SunTrust Banks Inc. (NYSE:STI) – SunTrust to Hire as Many as 60 in Mid-Market Banking Push

SunTrust Banks Inc. (NYSE:STI) [at Bloomberg] – SunTrust Banks Inc., Georgia’s biggest lender, said its investment-banking unit will establish three new offices and hire as many as 60 employees as it seeks to expand services for mid-market clients.
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SunTrust Banks, Inc. (STI), currently valued at $18.02B, opened at $33.84.
Looking at the stock, its one day range is $33.58 to $33.92 with a one year range of $25.30 to $36.29.
SunTrust (STI) shares are currently priced at 14.47x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 19.23x earnings multiple for the same period.
And for dividend hunters, the company pays shareholders $0.40 per share annually in dividends, yielding 1.20%.
According to a consensus of 26 analysts, the earnings estimate of $0.69 per share would be $0.04 better than the year-ago quarter and a $0.03 sequential decrease. The full-year EPS estimate is $2.36 which would be a $1.23 setback than last year’s full-year earnings.
The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $2.04 Billion. If realized, that would be a 10.92% decrease over the year-ago quarter.
In terms of ratings, Compass Point upgraded STI from Neutral to Buy (Sep 12, 2013). Previously, Deutsche Bank upgraded STI from Hold to Buy.
Investors should keep in mind is that the average price target is $36.76, which is 8.63% above where the stock opened this morning.

SunTrust Banks Inc. (NYSE:STI), operates as the holding company for SunTrust Bank that provides various financial services in the United States. The company operates in three segments: Consumer Banking and Private Wealth Management, Wholesale Banking and Mortgage Banking.
Tag Helper ~ Stock Code: STI | Common Company name: SunTrust | Full Company name: SunTrust Banks Inc. (NYSE:STI) .

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