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BBT

BB&T

$54.71

-0.3 (-0.55%)

, STI

SunTrust

$70.73

-0.27 (-0.38%)

16:36
11/19/19
11/19
16:36
11/19/19
16:36

BB&T, SunTrust receive regulatory approvals for merger of equals

BB&T Corporation (BBT) and SunTrust Banks, Inc. (STI) announced receipt of regulatory approvals from the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation to complete the previously announced merger of equals and become Truist Financial Corporation. Upon completion of the merger, Truist will be the sixth largest U.S. commercial bank, serving approximately 10 million U.S. consumer households and a full range of business clients, with leading market share in many of the most attractive, high-growth markets in the country. BB&T and SunTrust expect to complete the merger on December 6, 2019, pending satisfaction of customary closing conditions. BB&T common shares will become Truist common shares and SunTrust common shareholders will receive 1.295 Truist common shares for each share of SunTrust common stock they own at the closing. Following the closing, Truist common shares will trade on the NYSE under the symbol "TFC" and depositary shares or preferred purchase securities representing interests in Truist Series F, G, H, I and J preferred shares will trade on the NYSE under the symbols "TFC.PrF," "TFC.PrG," "TFC.PrH," "TFC.PrI" and "TFC.PrJ," respectively. The regulatory approval process also included approvals from The Georgia Department of Banking and Finance and the North Carolina Commissioner of Banks. The U.S. Department of Justice completed its antitrust review earlier in November as part of an agreement to divest branches in North Carolina, Virginia and Georgia. No further regulatory approvals are required to complete the merger of BB&T and SunTrust and all related subsidiaries.

BBT

BB&T

$54.71

-0.3 (-0.55%)

STI

SunTrust

$70.73

-0.27 (-0.38%)

BBT BB&T
$54.71

-0.3 (-0.55%)

10/08/19
JEFF
10/08/19
UPGRADE
Target $58
JEFF
Buy
BB&T upgraded to Buy from Hold at Jefferies
Jefferies analyst Ken Usdin upgraded BB&T to Buy from Hold with a price target of $58, up from $52.
10/08/19
JEFF
10/08/19
NO CHANGE
JEFF
Jefferies changes five bank ratings after looking into 2020, 2021
Jefferies analyst Ken Usdin upgraded BB&T (BBT), SunTrust Banks (STI) and Regions Financial (RF) to Buy from Hold from Hold while downgrading M&T Bank (MTB) and Zions Bancorp (ZION) to Hold from Buy. Looking to 2020 and 2021, banks face slowing earnings growth and "ongoing sentiment hurdles," Usdin tells investors in a research note. The analyst's base case assumes a stable economy, but he notes that "trade talk could tip it either way." Further, the 2020 election could weigh not only on valuation multiples, but also on earnings estimates based on the regulatory outlook, adds the analyst. He believes attractive dividend yields and a shift toward value stocks could help, but admits that earnings revisions are biased down with more rate cuts likely. Regions "has led the pack" in protecting its net interest margin for a tougher rates environment, while BB&T has less downside to estimates relative to peers and a faster earnings growth rate given benefits from the pending merger-of-equals with SunTrust, contends Usdin.
11/11/19
JANY
11/11/19
DOWNGRADE
JANY
Neutral
BB&T downgraded to Neutral from Buy at Janney Montgomery Scott
Janney Montgomery Scott analyst Christopher Marinac downgraded BB&T to Neutral from Buy.
11/11/19
JANY
11/11/19
DOWNGRADE
JANY
Neutral
Janney Montgomery Scott downgrades BB&T to Neutral, says premium may 'flatten'
As previously reported, Janney Montgomery Scott analyst Christopher Marinac downgraded BB&T (BBT) to Neutral from Buy. He believes Friday's announcement that First Horizon Bank (FHN) has entered into an agreement to acquire 30 branches from SunTrust Bank (STI) signals regulatory approval in Q4 and that the BB&T-SunTrust merger will close by year-end, which he calls "a positive development long that we think investors were beginning to question." However, with the merger soon closing he thinks the stock premium for BB&T "might flatten," Marinac tells investors in a research note. He raised his fair value estimate for BB&T shares to $58.00 from $57.50, but said the level of upside expectation is lower than what would warrant a Buy rating on the stock.
STI SunTrust
$70.73

-0.27 (-0.38%)

07/19/19
ARGS
07/19/19
NO CHANGE
Target $81
ARGS
Buy
SunTrust loan growth acceleration encouraging, says Argus
Argus analyst Stephen Biggar kept his Buy rating and $81 price target on SunTrust (STI) after its Q2 results, saying that while the company missed consensus by a penny, its "recent acceleration in loan growth" has been encouraging as the management has also signaled that its merger with BB&T (BBT) remains on track to close later this year. The analyst notes that while SunTrust's net interest margins may compress on lower yield curve environment, the bank's merger synergies should yield above-peer-average return on equity, justifying a premium valuation on the stock.
10/08/19
JEFF
10/08/19
UPGRADE
Target $75
JEFF
Buy
SunTrust upgraded to Buy from Hold at Jefferies
Jefferies analyst Ken Usdin upgraded SunTrust Banks to Buy from Hold with a price target of $75, up from $67.

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ACB

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BDSI

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AOBC

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VERI

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WFT

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PLAN

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WPX

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HZNP

Horizon Pharma

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AMRN

Amarin

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THMO

ThermoGenesis

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AMRN

Amarin

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QTNT

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ARWR

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OAS

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AMRN

Amarin

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LOPE

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RTN

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