Voleon Capital Management LP Invests $2.70 Million in SunTrust Banks, Inc. (NYSE:STI)

Voleon Capital Management LP purchased a new position in shares of SunTrust Banks, Inc. (NYSE:STI) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 43,000 shares of the financial services provider’s stock, valued at approximately $2,703,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in STI. FMR LLC boosted its position in shares of SunTrust Banks by 59.9% during the first quarter. FMR LLC now owns 23,269,649 shares of the financial services provider’s stock worth $1,378,727,000 after buying an additional 8,716,823 shares during the period. CNH Partners LLC purchased a new position in shares of SunTrust Banks during the first quarter worth $240,779,000. Nuveen Asset Management LLC boosted its position in shares of SunTrust Banks by 17,667.6% during the second quarter. Nuveen Asset Management LLC now owns 2,208,512 shares of the financial services provider’s stock worth $138,805,000 after buying an additional 2,196,082 shares during the period. Invesco Ltd. boosted its position in shares of SunTrust Banks by 103.9% during the second quarter. Invesco Ltd. now owns 4,050,200 shares of the financial services provider’s stock worth $254,555,000 after buying an additional 2,064,186 shares during the period. Finally, Balyasny Asset Management LLC acquired a new stake in shares of SunTrust Banks in the second quarter valued at $67,029,000. Institutional investors and hedge funds own 79.61% of the company’s stock.

In other SunTrust Banks news, insider Ellen Koebler sold 4,000 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $60.84, for a total value of $243,360.00. Following the sale, the insider now directly owns 1 shares in the company, valued at $60.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Vice Chairman Mark A. Chancy sold 20,973 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $65.21, for a total value of $1,367,649.33. Following the completion of the sale, the insider now owns 246,630 shares in the company, valued at $16,082,742.30. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by company insiders.

Shares of NYSE STI traded up $0.96 during mid-day trading on Wednesday, hitting $68.19. The company had a trading volume of 82,454 shares, compared to its average volume of 2,150,152. The company has a market capitalization of $29.96 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 1.51 and a beta of 1.51. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.98 and a quick ratio of 0.97. SunTrust Banks, Inc. has a 1-year low of $46.05 and a 1-year high of $70.42. The business’s 50-day simple moving average is $62.87 and its 200 day simple moving average is $62.99.

SunTrust Banks (NYSE:STI) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.02. The business had revenue of $2.56 billion for 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 company’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period last year, the firm earned $1.49 earnings per share. On average, analysts expect that SunTrust Banks, Inc. will post 5.58 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders 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. This represents a $2.24 annualized dividend and a dividend yield of 3.28%. The ex-dividend date was Thursday, August 29th. SunTrust Banks’s dividend payout ratio (DPR) is presently 39.30%.

Separately, Argus set a $81.00 price objective on SunTrust Banks and gave the company a “buy” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $69.10.

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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Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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