Oct. 22, 2013, 7:11 AM
- Synovus (SNV): Q3 EPS of $0.04 in-line. (PR)
Oct. 22, 2013, 12:05 AM
Oct. 21, 2013, 5:30 PM
Sep. 19, 2013, 3:05 PM
- Regional banks have fallen and can't get up following yesterday afternoon's non-taper announcement. The SPDR Regional Banking ETF (KRE -1.7%) is off about 3% from where it stood prior to 2 PM ET yesterday.
- The sector sliced right through the bond market tumble this summer as higher rates were expected to boost profitability for the lenders, and investors are using the excuse of the taper delay to cash in some chips (as they are with another higher-rate beneficiary, the insurance sector).
- Individual names of note: Huntington (HBAN -2%), Regions (RF -3.7%), SunTrust (STI -3.1%), First NIagara (FNFG -2.8%), Synovus (SNV -1.8%), KeyCorp (KEY -3.9%), ZIons (ZION -3.1%), Flagstar (FBC -2.3%).
- Perhaps a little less asset-sensitive and performing better: U.S. Bancorp (USB -0.4%), BB&T (BBT -0.3%), PNC Financial (PNC -0.5%), Hudson CIty (HCBK -0.9%), Fifth Third (FITB -1%).
- Other ETFs: KBE, KBWB.
Sep. 4, 2013, 7:18 AM
- Synovus Financial Corp. (SNV) declares $0.01/share quarterly dividend, in line with previous.
- Forward yield 1.25%.
- Payable Oct. 1; for shareholders of record Sept. 19; ex-div Sept. 17.
Aug. 15, 2013, 3:45 PM
- Is it something more than interest rates at work? Selloffs earlier this summer were notable for exempting certain sectors set to benefit from higher rates - insurance (KIE -1.4%) and regional banks (KRE -1.1%) - but not today.
- Leading the insurance sector lower are AIG (AIG -2.3%), Aflac (AFL -2%), Cincinnati Financial (CINF -2.3%), Old Republic (ORI -1.3%), and Prudential (PRU -1.6%).
- In regional banks it's Huntington (HBAN -1.5%), SunTrust (STI -1.5%), First Niagara (FNFG -1.6%), Synovus (SNV -1%), and KeyCorp (KEY -1.5%), and Flagstar (FBC -4%).
- Related ETFs: IAT, KBE, KRE, RKH, QABA, KRU, KRS, KBWR.
Jul. 19, 2013, 9:20 AM
Synovus Financial (SNV) prices its near 60M share secondary at $3.09 each for gross proceeds of about $175M. As announced last night, the holding company is using the money (plus proceeds from a preferred stock offering, plus a $680M dividend from the bank) to pay back Treasury for TARP. Shares +3.6% premarket to $3.20.| Jul. 19, 2013, 9:20 AM
Jul. 18, 2013, 4:09 PM
Synovus (SNV) looks to pay back the Treasury, announcing plans to redeem all of its $968M in TARP preferred stock. Internally available funds plus a secondary offering of $185M in common stock will fund the redemption. Shares +1.3% AH. (PR)| Jul. 18, 2013, 4:09 PM
Jul. 10, 2013, 1:22 PM
If you've got to buy a bank, says KBW's Chris Mutascio, make it JPMorgan (JPM) for its relative undervaluation, but the banking sector (KBE -1.4%) overall is overvalued. The recent run-up in regional shares (KRE -1.2%) on the belief they stand to benefit most from higher rates is particularly misguided, he says. Banks are far more levered to short rates which haven't budged. Bullet-proof of late, regionals are being sold today: Huntington (HBAN -3.1%), New York Community (NYCB -1.1%), BB&T (BBT -1.1%), PNC Financial (PNC -2.8%), First Niagara (FNFG -2.5%), Synovus (SNV -3.4%), People's (PBCT -1.6%), Comerica (CMA -2.7%), U.S. Bancorp (USB -1%).| Jul. 10, 2013, 1:22 PM | 3 Comments
Jun. 7, 2013, 1:13 PMSynovus Financial (SNV +3.4%) CEO Kessel Stelling says comments he made during the most recent earnings call were misconstrued. The bank (oft mentioned as a takeover target) does not "have an acquisition strategy," he says. Chatter following the earnings call "perked up my ears so much that I actually went back to review the transcript myself" - here on SA, hopefully. | Jun. 7, 2013, 1:13 PM
Jun. 5, 2013, 8:45 AMSynovus Financial (SNV) declares $0.01/share quarterly dividend, in line with previous. Forward yield 1.49% For shareholders of record June 20.Payable July 01. Ex-div date June 18. (PR) | Jun. 5, 2013, 8:45 AM
May 28, 2013, 2:59 PM
"The tank doesn't look empty yet," says Bernstein's John McDonald, speaking about the trend of bank profits benefitting from releases of loss reserves. It is fading though, he allows, and likely to account for about 10% of profit at large and mid-cap banks this year and 1% next year vs. 22% in 2012. At the top of the list of those benefitting sits Bank of America (BAC). Also: Synovus Financial (SNV), Citigroup (C), and PNC.| May 28, 2013, 2:59 PM
May 20, 2013, 8:27 AM
May 13, 2013, 3:48 PM
With consumer loan growth slow and margins slim, the conventional wisdom says C&I loans (and with them better spreads) at banks should be enough to offset. Sterne Agree isn't so sure, sensing accelerating price competition in this area as well. Most susceptible: CMA, SNV, ZION, SIVB, and CYN - with an estimated 9-16% of EPS risk assuming another 50 bps of spread compression.| May 13, 2013, 3:48 PM | 2 Comments
Apr. 23, 2013, 9:55 AM
More on Synovus (SNV -1%) Q1 earnings: Interest income of $199.8M fell about $8M on the quarter thanks to 2 fewer days and NIM declining 2 bps to 3.43%. Noninterest income of $64.7M fell $7.2M, led by mortgage banking income off $2.1M. Core expenses of $163.8M fell $7.6M on the quarter. (presentation slides)| Apr. 23, 2013, 9:55 AM | 1 Comment
Apr. 23, 2013, 7:20 AMSynovus (SNV): Q1 EPS of $0.02 in-line. (PR) | Apr. 23, 2013, 7:20 AM