Insurance Technology Industry News

TMCNet:  Downgrade Alert for SunTrust Banks (STI)

[February 15, 2013]

Downgrade Alert for SunTrust Banks (STI)

Feb 15, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- SunTrust Banks (NYSE:STI) was downgraded from Buy to Hold at Jefferies today. The stock closed yesterday at $28.12 on volume of 7.3 million shares, above average daily volume of 5.9 million. SunTrust Banks has overhead space with shares priced $28.12, or 8.3% below the average consensus analyst price target of $30.67. SunTrust Banks shares should encounter resistance at the 50-day moving average (MA) of $28.47 and support at its 200-day MA of $26.13.

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.

Over the past year, SunTrust Banks has traded in a range of $20.96 to $30.79 and is now at $28.12, 34% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.4%.

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 5.0%. 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

[ Back To Insurance Technology Homepage's Homepage ]

FREE Insurance Technology enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!