Atlantic Union Bankshares Corp Acquires 28,786 Shares of SunTrust Banks, Inc. (NYSE:STI)

Atlantic Union Bankshares Corp grew its stake in SunTrust Banks, Inc. (NYSE:STI) by 453.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,140 shares of the financial services provider’s stock after acquiring an additional 28,786 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in SunTrust Banks were worth $2,208,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. FMR LLC increased 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 worth $1,378,727,000 after purchasing an additional 8,716,823 shares in the last quarter. CNH Partners LLC bought a new stake in SunTrust Banks during the 1st quarter worth approximately $240,779,000. Norges Bank acquired a new position in SunTrust Banks during the 4th quarter worth approximately $204,713,000. Alpine Associates Management Inc. acquired a new position in SunTrust Banks during the 1st quarter worth approximately $114,713,000. Finally, Boston Partners boosted its position in SunTrust Banks by 43.7% during the 1st quarter. Boston Partners now owns 6,241,376 shares of the financial services provider’s stock worth $369,802,000 after acquiring an additional 1,898,260 shares during the last quarter. 80.20% of the stock is owned by institutional investors.

Shares of SunTrust Banks stock opened at $60.11 on Tuesday. The firm’s fifty day simple moving average is $63.72. SunTrust Banks, Inc. has a 1 year low of $46.05 and a 1 year high of $75.08. The firm has a market cap of $27.24 billion, a P/E ratio of 10.55, a price-to-earnings-growth ratio of 1.29 and a beta of 1.48. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.85.

SunTrust Banks (NYSE:STI) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.02. The business 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 company’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.49 EPS. As a group, sell-side analysts expect that SunTrust Banks, Inc. will post 5.6 EPS for the current year.

In related news, insider Robert Ryan Richards sold 1,844 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $62.58, for a total value of $115,397.52. Following the transaction, the insider now owns 2,083 shares in the company, valued at $130,354.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Mark A. Chancy sold 20,973 shares of the firm’s stock in a transaction on 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 transaction, the insider now owns 246,630 shares in the company, valued at approximately $16,082,742.30. The disclosure for this sale can be found here. 0.42% of the stock is owned by company insiders.

A number of equities analysts have weighed in on the company. Morgan Stanley reduced their price target 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. Argus set a $81.00 price target on SunTrust Banks and gave the stock a “buy” rating in a research report on Friday, July 19th. Finally, ValuEngine raised SunTrust Banks from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. One equities research 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. The company has a consensus rating of “Hold” and an average target price of $69.45.

SunTrust Banks 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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Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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