HBK Sorce Advisory LLC lessened its stake in SunTrust Banks, Inc. (NYSE:STI) by 33.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,686 shares of the financial services provider’s stock after selling 2,361 shares during the period. HBK Sorce Advisory LLC’s holdings in SunTrust Banks were worth $295,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in STI. Burt Wealth Advisors purchased a new stake in SunTrust Banks during the 2nd quarter valued at $43,000. Paloma Partners Management Co increased its holdings in shares of SunTrust Banks by 36.2% in the 2nd quarter. Paloma Partners Management Co now owns 31,984 shares of the financial services provider’s stock valued at $2,010,000 after purchasing an additional 8,494 shares during the period. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of SunTrust Banks by 5.2% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 77,401 shares of the financial services provider’s stock valued at $4,865,000 after purchasing an additional 3,800 shares during the period. LPL Financial LLC increased its holdings in shares of SunTrust Banks by 31.9% in the 2nd quarter. LPL Financial LLC now owns 90,082 shares of the financial services provider’s stock valued at $5,662,000 after purchasing an additional 21,807 shares during the period. Finally, Clean Yield Group acquired a new position in shares of SunTrust Banks in the 2nd quarter valued at about $84,000. Hedge funds and other institutional investors own 79.61% of the company’s stock.
Separately, Argus set a $81.00 target price on SunTrust Banks and gave the company a “buy” rating in a report on Friday, July 19th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $69.10.
Shares of NYSE STI traded up $0.21 during trading hours on Wednesday, hitting $67.44. The stock had a trading volume of 89,296 shares, compared to its average volume of 2,150,152. The company has a market capitalization of $29.96 billion, a P/E ratio of 11.83, a P/E/G ratio of 1.51 and a beta of 1.51. The firm’s 50-day moving average price is $62.87 and its two-hundred day moving average price is $62.99. SunTrust Banks, Inc. has a 52 week low of $46.05 and a 52 week high of $70.42. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.97 and a current ratio of 0.98.
SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.46 by $0.02. The business had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.39 billion. SunTrust Banks had a return on equity of 11.86% and a net margin of 23.92%. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.49 EPS. As a group, analysts expect that SunTrust Banks, Inc. will post 5.58 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a $0.56 dividend. This is a boost from SunTrust Banks’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $2.24 annualized dividend and a dividend yield of 3.32%. SunTrust Banks’s payout ratio is presently 39.30%.
About SunTrust Banks
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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