Fri, Oct. 2, 11:33 AM
- The long-awaited regulatory approval of the M&T Bank's purchase of Hudson City Bancorp, and the relatively quick green light for BB&T's acquisition of Susquehanna Bancshares has lifted M&A animal spirits in the regional bank sector.
- Another possible buyer could be Regions Financial (NYSE:RF) - its done well on its annual stress tests, and has expressed a willingness to look into deals. There's also Memphis-based First Horizon National (NYSE:FHN), though at least one activist believes the bank is more target than hunter.
- Possible sellers include First Niagara Financial (NASDAQ:FNFG), which has already put itself on the block.
- A target for BBT or Regions might be Georgia's Synovus Financial (NYSE:SNV), with $27B in assets, and an activist investor pushing for a sale.
- Another target might be Astoria Financial (NYSE:AF), with $15.3B in assets, and a neighbor in New York Community Bancorp (NYSE:NYCB) which might be on the hunt for acquisitions.
Wed, Sep. 2, 4:25 PM
Tue, Jul. 21, 6:34 AM
Mon, Jul. 20, 5:30 PM
Mon, Jul. 13, 12:27 PM
- CLSA's Mike Mayo describes an "unfathomable" Synovus Financial's (SNV +0.8%) management bonus plan which ties part of executives' pay to loan growth.
- “It seems remarkable that a company with prior poor loan quality would include this in a plan,” says Mayo, adding that this particular incentive is unique among the bank's peers.
- Reintroduced in 2014 after a multi-year hiatus, the bank's bonus plan is based 50% on core earnings, 25% on core deposit growth, and 25% on loan growth. CEO Kessel Stelling (at the helm since 2010) received more than $850K in bonus last year.
Thu, Jun. 4, 4:18 PM
Tue, Apr. 21, 8:37 AM
- Q1 income of $51.4M or $0.38 per share vs. $45.9M and $0.33 one year ago.
- Total average loans up 5.1% year-over-year. Average core deposits up 2.7%.
- Adjusted pre-tax, pre-credit costs income of $101M up 4.7% from a year ago.
- $59.1M of stock repurchased during quarter. Total bought back from October to yesterday of $160M, reducing the float by 6M shares or 4.3%.
- Net interest income of $203.3M up 1.4% Y/Y, with NIM of 3.28% down 11 basis points.
- Adjusted noninterest income of $65.1M up 3.3% Y/Y. Mortgage banking income up 32.5% from Q4, with 18.6% increase in production.
- Noninterest expense of $178.9M down 2.9% Y/Y.
- CET1 ratio of 10.78%.
- Earnings call is just underway.
- Previously: Synovus beats by $0.02, revenue in-line (April 21)
- SNV flat premarket
Tue, Apr. 21, 6:34 AM
Mon, Apr. 20, 5:30 PM
Thu, Apr. 2, 9:47 AM
- Alongside its move adding the struggling Regions Financial to its Strong Buy list, Raymond James downgrades Synovus Financial (SNV) to Outperform from Strong Buy.
- Synovus is ahead nearly 3% YTD vs. Regions' 10% decline and the KRE's flat performance.
- Previously: Regions Financial upgraded to Strong Buy at Raymond James (April 2)
Wed, Mar. 4, 8:53 AM
Fri, Feb. 6, 9:50 AM
- Financials have been mercilessly pounded in 2015 as hopes for higher interest rates looked like they might be dashed yet again, but today's blowout jobs number - firmly putting a June rate hike on the table - has brought in the dip-buyers.
- The major averages are flat, but the XLF is up 1.4%. The Regional Bank ETF (KRE +2%) and the Bank ETF (KBE +2.1%) are doing even better.
- Among the yield-starved banking names: Bank of America (BAC +3.1%), JPMorgan (JPM +2.6%), Citigroup (C +2%), Regions Financial (RF +4%), KeyCorp (KEY +3%), PNC Financial (PNC +2.9%), SunTrust (STI +2.3%), Zions (ZION +3.6%), Synovus (SNV +2.3%).
- Insurers: MetLife (MET +2%), Prudential (PRU +3.2%), Lincoln National (LNC +4.6%). AIG (AIG +1.5%).
- Trust banks: BNY Mellon (BK +2.7%) State Street (STT +1.9%), Northern Trust (NTRS +2.3%).
- Online brokers (currently getting killed on money-market fee rebates): Schwab (SCHW +4.5%), TD Ameritrade (AMTD +3.5%), E*Trade (ETFC +2.1%).
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, KIE, IAT, IAI, SEF, IYG, IAK, FXO, FNCL, KBWB, QABA, FINU, KRU, RWW, KBWR, RYF, KBWP, KBWI, PSCF, FINZ, KRS
Tue, Jan. 27, 8:05 AM
- Q4 adjusted EPS of $0.39 in Q4 vs. $0.37 in Q3.
- Net interest income of $207.5M vs. $206.3M in Q3, with NIM of 3.34% down three basis points.
- Noninterest income of $64.5M up 0.9% from Q3. Core banking fees of $33M up 0.6%. Mortgage banking income up 4.9%.
- Adjusted noninterest expense of $172.4M up 3.4% from Q3.
- Total loans up at an annualized pace of 9.8% during quarter. Total average deposits of $21.34B up at an annualized 7.5$ pace.
- Nonperforming loans of $197.8M fell 18.4% from Q3, and 52.5% from a year ago. NPL ratio of 0.94% down from 1.18% in Q3, 2.08% a year ago.
- Tier 1 common equity ratio of 10.28% slips from 10.6% in Q3.
- Earnings call at 8:30 ET
- Previously: Synovus beats by $0.01, revenue in-line (Jan. 27)
- SNV flat premarket
Tue, Jan. 27, 7:18 AM
Tue, Jan. 27, 7:03 AM
Mon, Jan. 26, 5:30 PM
SNV vs. ETF Alternatives
Synovus Financial Corp is a financial services company and a registered bank holding company. It provides integrated financial services including commercial and retail banking, financial management, insurance and mortgage services.
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