Cramer Gets Bullish on SunTrust (STI); Likes Earnings Power, Market Exposure
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Price: $1.98 --0%
Rating Summary:
13 Buy, 23 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 6
Rating Summary:
13 Buy, 23 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 6
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Shares of SunTrust Banks (NYSE: STI) are trading firmly in positive territory Tuesday, no doubt partly due to a pat on the back from empyrean equities egghead Jim Cramer.
Despite missing Fed stress test requirements, Cramer said SunTrust is like a compressed spring dressed like a snake...its waiting to pop out of its box and scare kids! Er, its becoming ready to rebound into action, we mean. He believes SunTrust has the most earnings power of any bank. The Street seems to be agreeing: shares are up nearly 9 percent even in light of the missed stress test requirements.
Under the stress tests, the Fed put banks' capital levels through tests including 13 percent unemployment, 50 percent drop in the stock market, and 20 percent dip in housing prices. The same day the Fed released its data, SunTrust boosted its outlook, another positive sign for investors.
SunTrust is a household name in the Southeastern U.S., but the bank expanded a little too rapidly into Florida. With the region on the mend, however, and SunTrust writing $300 million of costs from its books, the bank is ready to shine again.
Shares are up 0.3 percent Tuesday morning.
Despite missing Fed stress test requirements, Cramer said SunTrust is like a compressed spring dressed like a snake...its waiting to pop out of its box and scare kids! Er, its becoming ready to rebound into action, we mean. He believes SunTrust has the most earnings power of any bank. The Street seems to be agreeing: shares are up nearly 9 percent even in light of the missed stress test requirements.
Under the stress tests, the Fed put banks' capital levels through tests including 13 percent unemployment, 50 percent drop in the stock market, and 20 percent dip in housing prices. The same day the Fed released its data, SunTrust boosted its outlook, another positive sign for investors.
SunTrust is a household name in the Southeastern U.S., but the bank expanded a little too rapidly into Florida. With the region on the mend, however, and SunTrust writing $300 million of costs from its books, the bank is ready to shine again.
Shares are up 0.3 percent Tuesday morning.
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