Baker Avenue Asset Management Lp Lowers stake in SunTrust Banks (STI)

SunTrust Banks (STI) : Baker Avenue Asset Management Lp reduced its stake in SunTrust Banks by 23.37% during the most recent quarter end. The investment management company now holds a total of 61,961 shares of SunTrust Banks which is valued at $2,592,448 after selling 18,900 shares in SunTrust Banks , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.SunTrust Banks makes up approximately 0.37% of Baker Avenue Asset Management Lp’s portfolio.

Other Hedge Funds, Including , Laffer Investments sold out all of its stake in STI during the most recent quarter. The investment firm sold 41,954 shares of STI which is valued $1,755,355.Pacad Investment Ltd. reduced its stake in STI by selling 32,744 shares or 87.22% in the most recent quarter. The Hedge Fund company now holds 4,800 shares of STI which is valued at $200,832. SunTrust Banks makes up approx 0.03% of Pacad Investment Ltd.’s portfolio.Parsons Capital Management Incri reduced its stake in STI by selling 1,101 shares or 3.51% in the most recent quarter. The Hedge Fund company now holds 30,267 shares of STI which is valued at $1,266,371. SunTrust Banks makes up approx 0.17% of Parsons Capital Management Incri’s portfolio. Wespac Advisors sold out all of its stake in STI during the most recent quarter. The investment firm sold 24,063 shares of STI which is valued $1,019,068.Catawba Capital Management Va reduced its stake in STI by selling 37 shares or 0.2% in the most recent quarter. The Hedge Fund company now holds 18,766 shares of STI which is valued at $812,005. SunTrust Banks makes up approx 0.19% of Catawba Capital Management Va’s portfolio.

SunTrust Banks closed down -0.28 points or -0.64% at $43.79 with 29,83,670 shares getting traded on Thursday. Post opening the session at $44.19, the shares hit an intraday low of $43.4 and an intraday high of $44.24 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

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. SunTrust Banks was Downgraded by Bernstein to ” Mkt Perform” on Aug 16, 2016. 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 .

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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