SunTrust Banks (NYSE:STI) Upgraded by Jefferies Financial Group to Buy

Jefferies Financial Group upgraded shares of SunTrust Banks (NYSE:STI) from a hold rating to a buy rating in a report released on Tuesday, BenzingaRatingsTable reports. Jefferies Financial Group currently has $75.00 price target on the financial services provider’s stock, up from their prior price target of $67.00. Jefferies Financial Group also issued estimates for SunTrust Banks’ Q3 2019 earnings at $1.36 EPS, Q4 2019 earnings at $1.37 EPS, FY2019 earnings at $5.50 EPS, Q1 2020 earnings at $1.21 EPS, Q2 2020 earnings at $1.37 EPS, Q3 2020 earnings at $1.36 EPS, Q4 2020 earnings at $1.41 EPS, FY2020 earnings at $5.35 EPS, Q1 2021 earnings at $1.20 EPS, Q2 2021 earnings at $1.20 EPS, Q3 2021 earnings at $1.43 EPS and FY2021 earnings at $5.55 EPS.

Several other research analysts have also commented on the stock. UBS Group lifted their price target on shares of SunTrust Banks from $68.00 to $69.00 and gave the company a neutral rating in a report on Thursday, October 3rd. Argus set a $81.00 price target on shares of SunTrust Banks and gave the company a buy rating in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $68.95.

Shares of STI stock opened at $66.96 on Tuesday. The firm has a market cap of $29.21 billion, a P/E ratio of 11.48, a P/E/G ratio of 1.48 and a beta of 1.53. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.98 and a quick ratio of 0.97. SunTrust Banks has a 1-year low of $46.05 and a 1-year high of $69.57. The firm has a fifty day moving average of $65.13 and a two-hundred day moving average of $63.38.

SunTrust Banks (NYSE:STI) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.46 by $0.02. The company had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.39 billion. SunTrust Banks had a net margin of 23.92% and a return on equity of 11.86%. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period last year, the business earned $1.49 EPS. On average, sell-side analysts expect that SunTrust Banks will post 5.56 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were issued a $0.56 dividend. The ex-dividend date was Thursday, August 29th. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.50. This represents a $2.24 annualized dividend and a dividend yield of 3.35%. SunTrust Banks’s payout ratio is 39.30%.

In other SunTrust Banks news, insider Ellen Koebler sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $60.84, for a total transaction of $243,360.00. Following the completion of the transaction, the insider now directly owns 1 shares of the company’s stock, valued at approximately $60.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Mark A. Chancy sold 20,973 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $65.21, for a total transaction of $1,367,649.33. Following the transaction, the insider now directly owns 246,630 shares of the company’s stock, valued at $16,082,742.30. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. boosted its stake in SunTrust Banks by 1.0% during the 2nd quarter. BlackRock Inc. now owns 34,383,356 shares of the financial services provider’s stock valued at $2,160,993,000 after purchasing an additional 329,505 shares during the period. FMR LLC boosted its stake in SunTrust Banks by 59.9% during the 1st quarter. FMR LLC now owns 23,269,649 shares of the financial services provider’s stock valued at $1,378,727,000 after purchasing an additional 8,716,823 shares during the period. Boston Partners boosted its stake in SunTrust Banks by 20.8% during the 2nd quarter. Boston Partners now owns 7,542,083 shares of the financial services provider’s stock valued at $474,081,000 after purchasing an additional 1,300,707 shares during the period. Northern Trust Corp boosted its stake in SunTrust Banks by 0.3% during the 2nd quarter. Northern Trust Corp now owns 5,048,525 shares of the financial services provider’s stock valued at $317,299,000 after purchasing an additional 16,432 shares during the period. Finally, CNH Partners LLC acquired a new position in SunTrust Banks during the 1st quarter valued at about $240,779,000. 79.61% of the stock is owned by hedge funds and other institutional investors.

About SunTrust Banks

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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Analyst Recommendations for SunTrust Banks (NYSE:STI)

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