Thu, Jan. 22, 12:35 PM
- Mercilessly sold since the year turned, banks are putting in a rare session of outperformance, helped along by some earnings beats from regional lenders and the return of animal spirits in M&A with RBC's purchase of City National (CYN +18.6%) for $5.4B.
- The XLF +1.4% vs. the S&P's 0.6% gain today, and the regional bank ETF (NYSEARCA:KRE) is higher by 3.1%.
- Among today's reporters putting in big gains are KeyCorp (KEY +5.5%), BB&T (BBT +2.4%), and Huntington Bancshares (HBAN +2.6%), though Flagstar Bancorp (FBC -4.8%) missed estimates.
- Others: Regions Financial (RF +3.9%), PNC Financial (PNC +1.6%), Synovus (SNV +3.2%), M&T Bank (MTB +3%), Hudson City (HCBK +3.1%), First Horizon (FHN +2.7%), and First Republic (FRC +4.9%).
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, IAT, IAI, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KRU, RWW, KBWR, RYF, PSCF, FINZ, KRS
- Among the TBTFs, Citigroup (C +2.7%) and Bank of America (BAC +2.5%) are leading the way.
Dec. 3, 2014, 4:40 PM
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, 7:04 AM
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. 3, 2014, 5:13 PM
Jul. 22, 2014, 8:27 AM
Jul. 21, 2014, 5:30 PM
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.
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 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%
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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