SunTrust Banks, Inc. Third Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component SunTrust Banks, Inc. (NYSE:STI) will unveil its latest earnings on Friday, October 21, 2011. SunTrust Banks is a financial services holding company whose businesses provide a range of financial services to consumer and corporate clients.

SunTrust Banks, Inc. Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for profit of 35 cents per share, a rise of more than twofold from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved up from 34 cents. Between one and three months ago, the average estimate was unchanged. It has risen during the last month. For the year, analysts are projecting net income of $1.13 per share, a swing from a loss of 18 cents last year.

Past Earnings Performance: Last quarter, the company beat estimates by 2 cents, coming in at profit of 33 cents a share versus the estimate of net income of 31 cents a share. It marked the fourth straight quarter of beating estimates.

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Wall St. Revenue Expectations: On average, analysts predict $2.17 billion in revenue this quarter, a decline of 6.1% from the year ago quarter. Analysts are forecasting total revenue of $8.59 billion for the year, a decline of 1.3% from last year’s revenue of $8.7 billion.

Analyst Ratings: Analysts are bullish on SunTrust Banks as 11 analysts rate it as a buy, two rate it as a sell and 13 rate it as a hold.

A Look Back: In the second quarter, profit rose 1337.3% to $178 million (33 cents a share) from $12.4 million (-11 cents a share) the year earlier, exceeding analyst expectations. Revenue fell 2.6% to $2.46 billion from $2.52 billion.

Key Stats:

A year-over-year revenue decrease in the second quarter snapped a streak of three consecutive quarters of revenue increases. Revenue rose 7.3%in the first quarter, 10.8% in the fourth quarter of the last fiscal year and 8.9% in the third quarter of the last fiscal year.

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).

Stock Price Performance: During July 22, 2011 to October 17, 2011, the stock price had fallen $7.79 (-30.1%) from $25.88 to $18.09. The stock price saw one of its best stretches over the last year between April 26, 2011 and May 3, 2011 when shares rose for six-straight days, rising 3.9% (+$1.08) over that span. It saw one of its worst periods between July 22, 2011 and August 2, 2011 when shares fell for eight-straight days, falling 11% (-$2.84) over that span. Shares are down $11.33 (-38.5%) year to date.

(Source: Xignite Financials)

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