J.p. Marvel Investment Advisors Lowers stake in SunTrust Banks (STI)

SunTrust Banks (STI) : J.p. Marvel Investment Advisors reduced its stake in SunTrust Banks by 0.81% during the most recent quarter end. The investment management company now holds a total of 162,891 shares of SunTrust Banks which is valued at $7.1 Million after selling 1,337 shares in SunTrust Banks , the firm said in a disclosure report filed with the SEC on May 26, 2016.SunTrust Banks makes up approximately 2.45% of J.p. Marvel Investment Advisors’s portfolio.

Other Hedge Funds, Including , Credit Suisse Ag reduced its stake in STI by selling 356,675 shares or 32.06% in the most recent quarter. The Hedge Fund company now holds 755,813 shares of STI which is valued at $32.2 Million. SunTrust Banks makes up approx 0.04% of Credit Suisse Ag’s portfolio. Pittenger Anderson Inc sold out all of its stake in STI during the most recent quarter. The investment firm sold 1,175 shares of STI which is valued $47,658.Nomura Asset Management Co Ltd boosted its stake in STI in the latest quarter, The investment management firm added 1,850 additional shares and now holds a total of 70,434 shares of SunTrust Banks which is valued at $2.9 Million. SunTrust Banks makes up approx 0.05% of Nomura Asset Management Co Ltd’s portfolio. Verition Fund Management added STI to its portfolio by purchasing 6,785 company shares during the most recent quarter which is valued at $275,200. SunTrust Banks makes up approx 0.07% of Verition Fund Management’s portfolio.

SunTrust Banks opened for trading at $43.23 and hit $43.95 on the upside on Wednesday, eventually ending the session at $43.83, with a gain of 0.02% or 0.01 points. The heightened volatility saw the trading volume jump to 32,48,089 shares. Company has a market cap of $21,964 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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