.33.
SunTrust Banks (NYSE:STI) last posted its quarterly earnings data on Friday, April 20th. The financial services provider reported $1.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.18. SunTrust Banks had a net margin of 24.92% and a return on equity of 10.05%. The company had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same period in the prior year, the company posted $0.91 earnings per share. SunTrust Banks’s revenue for the quarter was up .4% compared to the same quarter last year. research analysts expect that SunTrust Banks will post 5.28 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Thursday, May 31st will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.31%. The ex-dividend date is Wednesday, May 30th. SunTrust Banks’s dividend payout ratio (DPR) is presently 39.60%.
STI has been the subject of several research reports. Zacks Investment Research raised shares of SunTrust Banks from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research note on Wednesday, March 21st. ValuEngine raised shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $75.00 price objective on shares of SunTrust Banks in a research note on Thursday, April 5th. Piper Jaffray reissued a “buy” rating and issued a $75.00 price objective on shares of SunTrust Banks in a research note on Sunday, April 22nd. Finally, Stephens downgraded shares of SunTrust Banks from an “overweight” rating to an “equal weight” rating in a research note on Monday, April 23rd. They noted that the move was a valuation call. Eighteen research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $70.50.
SunTrust Banks Profile
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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