Super-Prime Lending A 'Ray Of Sunshine' For SunTrust
While LendingClub Corp (NYSE: LC) has suffered a string of bad press lately, another bank has been highlighted for its strength in the lending business.
A flash note put out Wednesday by KBW highlighted the success SunTrust Banks, Inc. (NYSE: STI) has been experiencing in super-prime, digital-consumer lending.
Super prime is categorized as loans to consumers with FICO scores over 750.
LightStream is a division of SunTrust Banks that offers "loans for practically anything" through its website. The bank is originating $1.5 billion in loans annually in this space. While this still represents just 1.5 percent of loans at SunTrust, LightStream is seen as a "ray of sunshine" for the company.
KBW has a Market-Perform rating for SunTrust, with a price target at $45. SunTrust closed Tuesday's trading up 1.91 percent on the day at $42.67.
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Latest Ratings for LC
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Jan 2022 | Credit Suisse | Maintains | Neutral | |
| Jan 2022 | Janney Montgomery Scott | Upgrades | Neutral | Buy |
| Jan 2022 | Seaport Global | Initiates Coverage On | Buy |
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