Have you been eager to see how SunTrust Banks, Inc. (STI - Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Atlanta-based commercial banking organization’s earnings release this morning:
An Earnings Beat
SunTrust came out with earnings per share of 91 cents, which surpassed the Zacks Consensus Estimate was 89 cents.
Higher revenues mainly led to the earning beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for SunTrust depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate has remained stable over the last 7 days.
Notably, SunTrust has a decent earnings surprise history. Before posting earnings beat in Q3, the company delivered positive surprises in all four prior quarters, with average beat of 9.5%.
Better-than-Expected Revenues
SunTrust posted net revenue (on FTE basis) of $2.23 billion, which outpaced the Zacks Consensus Estimate of $2.15 billion. Further, it was 6% above the year-ago number.
Key Statistics:
- Net interest margin was 2.96%, down 8 basis points year over year
- Provision for credit losses was $97 million, down 4% year over year
- Average consumer and commercial deposits stood at $155.3 billion as of Sep 30, 2016
- Average loan balances were $142.3 billion as of Sep 30, 2016
- Common Equity Tier 1 ("CET1") (transitional) was 9.77% as of Sep 30, 2016
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for SunTrust. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this SunTrust earnings report!
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Have you been eager to see how SunTrust Banks, Inc. (STI - Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this Atlanta-based commercial banking organization’s earnings release this morning:
An Earnings Beat
SunTrust came out with earnings per share of 91 cents, which surpassed the Zacks Consensus Estimate was 89 cents.
Higher revenues mainly led to the earning beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for SunTrust depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate has remained stable over the last 7 days.
Notably, SunTrust has a decent earnings surprise history. Before posting earnings beat in Q3, the company delivered positive surprises in all four prior quarters, with average beat of 9.5%.
Better-than-Expected Revenues
SunTrust posted net revenue (on FTE basis) of $2.23 billion, which outpaced the Zacks Consensus Estimate of $2.15 billion. Further, it was 6% above the year-ago number.
Key Statistics:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for SunTrust. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this SunTrust earnings report!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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