Synovus Financial Corp. (SNV) - NYSE
  • Oct. 21, 2014, 8:14 AM
    • Q3 net income of $44.2M or $0.32 per share vs. $44.3M and $0.32 in Q2. Excluding net litigation-related expenses, restructuring charges, and Visa indemnification charges, net income was $51.3M or $0.37 per share.
    • Net interest income of $206.3M vs. $205.1M in Q2, with NIM of 3.37% down four basis points.
    • Noninterest income of $64M vs. $63.4M in Q2, with mortgage banking income off 11.7% thanks to lower gains on sale. Mortgage origination volume of $197M vs. $188M.
    • Noninterest expense of $193.7M up $11.6M on the quarter thanks to litigation-related expenses. Adjusted out, noninterest expense of $166.8M slipped 1.6%.
    • Total credit costs of $15.7M fell 7.2% Q/Q and 29.8% Y/Y. Net charge-offs of $12.3M fell 65.4% from Q2.
    • Tier 1 Common Equity ratio of 10.6% up 18 basis points.
    • $250M share repurchase program announced, along with an increase in the dividend to $0.10 from $0.07.
    • Conference call at 8:30 ET
    • Previously: Synovus EPS in-line, misses on revenue
    • SNV flat premarket
    | Oct. 21, 2014, 8:14 AM
  • Oct. 21, 2014, 7:04 AM
    • Synovus (NYSE:SNV): Q3 EPS of $0.37 in-line.
    • Revenue of $270.24M (+1.0% Y/Y) misses by $2.01M.
    | Oct. 21, 2014, 7:04 AM
  • Oct. 20, 2014, 5:30 PM
    | Oct. 20, 2014, 5:30 PM
  • Sep. 19, 2014, 9:11 AM
    • The team doubles down on Outperform ratings on Zions Bancorp (NASDAQ:ZION) and Synovus Financial (NYSE:SNV), upgrading both to Strong Buy. ZION is up 1.3% premarket.
    • Texas Capital Bancshares (NASDAQ:TCBI) gets a two-notch upgrade - from Market Perform to Strong Buy - and First Horizon National (NYSE:FHN) is boosted to Outperform from Market Perform.
    • The team partially cashes in its chips on United Community Bank, downgrading to Outperform from Strong Buy. Iberiabank (NASDAQ:IBKC) is cut to Market Perform from Outperform.
    • Cut to Underperform from Market Perform is First Financial Bankshares (NASDAQ:FFIN).
    | Sep. 19, 2014, 9:11 AM
  • Sep. 3, 2014, 5:13 PM
    • Synovus (NYSE:SNV) declares $0.07/share quarterly dividend, in line with previous
    • Forward yield 1.15%
    • Payable Oct. 1; for shareholders of record Sept. 18; ex-div Sept. 16.
    | Sep. 3, 2014, 5:13 PM
  • Jul. 22, 2014, 8:27 AM
    • Synovus (NYSE:SNV): Q2 EPS of $0.35 misses by $0.13.
    • Revenue of $268.43M (+1.0% Y/Y) beats by $1.9M.
    | Jul. 22, 2014, 8:27 AM
  • Jul. 21, 2014, 5:30 PM
    | Jul. 21, 2014, 5:30 PM | 1 Comment
  • Jun. 17, 2014, 9:37 AM
    • Synovus (SNV +1.3%) is higher in early trades after being upgraded to a Buy at Drexel Hamilton, the team citing relative valuation amid expectations for improving growth.
    | Jun. 17, 2014, 9:37 AM
  • Jun. 3, 2014, 1:48 PM
    • Synovus (SNV +2.7%) is ahead for a 2nd straight day after KBW upgrades the stock to Outperform. Yesterday, it was Raymond James which boosted the name to Outperform.
    • Both moves come following the bank's 1:7 reverse stock split in May - one of the reasons for which was to garner more institutional interest.
