SOURCE: Paragon Financial Limited

Paragon Financial Limited

July 26, 2012 08:20 ET

SunTrust Banks and Synovus Financial Showing Strong Gains in 2012

The Paragon Report Provides Stock Research on SunTrust Banks and Synovus Financial

NEW YORK, NY--(Marketwire - Jul 26, 2012) - After an impressive start at the top of the year the financial sector has cooled off considerably in the second quarter. The Financial Select Sector SPDR ETF (XLF) has fallen over 7 percent in the last three months, but is still up nearly 9 percent for the year. Regional banks have outperformed their larger counterparts in recent weeks with a string of better-than-expected earnings. The Paragon Report examines investing opportunities in the regional Banking Industry and provides equity research on SunTrust Banks, Inc. (NYSE: STI) and Synovus Financial Corp. (NYSE: SNV).

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Banks have been posting stronger earnings and quarterly results than the previous quarter and the prior year KBW analysts have said. According to KBW's bank earnings round-up 46 of the 64 banks, 72 percent, have beat expectations. The 72 percent "beat rate" compares to last quarter's 67 percent rate and 69 percent in the year-ago-quarter. Despite posting stronger quarterly results banks shares have stagnated. The SPDR KBW Regional Banking ETF (KRE) has seen no change in the last month.

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SunTrust Banks, Inc., with total assets of $178.2 billion on March 31, 2012, is one of the nation's leading financial services holding companies. The company reported net income available to common shareholders of $270 million, or $0.50 per average common share, for the second quarter of 2012. Shares of SunTrust are up nearly 25 percent this year.

Synovus is a financial services company with more than $27 billion in assets. Synovus reported that net income available to common shareholders was $24.8 million for the second quarter of 2012, a 16.1 percent increase compared to net income available to common shareholders of $21.4 million for the first quarter of 2012 and a net loss attributable to common shareholders of $53.5 million in the second quarter of 2011. Shares of the company are up over 30 percent this year.

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