Suntrust Banks Inc. Earnings Cheat Sheet: Profit Up

S&P 500 (NYSE:SPY) component Suntrust Banks Inc. (NYSE:STI) reported net income above Wall Street’s expectations for the third quarter. SunTrust Banks is a financial services holding company whose businesses provide a range of financial services to consumer and corporate clients.

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Suntrust Banks Earnings Cheat Sheet for the Third Quarter

Results: Net income for Suntrust Banks Inc. rose to $215 million (39 cents per share) vs. $153.1 million (17 cents per share) in the same quarter a year earlier. This marks a rise of 41% from the year earlier quarter.

Revenue: Noninterest income was $1.05 billion last quarter.

Actual vs. Wall St. Expectations: STI beat the mean analyst estimate of 35 cents per share.

Quoting Management: “Lower-cost deposit growth and improved credit quality continued in the third quarter,” said SunTrust President and Chief Executive Officer, William H. Rogers, Jr. “Further, overall loan growth was driven by solid increases in targeted consumer and commercial loan portfolios. We remain focused on delivering improved shareholder value through the execution of our client-centric initiatives and the implementation of our expense program.”

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 2 cents in the second quarter, by 9 cents in the first quarter, and by 13 cents in the fourth quarter of the last fiscal year.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the fourth quarter is 34 cents per share, down from 38 cents ninety days ago. At $1.13 per share, the average estimate for the fiscal year has fallen from $1.14 ninety days ago.

Competitors to Watch: Wells Fargo & Company (NYSE:WFC), JPMorgan Chase & Co. (NYSE:JPM), KeyCorp (NYSE:KEY), PNC Financial Services (NYSE:PNC), Regions Financial Corp. (NYSE:RF), First Horizon National Corp. (NYSE:FHN), Citigroup Inc. (NYSE:C), Bank of America Corp. (NYSE:BAC), Cadence Financial Corp. (NASDAQ:CADE), and BB&T Corporation (NYSE:BBT).

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(Source: Xignite Financials)

 

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