The Atlanta lender in August announced that the Federal Reserve had approved its revised 2012 capital plan, including an increase in the quarterly dividend to 10 cents a share from eight cents, and "new share repurchase authorization of up to 100 million shares," including up to $600 million in buybacks through the first quarter of 2013.
Deutsche Bank analyst Matt O'Connor rates SunTrust a "Hold," and said Monday that he expects the company to report third-quarter earnings of $1.96 a share, with "flat/modestly higher loan growth in 3Q--reflecting continued growth in [commercial and industrial loans], offset by recently announced loan sales (likely to take place over the next few quarters) and declines in higher-risk segments such as [commercial real estate], home equity and mortgage."
The analyst sees another strong quarter for revenue from mortgage originations and sales, but said "this should be more than offset by the large $375m mortgage putback charge this quarter."
Email. Follow @PhilipvanDoorn
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV