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.