SunTrust Banks (STI) is Initiated by Wedbush to Neutral, Price Target at $47

SunTrust Banks (STI) was Initiated by Wedbush to “Neutral” and the brokerage firm has set the Price Target at $47. Wedbush advised their investors in a research report released on Oct 7, 2016.

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 .

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.

SunTrust Banks opened for trading at $43.97 and hit $44.995 on the upside on Tuesday, eventually ending the session at $44.73, with a gain of 2.19% or 0.96 points. The heightened volatility saw the trading volume jump to 47,35,254 shares. Company has a market cap of $22,174 M.

In a different news, on Sep 1, 2016, Raymond D Fortin (Corp. EVP & General Counsel) sold 111,640 shares at $0.00 per share price. According to the SEC, on Aug 22, 2016, Jerome T Lienhard (CEVP and Chief Risk Officer) sold 16,729 shares at $0.00 per share price. On Jul 28, 2016, Mark A Chancy (Corp. EVP-Wholesale Bank Exec) sold 28,390 shares at $0.00 per share price, according to the Form-4 filing with the securities and exchange commission.

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.

SunTrust Banks

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