Downgrade Alert for SunTrust Banks (STI)
Jul 23, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) --
SunTrust Banks (NYSE:STI) was downgraded from Buy to Hold at Sandler O"Neill today. The stock closed yesterday at $35.08 on volume of 2.9 million shares, below average daily volume of 4.3 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 $22.34 and a high of $36.29 and closed yesterday at $35.08, 57% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.3%.
SunTrust Banks (NYSE:STI) defies analysts with a current price ($35.08) 7.7% above its average consensus price target of $32.37. The stock should discover initial support at its 50-day moving average (MA) of $32.27 and subsequent support at its 200-day MA of $29.29.