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SunTrust Banks

SunTrust is based in Atlanta, Georgia and ranks as the 12th largest depository institution by market cap in the U.S. ($34.3 bn as of September 6, 2018) and 13th largest by total assets ($207.5 bn at 2Q18). SunTrust ranks 11th in terms of U.S. deposits with approximately $161.4 bn in deposits as of 2Q18 and 1,237 branches as of 2017 (SNL). SunTrust branches are located in the Southeast, with solid deposit market shares in Florida, Georgia, Virginia, Tennessee, Maryland, North Carolina, District of Columbia, and South Carolina. SunTrust's major business lines include retail banking, corporate & investment banking, commercial lending, and wealth & investment management. (15 Oct 2018)

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U.S. Regional Banks: Fed Guidance on 2019 CCAR

Worth Watching: 14 Nov 2018, 10:27 PM ET - U.S. Regional Banks: In a recent speech, the Fed's Vice Chairman of Bank Supervision Randal Quarles commented on plans for the upcoming CCAR cycle. The Fed is in the process of deciding  how to implement a number of changes that have been proposed ..

US Banks Conf. Notes: Big Data + Digital Divide

Sector Analysis: 13 Nov 2018, 4:14 AM ET - We attended BancAnalysts Association of Boston (BAAB) conference in Boston, where 10 banks in our coverage presented. One of the main takeaways was the capabilities that the big money centers have built around data analytics.

US Banks: Fed Proposes Reg. Overhaul for Non-GSIBs

Sector Analysis: 01 Nov 2018, 5:30 AM ET - The Federal Reserve released two Notices of Proposed Rulemaking (NPRs) to revise capital and liquidity requirements for banks $100 - 700 bn in assets. Certain requirements for the 8 GSIBs were addressed in a separate NPR.

SunTrust: 3-Tranche Bank Level Deal

IG Note: 24 Oct 2018, 10:20 AM ET - SunTrust is in the market with a three-tranche offering of senior bank-level debt. IPT for the 7-year tranche was T+115 bp, and we would be buyers at T+97 bp or higher. We maintain a Market perform recommendation for SunTrust. 

SunTrust: 3Q18, NIM Pressure but Solid Loan Growth

Earnings Note: 23 Oct 2018, 5:04 AM ET - SunTrust reported 3Q18 earnings that reflected solid NII and loan growth but included fee income headwinds. Net interest margin was down slightly from the prior quarter however as the increase in funding costs outpaced asset yields. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Banks: 3Q18 Preview - Reg. Oversight & Funding

Sector Analysis: 10 Oct 2018, 9:08 PM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off U.S. bank earnings on Friday. We will be paying close attention to funding costs as well as commentary on lending standards reflecting the possible easing of regulatory oversight.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.

US Banks 2Q18: Earnings Rise, Supervision Slides

Sector Analysis: 25 Jul 2018, 4:22 AM ET - Seventeen of the 22 banks in our coverage beat expectations in 2Q18 as earnings improved due to higher rates and a benign credit environment. However, post-crisis regulatory safeguards are been chipped away at.

SunTrust: Issuing Callable Debt

IG Note: 24 Jul 2018, 10:36 AM ET - SunTrust is in the market with a benchmark offering of 4NC3 and 6NC5 senior bank-level debt  post-2Q18 earnings. We maintain our Market perform view but see both issues as a good entry point in a fundamentally solid credit.

Regions & SunTrust: NIM Benefit From Core Deposits

Earnings Note: 23 Jul 2018, 5:30 AM ET - Regions and SunTrust reported solid results that beat consensus. Both companies benefited from higher short-term rates as well as momentum in fee income business lines. 

US Banks: 2Q18 Preview - Loan Demand Picking Up?

Sector Analysis: 11 Jul 2018, 5:05 AM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off 2Q18 US bank earnings on Friday, July 13, 2018. We expect underlying results to benefit from a pickup in loan growth and higher rates, but capital markets results should be down from 1Q18.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.

US Banks: 2018 CCAR - It's OK to Breach Limits?

Sector Analysis: 29 Jun 2018, 5:15 AM ET - The Fed released the 2018 CCAR results. It did not object to the capital plans of 34 of the 35 banks, the exception being DB USA, Deutsche Bank's IHC. The Fed did not force a number of banks that fell below the minimums to raise capital.

US Banks: 2018 DFAST Results - SCB Shocker Looming

Sector Analysis: 22 Jun 2018, 4:56 AM ET - Although all banks over $100 bn in assets received a clean bill of health in the 2018 DFAST, our main concern is that this year’s test could lead to a substantial increase in capital requirements under the proposed Stress Capital Buffer.

US Banks: Crapo De-reg. Bill Heads to White House

Sector Analysis: 23 May 2018, 10:27 PM ET - The House approved the Senate bill on financial (de)regulation, which is now headed to the White House to be signed into law. While the bill provides regulatory relief for regional/community banks, it has minimal impact on the big-6 banks.

Regional Bank Issuances: STI (7Y) and USB (10Y)

IG Note: 24 Apr 2018, 10:49 AM ET - SunTrust and U.S. Bancorp are both issuing senior unsecured debt after reporting earnings. The SunTrust issuance is more attractive than the U.S. Bancorp issuance.

Regions & SunTrust 1Q18: Beat on Reserve Releases

Earnings Note: 22 Apr 2018, 11:46 PM ET - Regions and SunTrust reported results that beat consensus. The beat was driven by lower than expected provisions at both companies, reflecting lower than expected losses related to the Southeastern hurricanes from 3Q17.

SunTrust: Announces New CFO, Co-COOs

Worth Watching: 14 Feb 2018, 8:56 PM ET - SunTrust (Baa1/BBB+) announced that its CFO Aleem Gillani plans to leave the company, to be replaced by Allison Dukes, effective March 31, 2018. Dukes currently serves as SunTrust's head of Commercial Banking. Gillani had served as SunTrust's CFO ..

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