SunTrust Banks, Inc. (NYSE:STI) Shares Sold by Wetherby Asset Management Inc.

Wetherby Asset Management Inc. cut its holdings in SunTrust Banks, Inc. (NYSE:STI) by 5.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,693 shares of the financial services provider’s stock after selling 762 shares during the quarter. Wetherby Asset Management Inc.’s holdings in SunTrust Banks were worth $860,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of STI. Trustcore Financial Services LLC increased its stake in shares of SunTrust Banks by 72.0% during the second quarter. Trustcore Financial Services LLC now owns 11,210 shares of the financial services provider’s stock worth $705,000 after acquiring an additional 4,692 shares during the period. Hartford Investment Management Co. increased its stake in shares of SunTrust Banks by 0.5% during the second quarter. Hartford Investment Management Co. now owns 60,808 shares of the financial services provider’s stock worth $3,822,000 after acquiring an additional 291 shares during the period. Manning & Napier Group LLC increased its stake in shares of SunTrust Banks by 26.5% during the second quarter. Manning & Napier Group LLC now owns 142,109 shares of the financial services provider’s stock worth $8,931,000 after acquiring an additional 29,737 shares during the period. Campbell Newman Asset Management Inc. increased its stake in shares of SunTrust Banks by 1.2% during the second quarter. Campbell Newman Asset Management Inc. now owns 87,271 shares of the financial services provider’s stock worth $5,485,000 after acquiring an additional 994 shares during the period. Finally, ZWJ Investment Counsel Inc. increased its stake in shares of SunTrust Banks by 43.9% during the second quarter. ZWJ Investment Counsel Inc. now owns 28,631 shares of the financial services provider’s stock worth $1,799,000 after acquiring an additional 8,737 shares during the period. Institutional investors own 80.20% of the company’s stock.

In related news, insider Robert Ryan Richards sold 1,844 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $62.58, for a total transaction of $115,397.52. Following the completion of the transaction, the insider now owns 2,083 shares of the company’s stock, valued at $130,354.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Mark A. Chancy sold 20,973 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was 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 approximately $16,082,742.30. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.

Shares of STI traded down $2.01 on Wednesday, hitting $59.51. 83,559 shares of the stock traded hands, compared to its average volume of 3,288,295. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.85. The stock has a market cap of $27.30 billion, a price-to-earnings ratio of 10.45, a P/E/G ratio of 1.17 and a beta of 1.48. The firm has a 50 day moving average price of $63.97. SunTrust Banks, Inc. has a 1 year low of $46.05 and a 1 year high of $75.08.

SunTrust Banks (NYSE:STI) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $2.39 billion. SunTrust Banks had a net margin of 23.92% and a return on equity of 11.86%. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.49 earnings per share. On average, sell-side analysts expect that SunTrust Banks, Inc. will post 5.6 earnings per share for the current fiscal year.

Several research analysts have weighed in on the stock. Morgan Stanley lowered their target price on shares of SunTrust Banks from $73.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Monday, April 22nd. Zacks Investment Research lowered shares of SunTrust Banks from a “hold” rating to a “sell” rating in a research report on Tuesday, April 9th. Argus set a $81.00 target price on shares of SunTrust Banks and gave the stock a “buy” rating in a research report on Friday, July 19th. Finally, ValuEngine upgraded shares of SunTrust Banks from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $69.45.

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

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