SunTrust upgraded to Buy from Neutral at Goldman Goldman upgraded SunTrust based on improving housing market and expense leverage, potential upside to mortgage expectations, and a de-risked balance sheet.
News For STI From The Last 14 Days
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SunTrust signs agreement to sell RidgeWorth Capital Management SunTrust has reached a definitive agreement to sell the company's asset management subsidiary, RidgeWorth Capital Management, to RidgeWorth employees and an investor group led by a private equity fund managed by Lightyear Capital. The sale is expected to close during Q2 2014. RidgeWorth and its five institutional asset management boutiques collectively manage approximately $50.6B in assets. As of September 30, RidgeWorth contributed approximately $25M to SunTrust's year-to-date net income. The sale price consists of up to $245M to be paid at closing with the potential for up to $20M in additional proceeds based on retention of certain assets. SunTrust estimates the after-tax gain on the transaction to be $50M.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: AT&T (T) downgraded to Neutral from Overweight at JPMorgan... Bank of Kentucky (BKYF) downgraded to Neutral from Outperform at RW Baird... ChemoCentryx (CCXI) downgraded to Neutral from Buy at Citigroup... Citigroup (C) downgraded to Neutral from Conviction Buy at Goldman... eBay (EBAY) downgraded to Equal Weight from Overweight at Evercore... Flextronics (FLEX) downgraded to Sell from Neutral at Goldman... Old Line Bancshares (OLBK) downgraded to Neutral from Outperform at RW Baird... Fidus Investment (FDUS) downgraded to Perform from Outperform at Oppenheimer... New York Community Bancorp (NYCB) downgraded to Neutral from Buy at Guggenheim... El Paso Pipeline (EPB) downgraded to Trim from Hold at Tudor Pickering... Signature Bank (SBNY) downgraded to Neutral from Buy at Guggenheim... SunTrust (STI) downgraded at Morgan Stanley... Accenture (ACN) downgraded to Equal Weight from Overweight at Morgan Stanley... NetApp (NTAP) downgraded to Equal Weight from Overweight at Morgan Stanley... Teradata (TDC) downgraded to Underweight from Equal Weight at Morgan Stanley.