Insurance Technology Industry News

TMCNet:  Upgrade Alert for SunTrust Banks (STI)

[January 04, 2013]

Upgrade Alert for SunTrust Banks (STI)

Jan 04, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- SunTrust Banks (NYSE:STI) was upgraded from Neutral to Buy at Goldman Sachs today. The stock closed yesterday at $28.63 on volume of 9.3 million shares, above average daily volume of 4.7 million. SunTrust Banks, Inc. is a super-regional bank holding company. The Company's subsidiary banks operate in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia. SunTrust provides a wide range of financial services such as credit cards, mortgage banking, insurance, brokerage and capital markets services.

In the past 52 weeks, SunTrust Banks share prices have been bracketed by a low of $18.07 and a high of $30.79 and closed yesterday at $28.63, 58% above that low price. The 200-day and 50-day moving averages have moved 0.27% higher and 0.05% lower over the past week, respectively.

SunTrust Banks has overhead space with shares priced $28.63, or 6.1% below the average consensus analyst price target of $30.50. The stock should discover initial support at its 50-day moving average (MA) of $27.31 and subsequent support at its 200-day MA of $25.37.

SmarTrend recommended that subscribers consider buying shares of SunTrust Banks on December 11th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.42. Since that recommendation, shares of SunTrust Banks have risen 4.4%. We continue to monitor STI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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