SunTrust Banks (NYSE:STI) issued its earnings results on Friday. The financial services provider reported $1.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.17, MarketWatch Earnings reports. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.35 billion. SunTrust Banks had a net margin of 26.41% and a return on equity of 10.94%. The firm’s revenue for the quarter was down .8% on a year-over-year basis. During the same period in the previous year, the company earned $1.06 earnings per share.
STI stock opened at $61.49 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.94 and a quick ratio of 0.92. SunTrust Banks has a one year low of $56.30 and a one year high of $75.08. The firm has a market cap of $28.76 billion, a price-to-earnings ratio of 15.22, a P/E/G ratio of 1.06 and a beta of 1.29.
In other SunTrust Banks news, EVP Jorge Arrieta sold 2,500 shares of SunTrust Banks stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $73.13, for a total transaction of $182,825.00. Following the completion of the transaction, the executive vice president now directly owns 6,148 shares of the company’s stock, valued at $449,603.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.52% of the company’s stock.
SunTrust Banks declared that its board has approved a share buyback program on Thursday, June 28th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 6.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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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