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. 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.
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
- Source: Press Release
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."
- Press release, Q1 results
- Presentation slides
- SNV +1.2%
Apr. 22, 2014, 7:04 AM
Apr. 22, 2014, 12:05 AM
Apr. 21, 2014, 5:30 PM
Mar. 7, 2014, 8:13 AM
Jan. 21, 2014, 7:04 AM
Jan. 21, 2014, 12:05 AM
Jan. 20, 2014, 5:30 PM
Dec. 5, 2013, 5:10 PM
Oct. 22, 2013, 1:54 PM
- Net interest income of $204M is up a hair from Q2, with net interest margin up one basis point to 3.40%. Company expects "slight downward pressure" on NIM in Q4 (presentation slide 7)
- Noninterest income of $63.6M is off 2.3% from last quarter primarily due to a $2M decline in mortgage banking income (company expects continued modest decline in Q4). Adjusted noninterest expense of $171M up 2%, thanks to higher salaries. Earnings call (transcript): "Expense management is a way of life for us."
- Total loans of $19.71B is up a hair from Q2. C&I loans growth of $18.1M, a 0.7% annualized rate. Retail loans growth of $83.3M, a 9.5% annualized rate. Q4 loan growth is expected to be modestly stronger (presentation slide 5).
- Net charge-offs of $23M are off from $30M in Q2 and $96.5M a year ago.
- Tier 1 Common Equity ratio of 9.93% vs. 8.97% in Q2.
- SNV -2.4%.
- Q3 results.
Oct. 22, 2013, 7:11 AM
Oct. 22, 2013, 12:05 AM
Oct. 21, 2013, 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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