Is Suntrust Being Shopped By Barclays? (STI, BCS)

Shares of Suntrust Banks Inc. (NYSE: STI) rocketed higher yesterday, along with the entire financial sector; the stock closed higher by over 8.8% and is trading higher by another 2.25% in the pre-market.

It appears there are rumors that the bank is being shopped by Barclays PLC (NYSE: BCS). Dick Bove, of Rochdale Securities, said this morning that BCS has “clear intentions to buy a bank in the U.S.,” adding that, “STI is a bank that is in trouble; there is logic to this chatter.”

However, Bove also noted that, beyond that, he has “no idea if this is BCS’s ideal target.”

SunTrust Banks, Inc. is a diversified financial services holding company, which provides a range of financial services to consumer and corporate clients.

Learn how to find the best stocks to trade each day in our 70 page E-Book and 90 minute online video for free.