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Synovus Financial Corp. (SNV)

  • 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%).
  • 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%).
    • Among the TBTFs, Citigroup (C +2.7%) and Bank of America (BAC +2.5%) are leading the way.
  • 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).
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  • 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.
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  • 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.
    | Comment!
  • 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.
    | Comment!
  • 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%
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  • 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.
    | 1 Comment
  • Jul. 19, 2013, 9:20 AM
    Synovus Financial (SNVprices 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.
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  • 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)
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  • May 20, 2013, 8:27 AM
    Synovus Financial (SNV) slides 3.2% premarket after Goldman downgrades to Sell with $2.50 price target. The stock is pricing in M&A speculation, says analyst Ryan Nash, but standing alone, earnings don't justify such a level.
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  • 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)
    | 1 Comment
  • Dec. 12, 2012, 5:37 PM
    After-hours top gainers, as of 5:15 p.m.: ORCC +7%. BBY +5%. KEM +4%. WWW +4%. MED +3%.
    After-hours top losers: HRG -17%. GEF -7%. FMC -5%. SNV -4%. PZE -4%.
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  • Apr. 24, 2012, 9:00 AM
    Premarket gainers: RMBS +5%. BYD +5%. PSS +4%. BHI +4%. GRFS +4%. HSY +4%. KERX +3%. MMM +3%. SNV +3%. TXN +3%. F +3%.
    Losers: BIG -18%. NFLX -15%. RSH -10%. CXW -10%. SYMC -7%. WAT -7%. ARMH -5%. NOK -4%. RBDS -3%. COH -3%. ING -3%.
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  • Mar. 16, 2012, 1:27 PM
    Synovus (SNV -3.3%) dips after Credit Suisse cut the shares to Neutral on valuation, noting the private market value of the company is $2.00 - $2.50.
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  • Jan. 24, 2012, 9:05 AM
    Premarket gainers: PLCM +14%. CLWR +7%. VMW +7%. SNV +4%. WDC +4%. EMC +4%. COH +3%.
    Losers: IDCC -17%. NOK -8%. ZION -7%. EAT -6%. IGT -6%. KSU -6%. BTU -5%. LYG -5%. STM -5%. PNNT -5%. ALU -4%. GEL -4%. BHI -5%. CTIC -3%. BCS -3%. DB -3%. KMB -3%. CSX -3%. ANR -3%. CS -3%. MTG -3%.
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Company Description
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.