SunTrust Banks (STI) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

SunTrust Banks (NYSE:STI) posted its earnings results on Friday. The financial services provider reported $1.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.04, Bloomberg Earnings reports. SunTrust Banks had a return on equity of 8.83% and a net margin of 20.88%. The business had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the previous year, the business earned $0.90 EPS. The business’s quarterly revenue was up 5.1% on a year-over-year basis.

Shares of SunTrust Banks (NYSE STI) opened at $68.58 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market capitalization of $32,650.00, a P/E ratio of 17.58, a price-to-earnings-growth ratio of 1.36 and a beta of 1.29. SunTrust Banks has a one year low of $51.96 and a one year high of $69.56.

Several research firms have recently weighed in on STI. Nomura boosted their target price on SunTrust Banks from $62.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday, September 28th. BMO Capital Markets reissued a “hold” rating and issued a $79.00 target price on shares of SunTrust Banks in a report on Sunday. Robert W. Baird reissued a “hold” rating and issued a $55.00 target price on shares of SunTrust Banks in a report on Sunday, October 1st. Goldman Sachs Group reissued a “buy” rating and issued a $74.00 target price on shares of SunTrust Banks in a report on Thursday, January 4th. Finally, Jefferies Group reissued a “buy” rating and issued a $69.00 target price on shares of SunTrust Banks in a report on Thursday, October 12th. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $68.40.

In other SunTrust Banks news, Vice Chairman Mark A. Chancy sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $60.06, for a total transaction of $240,240.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kyle P. Legg sold 3,300 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $21.82, for a total value of $72,006.00. The disclosure for this sale can be found here. 0.55% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC purchased a new position in shares of SunTrust Banks during the 4th quarter worth approximately $4,747,000. State of Alaska Department of Revenue raised its stake in shares of SunTrust Banks by 148.1% during the 4th quarter. State of Alaska Department of Revenue now owns 52,066 shares of the financial services provider’s stock worth $3,362,000 after buying an additional 31,077 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of SunTrust Banks by 97.9% during the 4th quarter. Acadian Asset Management LLC now owns 5,148 shares of the financial services provider’s stock worth $333,000 after buying an additional 2,547 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of SunTrust Banks by 3.2% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,658,745 shares of the financial services provider’s stock worth $107,139,000 after buying an additional 51,904 shares in the last quarter. Finally, National Pension Service raised its stake in shares of SunTrust Banks by 0.8% during the 4th quarter. National Pension Service now owns 479,977 shares of the financial services provider’s stock worth $31,002,000 after buying an additional 3,705 shares in the last quarter. 80.71% of the stock is owned by institutional investors and hedge funds.

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About SunTrust Banks

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.

Earnings History for SunTrust Banks (NYSE:STI)

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