The SunTrust Banks, Inc. (STI) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

The SunTrust Banks, Inc. (STI) Announces Quarterly  Earnings Results, Beats Estimates By $0.05 EPS

Shares of SunTrust Banks (STI) traded down 0.0024% during trading on Wednesday, reaching $57.6886. The company had a trading volume of 1,150,465 shares. The firm’s 50 day moving average price is $56.48 and its 200 day moving average price is $56.56. SunTrust Banks has a 12 month low of $41.46 and a 12 month high of $61.69. The firm has a market capitalization of $27.86 billion, a P/E ratio of 15.3427 and a beta of 1.33.

SunTrust Banks, Inc. (NYSE:STI) released its quarterly earnings results on Friday, July 21st. The financial services provider reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05, Bloomberg Earnings reports. SunTrust Banks had a return on equity of 8.48% and a net margin of 20.51%. The company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same period last year, the business posted $0.94 earnings per share. The firm’s revenue was up 2.0% compared to the same quarter last year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STI. Trust Co. of Virginia VA increased its position in SunTrust Banks by 74.3% in the first quarter. Trust Co. of Virginia VA now owns 9,343 shares of the financial services provider’s stock valued at $517,000 after buying an additional 3,984 shares during the last quarter. Washington Trust Bank increased its position in SunTrust Banks by 17.0% in the first quarter. Washington Trust Bank now owns 5,220 shares of the financial services provider’s stock valued at $289,000 after buying an additional 759 shares during the last quarter. Nordea Investment Management AB increased its position in SunTrust Banks by 11.9% in the first quarter. Nordea Investment Management AB now owns 213,040 shares of the financial services provider’s stock valued at $11,781,000 after buying an additional 22,620 shares during the last quarter. Congress Asset Management Co. MA increased its position in SunTrust Banks by 2.7% in the first quarter. Congress Asset Management Co. MA now owns 729,210 shares of the financial services provider’s stock valued at $40,325,000 after buying an additional 19,361 shares during the last quarter. Finally, Park National Corp OH increased its position in SunTrust Banks by 0.8% in the second quarter. Park National Corp OH now owns 9,907 shares of the financial services provider’s stock valued at $562,000 after buying an additional 80 shares during the last quarter. 81.83% of the stock is owned by hedge funds and other institutional investors.

SunTrust Banks declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to buyback $1.32 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

A number of brokerages have recently weighed in on STI. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $58.00 price objective on shares of SunTrust Banks in a report on Friday, May 5th. BidaskClub raised SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. Morgan Stanley reissued an “underweight” rating and issued a $63.00 price objective (up from $62.00) on shares of SunTrust Banks in a report on Tuesday, July 25th. Instinet reaffirmed a “neutral” rating and set a $61.00 target price on shares of SunTrust Banks in a report on Wednesday, July 12th. Finally, Wedbush raised SunTrust Banks from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $60.00 to $63.00 in a report on Monday, May 1st. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $58.58.

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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