Summit Asset Management Lowers stake in SunTrust Banks (STI)

SunTrust Banks (STI) : Summit Asset Management reduced its stake in SunTrust Banks by 10.91% during the most recent quarter end. The investment management company now holds a total of 12,861 shares of SunTrust Banks which is valued at $540,676 after selling 1,575 shares in SunTrust Banks , the firm said in a disclosure report filed with the SEC on Aug 8, 2016.SunTrust Banks makes up approximately 0.24% of Summit Asset Management’s portfolio.

Other Hedge Funds, Including , Canal Capital Management boosted its stake in STI in the latest quarter, The investment management firm added 70 additional shares and now holds a total of 5,921 shares of SunTrust Banks which is valued at $248,919. SunTrust Banks makes up approx 0.25% of Canal Capital Management’s portfolio.Chicago Equity Partners reduced its stake in STI by selling 3,635 shares or 0.59% in the most recent quarter. The Hedge Fund company now holds 616,405 shares of STI which is valued at $26,067,767. SunTrust Banks makes up approx 0.73% of Chicago Equity Partners’s portfolio.Livingston Group Asset Management Co (operating As Southp… reduced its stake in STI by selling 510 shares or 6.34% in the most recent quarter. The Hedge Fund company now holds 7,529 shares of STI which is valued at $318,853. SunTrust Banks makes up approx 0.17% of Livingston Group Asset Management Co (operating As Southp…’s portfolio.Hartford Investment Management Co reduced its stake in STI by selling 5,948 shares or 4.72% in the most recent quarter. The Hedge Fund company now holds 120,150 shares of STI which is valued at $5,094,360. SunTrust Banks makes up approx 0.10% of Hartford Investment Management Co’s portfolio. Gierl Augustine Investment Management Inc sold out all of its stake in STI during the most recent quarter. The investment firm sold 2,690 shares of STI which is valued $114,971.

SunTrust Banks opened for trading at $42.03 and hit $42.215 on the upside on Monday, eventually ending the session at $42.1, with a gain of 0.62% or 0.26 points. The heightened volatility saw the trading volume jump to 35,61,315 shares. Company has a market cap of $20,871 M.

On the company’s financial health, SunTrust Banks reported $0.89 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 22, 2016. Analyst had a consensus of $0.88. The company had revenue of $2221.00 million for the quarter, compared to analysts expectations of $2157.32 million. The company’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.86 EPS.

Many Wall Street Analysts have commented on SunTrust Banks. Company shares were Reiterated by Compass Point on Jul 26, 2016 to “Buy”, Firm has raised the Price Target to $ 48 from a previous price target of $45 .Company shares were Reiterated by Goldman on Jul 25, 2016 to “Buy”, Firm has raised the Price Target to $ 46 from a previous price target of $44 .Shares were Downgraded by Robert W. Baird on Jul 15, 2016 to ” Underperform” and Lowered the Price Target to $ 41 from a previous price target of $43 .

Suntrust Banks Inc. is a bank holding company and a financial holding company. Through its principal subsidiary SunTrust Bank the Company offers a line of financial services for consumers and businesses including deposit credit mortgage banking and trust and investment services. The Company’s other subsidiaries provide asset and wealth management securities brokerage and capital market services. SunTrust operates the following business segments: Consumer Banking and Private Wealth Management Wholesale Banking and Mortgage Banking. It also operates a Corporate Other segment which includes the management of the Company’s investment securities portfolio long-term debt end-user derivative instruments short-term liquidity and funding activities balance sheet risk management and most real estate assets. SunTrust operates primarily within Florida Georgia Maryland North Carolina South Carolina Tennessee Virginia and the District of Columbia.

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