SunTrust Banks (STI) NewsBite - Analyst's Comments Pull Down STI

Posted: Monday, January 05, 2009 10:34 AM EDT

SunTrust Banks (NYSE: STI) opened at $29.47. So far today, the stock has hit a low of $28.31 and a high of $29.48. STI is now trading at $28.51, down $1.41 (-4.71%). Over the last 52 weeks the stock has ranged from a low of $19.75 to a high of $70.00. Shares of STI are declining with other banks today after a Deutsche Bank said 2009 could be a rough year for the banking industry. He expects commercial bank loan losses to rise to 3% by the end of 2010, compared to 1.5% in the third quarter of 2008. He also cut earnings estimates for several of STI's competitors, including J.P. Morgan Chase & Co. (JPM) , Citigroup Inc. (C), and Bank of American Corp. (BAC). Technical indicators for the stock are neutral and S&P gives STI a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on STI the stock seems like it could be a candidate for a February out-of-the-money bull-put credit spread below the 35 range. [ABR-Seven Summits Strategic Investments NewsBite]

Click Symbol For More News On: (STI) (JPM) (C) (BAC)