SunTrust Banks, Inc. (NYSE:STI) Declares Quarterly Dividend of $0.56

SunTrust Banks, Inc. (NYSE:STI) announced a quarterly dividend on Tuesday, August 13th, RTT News reports. Stockholders of record on Friday, August 30th will be given a dividend of 0.56 per share by the financial services provider on Monday, September 16th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.68%. This is an increase from SunTrust Banks’s previous quarterly dividend of $0.50.

SunTrust Banks has increased its dividend payment by an average of 25.1% per year over the last three years and has raised its dividend annually for the last 6 consecutive years. SunTrust Banks has a payout ratio of 40.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect SunTrust Banks to earn $5.53 per share next year, which means the company should continue to be able to cover its $2.24 annual dividend with an expected future payout ratio of 40.5%.

STI stock opened at $60.79 on Wednesday. The company has a market capitalization of $27.12 billion, a P/E ratio of 10.66, a P/E/G ratio of 1.28 and a beta of 1.48. SunTrust Banks has a twelve month low of $46.05 and a twelve month high of $75.08. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.85. The business’s fifty day moving average price is $63.70.

SunTrust Banks (NYSE:STI) last released its earnings results on Thursday, July 18th. The financial services provider reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.02. The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.39 billion. SunTrust Banks had a return on equity of 11.86% and a net margin of 23.92%. The firm’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.49 earnings per share. On average, analysts predict that SunTrust Banks will post 5.6 EPS for the current year.

In related news, Vice Chairman Mark A. Chancy sold 20,973 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert Ryan Richards sold 1,844 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $62.58, for a total value of $115,397.52. Following the completion of the sale, the insider now owns 2,083 shares of the company’s stock, valued at approximately $130,354.14. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.

STI has been the subject of a number of recent research reports. ValuEngine upgraded SunTrust Banks from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Morgan Stanley dropped their target price on SunTrust Banks from $73.00 to $68.00 and set an “equal weight” rating for the company in a research report on Monday, April 22nd. Finally, Argus set a $81.00 target price on SunTrust Banks and gave the stock a “buy” rating in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have given a buy rating to the company. SunTrust Banks presently has a consensus rating of “Hold” and an average price target of $69.45.

SunTrust Banks Company Profile

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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Dividend History for SunTrust Banks (NYSE:STI)

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