Before the spin, SNV had about 1.1 billion in cash. TSS paid SNV about 600 million at the spin off. Why now does it say SNV only has around 700 million in Cash, somebody smarter than me please explain?
#1. I would imagine like all the large mortage companies snv incurred some large losses in that field and used the money to offset these losses. #2. The fat bastards in charge put the money in theiur lil pockets.
First.....I'll pass on that "smarter than me" remark! I think if you will look at snv's balance sheet you will see 1) Yahoo cash number is low, 2)increased short term and 3)increased long term investments. Help any? Incidentally that is a lot of cash per share vs share price....makes for a juicy takeover target. SNV better do something quickly or we will be part on JPM.
I look for someone to buy SNV any day now. I have been buying hand over fist because of that fact. It is to low and I am sure someone sees it. Just give me another week so I can buy another 100k shares. Look at the 52 week high. Buy and it will be a win ,win for you. This is my belief and you can take it for what you want. I like this bank!