Morningstar

Morningstar, Inc.

Equity Bottom-Up

No-moat rated SunTrust reported OK second-quarter results, adjusted earnings per share of $1.51, up roughly 1% year over year. The primary adjustment to results was charges related to the pending merger with BB&amp;T. The return on tangible equity came in at 15.7%, as noninterest income was down roughly 1% year over year (adjusted), adjusted expenses were up roughly 2%, and growth in net interest income of 3% led to roughly flat operating income (ex-provisioning). Provisioning came in higher year…

Since the crisis, SunTrust has refocused its operations and brought its loan book back under control. With many positive steps having been taken to improve the core operations of the bank, a successful commercial banking franchise, and a generally positive banking environment for the foreseeable future, we believe SunTrust's returns should only improve over the medium term. After 2008, SunTrust reduced its exposure to residential loans, increased lending standards, refocused its nonloan…

No-moat-rated SunTrust reported decent first-quarter results that fit well within our overall thesis on the bank. Adjusted earnings per share came in at $1.33, up roughly 3% year over year. The primary adjustment to results was charges related to the pending merger with BB&amp;T. Adjusted return on tangible equity came in slightly lower for the quarter, at 14.9%, as noninterest income was a bit soft and noninterest income growth slowed as well. Even so, expenses were well controlled, and…

United States

SunTrust Banks, Inc. is a super-regional bank holding company.  The Company's subsidiary banks operate in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia.  SunTrust provides a wide range of financial services such as credit cards, mortgage banking, insurance, brokerage and capital markets services.

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