Analyst action: Clarcor, CVS, SunTrust
Posted on November 20, 2009 at 10:42 amBB&T analyst Kevin Maczka on Thursday raised his rating on shares of Clarcor (Ticker: CLC) from ‘hold’ to ‘buy.’ His target price for the Franklin-based filtration and packaging company is $40, 27 percent above its Wednesday close.
Two stocks with a local presence have also received votes of confidence. At Credit Suisse, Craig Siegenthaler has lifted his target for SunTrust (Ticker: STI) to $23 from $21, while UBS analyst Neil Currie has started covering CVS Caremark (Ticker: CVS) with a ‘buy’ rating and a $34 target.
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Analyst actions: Gaylord, SunTrust
Posted on November 10, 2009 at 10:56 amThe very empirical stock-picking model at TheStreet.com has downgraded shares of Gaylord Entertainment after the hotel company’s third-quarter earnings report. Gaylord (Ticker: GET) has tripled the S&P 500’s year-to-date gain.
At BMO Capital Markets, senior analyst Lana Chan has raised her rating on SunTrust Banks, saying “capital ratios are solid and there were further positive signals on credit quality in the third quarter.” She now rates SunTrust (Ticker: STI) at ‘outperform.’
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New boss for SunTrust’s private wealth units
Posted on October 16, 2009 at 9:48 amThe good people working in SunTrust’s wealth management, sports and entertainment banking, personal asset management and investment services groups have a new boss in the shape of Willem-Jan Hattink. Hattink previously ran the bank’s Central Group private wealth management business.
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UBS: Still plenty of regional bank stocks to sell
Posted on October 8, 2009 at 3:23 pmInvestment firm UBS today began covering a number of Middle Tennessee’s biggest regional banks, some with not-so-flattering ’sell’ labels on the basis of their stocks’ recent runups and continuing credit problems. Analyst Heather Wolf says investors should avoid SunTrust and Fifth Third and is neutral on shares of Regions and U.S. Bancorp.
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SunTrust picks real estate manager
Posted on at 3:15 pmSunTrust Banks has chosen Jones Lang LaSalle to get its arms around its eight-state real estate portfolio that encompasses 16 million square feet.
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SunTrust CEO: Banks still tightening
Posted on August 25, 2009 at 9:06 am
Speaking to the Rotary Club of Atlanta, Jim Wells said the industry is still very much in pre-recovery mode and that “quality loan demand” remains low. Shares of SunTrust (Ticker: STI) are down 23 percent year to date, trailing the Dow Jones U.S. Banks Index by more than 20 points.
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Avenue hires two for mortgage unit
Posted on August 5, 2009 at 2:46 pm
Bill Long and David Kazmerowski have joined Avenue Bank’s mortgage division. Long comes to two-year-old Avenue from Magna Bank’s Brentwood office, which was recently sold to Reliant Bank. Before that, he was the longtime head of SunTrust Mortgage Co.’s local operations. Kazmerowski returns to the banking world from the commercial real estate sector, where he was most recently VP at Browning Inc.
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SunTrust trims stock buyback
Posted on June 15, 2009 at 12:51 pm
The No. 3 bank in Nashville (Ticker: STI) is buying back ‘only’ $750 million of preferred shares, down from the $1 billion it said was looking to repurchase earlier this month.
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SunTrust speeds up capital raise
Posted on June 1, 2009 at 7:54 amThe third-largest bank in Nashville (Ticker: STI) says it will raise more than $1 billion in equity by selling common stock and another $300 million by dumping some investments. Throw in the buyback of some hybrid securities and the company says it’s on track to wrap up the plan that was born from the government’s stress tests.
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SunTrust retail bankers get new boss
Posted on May 8, 2009 at 8:23 pmDebbie Crowder, the bank’s East Tennessee president, has been promoted to a regional role overseeing retail banking in Georgia, Alabama and Tennessee.
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Dissecting the stress tests
Posted on May 7, 2009 at 10:14 pm
First, all the banks’ results neatly in a row. Among the banks with a notable presence in Nashville, only U.S. Bank and BB&T were deemed not to need new capital. BofA, Wells Fargo, Regions, SunTrust and Fifth Third must raise a combined $53 billion.
Then, from the AP comes a rundown of just how some of the affected players plan to raise the billions they need as well as word from those planning to repay TARP ASAP.
And via the Journal, a measured look at how the once-maligned concept of stress tests – Wells chief Dick Kovacevich not long ago called them ‘asinine’ – may actually come to be seen as the positive tipping point when we collectively caught our breath.
Investors fretted for weeks that the Treasury wanted to nationalize parts of the banking system, despite repeated efforts by Mr. Geithner and others to dispel that idea.
In retrospect, the tests were akin to hitting the pause button. The period allowed Mr. Geithner to buy time for the government’s evolving approach to the banking crisis, which had previously been ad hoc and heavily criticized.
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Six becomes 10 in stress tests
Posted on May 5, 2009 at 10:55 pmSo says the Journal:
It’s possible Wall Street is being overly optimistic about the impact of the results and the resulting dash by banks to bolster capital. One big risk worrying industry officials is that the market will view banks on the list as insolvent when the official results are announced Thursday, even though Fed officials have repeatedly said that’s not the case.
SEE ALSO: BofA may need 34 really big ones and Are Regions and SunTrust part of The Stress Test Six?
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Are Regions and SunTrust part of The Stress Test Six?
Posted on April 29, 2009 at 7:50 amSources tell Bloomberg that six of the 19 banks that underwent the Federal Reserve’s stress tests will need more capital to cushion themselves against loan losses. Analysts at Morgan Stanley said late last week that Regions and SunTrust, the parent companies of Nashville’s No. 1 and 3 banks, are likely to be among them.
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Rating agencies take aim at regional banks
Posted on April 24, 2009 at 12:56 amS&P has lowered its rating on First Horizon, saying the parent of First Tennessee is likely to face even more bad loans later this year. Over at Moody’s, analysts slashed their rating on SunTrust by three notches over concerns that the bank’s capital position will continue to deteriorate.
They also cited the bank’s commercial real estate exposure as a factor. Their peers at Deutsche yesterday said losses from that sector could reach $1 trillion, a number that is “likely to dominate the industry for the better part of a decade.”
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Analyst action: Cracker Barrel, regional banks
Posted on April 20, 2009 at 1:58 pmMKM Partners analyst Steve Anderson has lifted his rating for Cracker Barrel shares (Ticker: CBRL) to ‘buy’ from ‘neutral.’ He’s also raised his price target from $24 to a whopping $41, a good 25 percent above the stock’s level today, which is itself almost double its price of two months ago. Anderson last month said CBRL is set for a strong couple of quarters.
The recent run in regional bank stocks has analysts at Sterne Agee saying we should cool our jets a bit. They’ve downgraded shares of First Horizon (Ticker: FHN) and SunTrust (Ticker: STI) to ‘neutral’ from ‘buy.’ Still, their price targets of $14 and $20, respectively, are about 30 percent above the stocks’ current levels.
And staying in regional bank country, Wunderlich Securities has trimmed its price target for Green Bankshares (Ticker: GRNB) from $11 to $9.5.
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