Barclays Maintains an 'Underweight' on SunTrust Banks (STI); 3Q EPS Preview: Loan/Deposit Trends Intact but NIM Down and NCOs Stable
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Price: $7.64 -1.04%
Rating Summary:
13 Buy, 23 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
13 Buy, 23 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Underweight' on SunTrust Banks (NYSE: STI) price target of $30.00.
Barclays analyst says, "We expect STI to report 3Q11 EPS of $0.33 vs. consensus of $0.35. Signs of loan growth should begin to emerge as its efforts to target SBA, asset-backed, indirect auto, direct auto and guaranteed mortgage/student lending take hold."
"While loan and deposit trends should match peers, we expect its net interest margin to compress in 3Q11, while net charge-offs are relatively stable (versus our expectations of declines at peers). Strength in mortgage should be offset by lower market related revenues though wider credit spread could results in gains due to its fixed rate debt that is carried at fair value. We also look for an update on its efficiency initiatives."
For more ratings news on SunTrust Banks click here and for the rating history of SunTrust Banks click here.
Shares of SunTrust Banks closed at $19.13 yesterday.
Barclays analyst says, "We expect STI to report 3Q11 EPS of $0.33 vs. consensus of $0.35. Signs of loan growth should begin to emerge as its efforts to target SBA, asset-backed, indirect auto, direct auto and guaranteed mortgage/student lending take hold."
"While loan and deposit trends should match peers, we expect its net interest margin to compress in 3Q11, while net charge-offs are relatively stable (versus our expectations of declines at peers). Strength in mortgage should be offset by lower market related revenues though wider credit spread could results in gains due to its fixed rate debt that is carried at fair value. We also look for an update on its efficiency initiatives."
For more ratings news on SunTrust Banks click here and for the rating history of SunTrust Banks click here.
Shares of SunTrust Banks closed at $19.13 yesterday.
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