Further Branch Reductions and Technological Investment Should Better Position SunTrust in 2017
No-moat-rated SunTrust’s fourth-quarter and full-year results were largely in line with our expectations and do not alter our long-term thesis on the firm. Provisions came in slightly lower than we had projected, while expenses were slightly higher, roughly balancing each other out. After minor adjustments to our model, we are raising our fair value estimate to $45 from $43 per share. This values SunTrust at 1.4 times tangible book value as of Dec. 31 and a trailing price/earnings ratio of 12.5....SunTrust Banks is a financial services holding company. Through its subsidiary, SunTrust Bank (the Bank), the company provides a line of financial services for consumers, businesses, corporations, institutions, and not-for-profit entities, both through branches (located primarily in Florida, Georgia, Virginia, North Carolina, Tennessee, Maryland, South Carolina, and the District of Columbia) and through other digital and national delivery channels. The Bank provides deposit, credit, mortgage banking, and trust and investment services to its clients through a selection of channels, including branch, call center, Teller Connect? machines, automated teller machines, online, mobile, and tablet.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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