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 --------------------------------------------------------------------------------------------- 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 Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at:

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