Oppenheimer Maintains an 'Outperform' on SunTrust Banks (STI); Putting Repurchase Demands to Bed
Tweet Send to a FriendGet Alerts STI Hot Sheet
Price: $31.50 -0.79%
Rating Summary:
18 Buy, 17 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
Rating Summary:
18 Buy, 17 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
Trade STI Now!
Oppenheimer maintains an 'Outperform' on SunTrust Banks (NYSE: STI) price target of $31.00 (from $28.00).
Analyst, Terry McEvoy, said, "SunTrust announced a series of actions to reduce the volatility of its capital position (post-Basel III) and improve the overall risk profile while hopefully putting the remaining mortgage repurchase costs related to pre-’09 GSE loan sales behind it. The financial benefits of these events improve the earnings visibility at SunTrust and give us greater confidence in a dividend increase and buyback authorization in March ’13 following the next CCAR. While shares of SunTrust are up ~50% YTD, we continue to believe the stock is undervalued at 1.0x pro forma tangible book value."
FY12 EPS raised from $2.00 to $3.70 and FY13 from $2.65 to $2.70.
For an analyst ratings summary and ratings history on SunTrust Banks click here. For more ratings news on SunTrust Banks click here.
Shares of SunTrust Banks closed at $26.68 yesterday, with a 52 week range of $15.79-$26.77.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, Terry McEvoy, said, "SunTrust announced a series of actions to reduce the volatility of its capital position (post-Basel III) and improve the overall risk profile while hopefully putting the remaining mortgage repurchase costs related to pre-’09 GSE loan sales behind it. The financial benefits of these events improve the earnings visibility at SunTrust and give us greater confidence in a dividend increase and buyback authorization in March ’13 following the next CCAR. While shares of SunTrust are up ~50% YTD, we continue to believe the stock is undervalued at 1.0x pro forma tangible book value."
FY12 EPS raised from $2.00 to $3.70 and FY13 from $2.65 to $2.70.
For an analyst ratings summary and ratings history on SunTrust Banks click here. For more ratings news on SunTrust Banks click here.
Shares of SunTrust Banks closed at $26.68 yesterday, with a 52 week range of $15.79-$26.77.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Morgan Stanley Maintains Bullish Stance on Walter Energy (WLT)
- Madison Square Garden (MSG) is a Stock to Own on Sport Team Value and Hidden Value of The Garden - Needham & Company
- Lazard Raises PT on Chicago Bridge & Iron (CBI) to $75
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeRelated Entities
Dividend, Earnings
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
