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SunTrust Banks, Inc. Message Board

  • _CAPTAINBLOOD_ _CAPTAINBLOOD_ Jun 28, 1998 7:36 PM Flag

    NEW HIGHS -- BREAKOUT OR DESTINED TO RET

    Suntrust closed at an all-time high on Friday at
    $82 7/16. This climaxed five straight days of higher
    stock prices for STI and a two and one-half month
    consolidation period between $77 - $82. Market permitting,
    Suntrust seems poised to breakout further. The only snafu
    is the light volume on Friday. Monday's action needs
    to confirm the new high when all the players are
    present.

    I don't buy into this talk of an STI merger that
    will bring a high premium. It's more likely there will
    be a merger of equals similar to Norwest-Wells
    Fargo. Suntrust would be a wonderful acquisition,
    however at 24 x 1998 earnings and 3 x book value I
    believe STI is fully valuated.

    The last stock
    split (2-1) was in the middle of 1996 in the low $70s
    so it would not surprise me if another split is in
    the cards. Maybe management waits until STI reaches
    the $90s and split the stock 3-1. STI announces
    earnings on July 9th, so keep your fingers crossed.

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