SunTrust Banks: S&P Intraday Laggard
NEW YORK (TheStreet) -- SunTrust Banks(STI) was the worst-performing stock in the S&P 500 on Friday morning.
The S&P 500 was falling 11.55 points, or 0.83%, to 1,376.02.
Shares of SunTrust fell 3.99% Friday morning to $22.61.
"We see limited potential for further outperformance for regional banks (up 25% YTD vs. 10% for SPX) as loan growth is set to disappoint relative to expectations and we see risk to margins from further competition (absent higher rates)," Goldman Sachs analysts wrote in a report Wednesday.
SunTrust is scheduled to report first-quarter earnings on April 23. Analysts, on average, anticipate earnings of 34 cents a share on revenue of $2.1 billion.
"Much of the earnings volatility at SunTrust in recent quarters has been connected to mortgage repurchase requests and the related expenses," Oppenheimer analysts wrote in an April 4 report. "This expense was $215M in 4Q12 and we now expect it to fall to $125M in 1Q12 and be pretty consistent with the third quarter."