MetLife Investment Advisors LLC cut its holdings in shares of SunTrust Banks, Inc. (NYSE:STI) by 4.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140,929 shares of the financial services provider’s stock after selling 6,359 shares during the period. MetLife Investment Advisors LLC’s holdings in SunTrust Banks were worth $9,589,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. boosted its position in SunTrust Banks by 2.1% in the 1st quarter. BlackRock Inc. now owns 45,528,440 shares of the financial services provider’s stock valued at $3,097,755,000 after buying an additional 951,652 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of SunTrust Banks by 5.3% in the 4th quarter. Bank of New York Mellon Corp now owns 6,787,866 shares of the financial services provider’s stock worth $438,428,000 after purchasing an additional 339,394 shares during the last quarter. Lazard Asset Management LLC boosted its position in shares of SunTrust Banks by 54.0% in the 4th quarter. Lazard Asset Management LLC now owns 6,615,575 shares of the financial services provider’s stock worth $427,299,000 after purchasing an additional 2,319,782 shares during the last quarter. LSV Asset Management boosted its position in shares of SunTrust Banks by 1.3% in the 1st quarter. LSV Asset Management now owns 6,450,022 shares of the financial services provider’s stock worth $438,859,000 after purchasing an additional 82,600 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of SunTrust Banks by 522.8% in the 4th quarter. Alliancebernstein L.P. now owns 5,543,914 shares of the financial services provider’s stock worth $358,081,000 after purchasing an additional 4,653,780 shares during the last quarter. Institutional investors and hedge funds own 83.68% of the company’s stock.
In other news, Director Steven C. Voorhees purchased 6,000 shares of the company’s stock in a transaction on Friday, May 4th. The shares were purchased at an average price of $65.96 per share, with a total value of $395,760.00. Following the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $659,600. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Agnes Bundy Scanlan sold 1,500 shares of SunTrust Banks stock in a transaction dated Wednesday, May 2nd. The shares were sold at an average price of $67.35, for a total value of $101,025.00. The disclosure for this sale can be found here. Insiders sold a total of 21,250 shares of company stock worth $1,464,300 in the last three months. Company insiders own 0.52% of the company’s stock.
Several research analysts have recently issued reports on the company. Susquehanna Bancshares set a $75.00 price target on SunTrust Banks and gave the stock a “hold” rating in a research report on Tuesday, April 10th. Credit Suisse Group raised their price target on SunTrust Banks from $73.00 to $74.00 and gave the stock a “neutral” rating in a research report on Monday, April 23rd. Stephens lowered SunTrust Banks from an “overweight” rating to an “equal weight” rating in a research report on Monday, April 23rd. They noted that the move was a valuation call. Piper Jaffray Companies restated a “buy” rating and issued a $75.00 price target on shares of SunTrust Banks in a research report on Sunday, April 22nd. Finally, Zacks Investment Research lowered SunTrust Banks from a “buy” rating to a “hold” rating in a research report on Tuesday, February 27th. Eighteen equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $70.50.
Shares of SunTrust Banks opened at $69.88 on Thursday, MarketBeat Ratings reports. The firm has a market cap of $32.61 billion, a P/E ratio of 17.30, a price-to-earnings-growth ratio of 1.03 and a beta of 1.31. SunTrust Banks, Inc. has a 12 month low of $51.96 and a 12 month high of $73.37. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.91 and a current ratio of 0.93.
SunTrust Banks (NYSE:STI) last issued its quarterly earnings data on Friday, April 20th. The financial services provider reported $1.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.18. SunTrust Banks had a return on equity of 10.05% and a net margin of 24.92%. The business had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter last year, the business posted $0.91 EPS. The firm’s revenue was up .4% compared to the same quarter last year. analysts expect that SunTrust Banks, Inc. will post 5.29 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Thursday, May 31st will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Wednesday, May 30th. SunTrust Banks’s dividend payout ratio is 39.60%.
About SunTrust Banks
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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