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SunTrust Banks, Inc.

6/18/2013, 3:07 AM ET

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Friday, June 14, 12:16 PM SunTrust (STI -2.4%) slides on a downgrade to Neutral from UBS' Stephen Scinicariello, who thinks the bank's higher credit leverage (the result of an improving economy/housing market and mortgage banking strength) is priced in following a 43% YTD gain. Scinicariello adds other catalysts, such as loan growth, a commercial mix shift, and cross-selling efforts, "could take longer to achieve." Comment! [Financials, On the Move]
Wednesday, June 12, 11:48 AM "Efficiency hasn't always been a hallmark of SunTrust (STI -0.3%) says CFO Aleem Gillani, speaking (transcript) at the Morgan Stanley conference (presentation slides). He notes 7 of 10 members of the bank's executive team are brand new or have come on within the last 2 years, and they're busy "transitioning our culture" towards an efficiency-minded one. At 68.4% in 2012 Q1, the efficiency ratio fell to 63.8% in 2013 Q1 (down is good), moving towards a long-term target of 60%. Comment! [Financials]
Friday, May 31, 3:21 PM Large-cap banks are poised for multiple expansion, says Sterne Agee, as discussions with managements along with data points from recent investor presentations suggest business in Q2 is doing better than expectations. The team is recommending a basket of C, JPM, MS, and GS. In a similar vein, they like a basket of "discounted regionals" - PNC, MTB, RF, USB, and STI. Comment! [Financials]
Friday, May 17, 3:37 PM SunTrust (STI +1.8%) notches a legal victory with a federal judge blocking a hedge fund from moving forward with a $13M arbitration over soured MBS. It's another in a series of suits by banks who would prefer the claims be heard in a court of law rather than by FINRA. Comment! [Financials]
Tuesday, April 30, 1:34 PM More on Paul Miller's upgrade of SunTrust (STI): Long on the sidelines because of worries about mortgage repurchase demands from the GSEs, FBR now believes the bank has turned the corner. Total provisions should be just $892M this year and $600M in 2014 vs. $1.4B in 2012. As for operations, FBR notes management's confidence in mortgage and investment banking growth will come against a far lighter expense base. Comment! [Financials]
Monday, April 29, 6:58 AM SunTrust (STI) is upgraded to Buy with $37 (from $30) price target by FBR's Paul MIller. Q1 results showed stable NIM, continued mortgage banking strength, declining credit costs, and lower operating expenses, notes Miller. What's not to like? Comment! [Financials]
Tuesday, April 23, 3:31 PM SunTrust Banks, Inc. (STI) declares $0.10/share quarterly dividend, 100% increase from prior dividend of $0.05. Forward yield 1.42%. For shareholders of record May 31. Payable June 14. Ex-div date May 29. (PR) Comment! [Dividends]
Friday, April 19, 5:32 PM After-hours top gainers, as of 5:15 p.m.: AMSC +4%. PCYG +3%. UVXY +3%. FIG +3%. ABX +3%.
After-hours top losers: LCI -6%. FMX -6%. STI -4%. FNFG -3%. WSB -3%. Comment! [On the Move]
Friday, April 19, 9:36 AM SunTrust (STI +1.4%) is fairly valued at 1.04x tangible book, writes BTIG, reiterating a Hold after earnings. The company beat estimates thanks to lower expenses (in the face of investor skepticism) and better credit metrics, but revenues and loan volumes were light. "We now view STI as more of a play on an improving housing market in Georgia and Florida." Comment! [Financials]
Friday, April 19, 8:03 AM More on SunTrust (STI) Q1 earnings: Revenue off 8% Q/Q, off 4% Y/Y. Net interest income slides on NIM compression of 3 bps Q/Q, 16 bps Y/Y. Noninterest income hit by lower mortgage production volume. Noninterst expense fell 10% Q/Q, 12% Y/Y. Average loans off 1% Y/Y as declines in residential real estate and student loans offset with growth in C&I loans. Nonperforming loans/total loans of 1.21% from 2.16%. Tier 1 capital ratio of 11.2%. Tangible book value/share of $26.33, up 3% Y/Y. Earnings call at 8 ET. (slides) (PR) Comment! [Financials, Earnings]
Friday, April 19, 6:03 AM SunTrust Banks (STI): Q1 EPS of $0.63 beats by $0.01. (PR) Comment! [Earnings, Breaking News, Financials]
Friday, April 19, 12:05 AM Notable earnings before Friday’s open: BHI, COL, FHN, FNFG, GE, GPC, HON, IPG, KMB, KSU, LH, MAN, MCD, NPBC, SAP, SLB, STI, STT, TCB, TNP, UA Comment! [Earnings]
Thursday, April 18, 5:30 PM Notable earnings before Friday’s open: BHI, COL, FHN, FNFG, GE, GPC, HON, IPG, KMB, KSU, LH, MAN, MCD, NPBC, SAP, SLB, STI, STT, TCB, TNP, UA Comment! [Earnings]
Tuesday, April 9, 11:29 AM Banks this Friday will begin making payments to ~4.2M borrowers whose homes were in any stage of foreclosure in 2009-10. The payments, which will range from $300 to $125K, are compensation for the robo-signing scandal when bank employees said foreclosure documents were correct without reviewing them. Part of the settlement: BAC, C, GS, HBC, JPM, MET, MS, PNC, SAN, STI, USB, WFC. 34 Comments [Financials, U.S. Economy]
Friday, April 5, 11:40 AM Avoid the "origination-reliant" bank names ahead of Q1 earnings, says FBR's Paul Miller, as the strong mortgage results from the past few reports will likely weaken. Most at risk: BAC, FITB, FBC, USB, STI, and WFC. That mortgage profits have worsened isn't news, but Miller suggests things have gotten worse than previous muted expectations. 16 Comments [Financials]
Tuesday, April 2, 7:00 AM SunTrust (STI) is downgraded to Hold at Credit Suisse which expects weakening profits in the mortgage business thanks to tighter gain-on-sale margins (already warned about by numerous banks). Shares -0.3% premarket. Comment! [Financials]

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