    • Previously: Synovus sets 1:7 reverse stock split
    • May also saw disclosure of a boosted stake in the lender from Ken Griffin's Citadel Investment.
    | Jun. 3, 2014, 1:48 PM
  • May 21, 2014, 6:37 AM
    • Synovus Financial Corp. (SNV) declares $0.07/share quarterly dividend, in line with prior. (reverse stock split of 1 for 7).
    • Forward yield 1.27%.
    • Payable July 1; for shareholders of record June 19; ex-div June 16.
    | May 21, 2014, 6:37 AM
  • May 12, 2014, 3:20 PM
    • Previously showing holdings of 9.2M shares in Synovus Financial (SNV +2.2%), the latest 13F filing from Ken Griffin's Citadel Investment Group shows a stake of 50.83M shares, or 5.2% of the company. The boost comes ahead of the bank's 1-for-7 reverse split that, among other things, could make the stock more attractive to a broader range of shareholders.
    • Previously: Synovus sets 1:7 reverse stock split
    | May 12, 2014, 3:20 PM
  • May 1, 2014, 10:43 AM
    • Flushing Financial (FFIC +1.8%) is upgraded to Buy at Guggenheim.
    • BofA Merrill Lynch upgrades National Bank of Greece (NBG +1.3%) to Neutral.
    • Barclays (BCS +1.3%) is upgraded to Buy amid its plan to set up a “bad bank”.
    • HSBC upgrades ING Groep (ING +0.1%) to Neutral.
    • Morgan Stanley upgrades Synovus Financial (SNV +0.5%) to Equal Weight with a $3.30 PT.
    • Provident Financial Holdings (PROV +0.5%) is upgraded to Buy at Sandler O'Neill after posting Q1 results.
    | May 1, 2014, 10:43 AM
  • Apr. 25, 2014, 8:34 AM
    • Synovus (SNV) expects the split to take effect on May 16, and for shares to begin trading on a post-split basis on May 19.
    • The stock price of the bank has been stuck in the $3 range ever since the financial crisis, and management hopes the boosted price will put the shares on the radar of a broader range of investors.
    • Shares -2.7% premarket
    | Apr. 25, 2014, 8:34 AM | 12 Comments
  • Apr. 22, 2014, 10:24 AM
    • Net income of $45.9M or $0.05 per share compares to $14.8M or $0.02 one year ago.
    • Excluding the sale of Memphis' One Bank, total loans grew at a 3.9% annualized pace in Q1. Credit costs of $17.6M fell from $22.3M in Q4, and $49.3M a year ago. Net charge-offs of $15.2M fell from $25.1M in Q4, $42.1M a year ago. Nonperforming loan inflows of $35M vs. $83.9M a year ago.
    • Net interest income of $200.5M fell a bit from Q4 thanks to two fewer calendar days. NIM of 3.39% rose one basis point. Noninterest income of $70.2M rose $10M from Q4, with most of that coming from gain on Memphis sale and gain on a branch property sale. Mortgage banking income gained $599K Q/Q.
    • Adjusted noninterest expense of $167.1M fell from $167.9M in Q4.
    • Tier 1 Common Equity ratio of 10.24% up from 9.93% at 2013's end.
    • CEO Kessel Stelling: "We expect continued loan growth, further improvement in credit quality, and a continued push on expense reductions."
    • Presentation slides
    • SNV +1.2%
    | Apr. 22, 2014, 10:24 AM
  • Apr. 22, 2014, 7:04 AM
    • Synovus Financial (SNV): Q1 EPS of $0.05 in-line.
    | Apr. 22, 2014, 7:04 AM
  • Apr. 22, 2014, 12:05 AM
Company Description
Synovus Financial Corp. operates as a financial services and bank holding company. The company through its subsidiary Synovus Bank provides commercial and retail banking, financial management, insurance and mortgage services. Its retail banking services include accepting customary types of... More
Sector: Financial
Industry: Regional - Mid-Atlantic Banks
Country: United States