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http://finviz.com/quote.ashx?t=snv
http://www.thestreet.com/story/11136361/4/10-bank-stocks-under-
Shares of Synovus Financial (SNV_) of Columbus, Ga., closed at $2.36 Wednesday, declining 11% from a year earlier. Based on a consensus price target of $2.97, the shares have 26% upside potential.
Synovus had $28.7 billion in total assets as of March 31, with over 300 branches in Georgia, Alabama, South Carolina, Florida and Tennessee.
The company owes $968 million in TARP money and raised $1.1 billion in common equity during 2010, according to SNL.
Synovus reported a first-quarter net loss attributable to common shareholders of $93.7 million, or 12 cents a share, compared to a loss of $229.8 million, or 47 cents a share, in the first quarter of 2010. The first-quarter provision for loan losses was $141.7 million, declining from $340.9 million a year earlier.
Following the earnings release, Christopher Marinac of FIG Partners reiterated his neutral rating on the shares, with a $3.13 price target, estimating another $1 billion in credit losses and saying that his firm continues to expect "real profits are a 2012 event and that late 2011 shows break-even EPS, at best."
Jeff Davis of Guggenheim Securities is also neutral on the shares, with a $2.50 price target, saying "sufficient parent liquidity and bank-level capital imply staying power for SNV until, we assume, the board decides to sell in 12-24 months."
Out of 23 analysts covering Synovus, five rate the shares a buy, 15 have neutral ratings and three analysts recommend investors take a powder. |
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