BMO Capital Upgrades SunTrust Banks (STI) to Outperform
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September 7, 2012 7:15 AM EDT
Jefferies maintains a 'Buy' on SunTrust Banks (NYSE: STI) price target of $29.00 (from $28.00).
Analyst, Ken Usdin, said, "We view STI's Coke (NYSE: KO)(NotCovered) sale and balance sheet derisking as a modest positive as it eliminates the... More
September 6, 2012 4:16 PM EDT
SunTrust Banks, Inc. (NYSE: STI) today announced a series of actions in the third quarter 2012 that better position the Company for the future.
Summary of ActionsSunTrust accelerated the termination of the agreements regarding the shares owned in The Coca-Cola Company. This will generate a third quarter pre-tax gain of approximately $1.9 billion.
In light of ongoing discussions with Fannie Mae and Freddie Mac, the Company expects to record an estimated $375 million mortgage repurchase provision during the quarter. This action increases the mortgage repurchase reserve to a level that is... More
