SunTrust stock got a boost on Friday following the release of its earnings report for the third quarter of 2018.
Earnings per share reported by SunTrust (NYSE:STI) for the third quarter of the year was $1.56. This is up from the company’s earnings per share of $1.06 reported in the same period of the year prior. It was also good news for SunTrust stock by coming in above Wall Street’s earnings per share estimate of $1.39 for the quarter.
SunTrust’s earnings report for the third quarter of 2018 also includes net income of $752 million. This is better than the company’s net income of $512 million reported for the third quarter of 2017. Net income from the second quarter of 2018 was $697 million.
During the third quarter of the year, SunTrust reported revenue of $2.29 billion. This represents a slight increase over the bank holding company’s revenue of $2.28 billion reported during the same time last year. However, it was below analysts’ revenue estimate of $2.35 billion for the quarter, but wasn’t enough to drag down SunTrust stock today.
SunTrust notes that its revenue was down by 1% during the quarter when compared to the second quarter of 2018. It says that this change is due to lower noninterest income. Despite this, the company points out that the damage was partially offset by higher net interest income from growth in earning assets.
STI stock was up 3% as of noon Friday, but is down 5% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.