Ajo Lp buys $263.5 Million stake in SunTrust Banks (STI)

SunTrust Banks (STI) : Ajo Lp scooped up 7,742 additional shares in SunTrust Banks during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 6,497,197 shares of SunTrust Banks which is valued at $263.5 Million.SunTrust Banks makes up approximately 1.17% of Ajo Lp’s portfolio.

Other Hedge Funds, Including , Assetmark Inc boosted its stake in STI in the latest quarter, The investment management firm added 13 additional shares and now holds a total of 2,870 shares of SunTrust Banks which is valued at $116,407.Meeder Asset Management Inc reduced its stake in STI by selling 6,975 shares or 7.1% in the most recent quarter. The Hedge Fund company now holds 91,295 shares of STI which is valued at $3.7 Million. SunTrust Banks makes up approx 0.35% of Meeder Asset Management Inc’s portfolio.Amalgamated Bank boosted its stake in STI in the latest quarter, The investment management firm added 4,875 additional shares and now holds a total of 18,385 shares of SunTrust Banks which is valued at $745,696. SunTrust Banks makes up approx 0.07% of Amalgamated Bank’s portfolio. Ci Global Investments sold out all of its stake in STI during the most recent quarter. The investment firm sold 170,900 shares of STI which is valued $6.9 Million.Pitcairn Co reduced its stake in STI by selling 233 shares or 2.34% in the most recent quarter. The Hedge Fund company now holds 9,741 shares of STI which is valued at $406,589. SunTrust Banks makes up approx 0.05% of Pitcairn Co’s portfolio.

SunTrust Banks opened for trading at $43.47 and hit $44.32 on the upside on Wednesday, eventually ending the session at $43.98, with a gain of 2.02% or 0.87 points. The heightened volatility saw the trading volume jump to 39,01,063 shares. Company has a market cap of $22,040 M.

On the company’s financial health, SunTrust Banks reported $0.84 EPS for the quarter, beating the analyst consensus estimate by $ 0.09 according to the earnings call on Apr 22, 2016. Analyst had a consensus of $0.75. The company had revenue of $2099.00 million for the quarter, compared to analysts expectations of $2046.91 million. The company’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 EPS.

Many Wall Street Analysts have commented on SunTrust Banks. Company shares were Reiterated by RBC Capital Mkts on Apr 25, 2016 to “Outperform”, Firm has raised the Price Target to $ 44 from a previous price target of $42 .SunTrust Banks was Upgraded by Raymond James to ” Outperform” on Apr 22, 2016. Shares were Reiterated by Compass Point on Apr 11, 2016 to “Buy” and Lowered the Price Target to $ 45 from a previous price target of $50 .

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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