SunTrust Banks (STI) 11/16/09 PriceWatch Alert Support At Around $19.46
Posted: Monday, November 16, 2009 8:24 AM EDT
By: Market Intelligence Center Staff
SunTrust Banks (NYSE: STI) ended the last trading session at $20.07. So far the stock has hit a 52-week low of $6.00 and 52-week high of $36.66. SunTrust Banks stock has been showing support around 19.46 and resistance in the 20.98 range. Technical indicators for the stock are Bearish and S&P gives STI a neutral 3 STAR (out of 5) hold rating. STI appears on the Investors Observer Hedged Dividend Income list. For a hedged play on this stock, look at an Apr '10 15 covered call (SFJ DC) for a net debit in the $14.07 area. That is also the break even stock price for this trade. This covered call has a 152 day duration, provides 29.90% downside protection and a 6.61% assigned return rate for a 15.87% annualized return rate (comparison purposes only). SunTrust Banks has a current annual dividend yield of 0.19%. [ABR-Seven Summits Research]
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